“A billion here, a billion there, and pretty soon you’re talking about real money.”
WASHINGTON (AP) — The Treasury Department said Monday that it will provide $5 billion to GMAC Financial Services LLC, the ailing financing arm of General Motors Corp., from the $700 billion bank rescue program.
The government will receive preferred shares that pay an [...]
GRAND BLANC, Mich. (AP) — The financing arm of General Motor’s Corp. has until midnight Friday to clear a final hurdle in its quest to become a bank holding company, even though it already received the Federal Reserve’s stamp of approval earlier this week.
GMAC Financial Services LLC must complete a complicated debt-for-equity exchange by 11:59 [...]
by Doug French
A punk economy is doing what legislators around the country could never do: shrink state and local governments. California Governator Arnold Schwarzenegger has declared a fiscal emergency because his state is $40 billion in the red and may actually be completely busted by February. He even “ordered state officials to prepare to furlough [...]
11/16/2008
Watch out for these store money cards and gift cards…and credit slips.
Stores that informed the Security Exchange of closing plans between October 2008 and January 2009….
Circuit City stores… most recent (how many?)
Ann Taylor - 117 stores nationwide are to be shuttered
Lane Bryant,, Fashion Bug, and Catherine’s to close 150 store nationwide
Eddie Bauer to [...]
By INVESTOR’S BUSINESS DAILY | Posted Friday, November 14, 2008 4:20 PM PT
Carmakers: Why not let the Big Three just file Chapter 11? It’s not a problem-free solution, but it beats using taxpayer money to prop up a failing union. Maybe that’s why Democrats seem to dismiss it out of hand.
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Read More: [...]
By Dawn McCarty
Nov. 11 (Bloomberg) — National Wholesale Liquidators Inc., a family-owned discount retailer, sought bankruptcy protection from creditors without giving a reason.
The company, based in West Hempstead, New York listed assets and debt of $100 million to $500 million each in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, [...]
“The total value of the new plan, about $150 billion, represents the largest government support package extended to a private company in U.S. history.”
Enron — reviled, fraudulent Enron — destroyed more than $60 billion of shareholder value.
AIG (NYSE: AIG), which the government just took over, has destroyed $180 billion already — and it almost brought [...]
WASHINGTON (Reuters) - The financial fallout outside the United States from Lehman Brothers Holdings’ bankruptcy has been about $300 billion, the head of Germany’s financial regulator said on Monday.
“We’re still licking the wounds of Lehman,” said Jochen Sanio, president of the German Federal Financial Supervisory Authority, at an international banking conference. “It caused international damage [...]
HONG KONG (MarketWatch) — Japanese insurer Yamato Life Insurance Co. filed for bankruptcy protection from creditors Friday, reportedly becoming the first in the industry to do so in seven years. The insurer said recent declines in the value of its securities holdings had impaired its balance sheet, with liabilities exceeding assets by 11.49 billion yen [...]
Lehman CEO Asked GE To Buy 20% Stake - Report
Last Update: 9/25/2008 7:22:33 AM
DOW JONES NEWSWIRES
Lehman Brothers Holdings Inc. (LEHMQ) CEO Richard Fuld reached out to his General
Electric Co. (GE) counterpart, Jeff Immelt, about buying a 20% stake in the
investment bank before it collapsed, the New York Post reported Thursday, citing
sources. But Immelt decided to [...]
Turmoil hits Asia; Hong Kong, Seoul deep in the red
By Chris Oliver, MarketWatch
Last Update: 9/16/2008 7:11:00 AM
HONG KONG (MarketWatch) — Markets across Asia were blasted by a wave of selling
Tuesday, with creditors of Lehman Brothers among the leading decliners, followed
by consumer exporters, as investors reassessed the outlook for global growth in
the wake of the growing [...]
U.S. stock futures drop before Fed, Goldman
By Steve Goldstein, MarketWatch
Last Update: 9/16/2008 7:16:00 AM
LONDON (MarketWatch) — U.S. stock futures dropped on Tuesday as the focus of the
financial crisis shifted from Lehman Brothers to American International Group,
with markets on alert for results from Goldman Sachs and a possible interest-rate
cut from the U.S. Federal Reserve. A warning [...]
By Philip Aldrick, Banking Editor
Last Updated: 1:03pm BST 15/09/2008
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Any bank harbouring hopes of an end to the credit crunch had a rude awakening today.
Former Federal Reserve chairman Alan Greenspan expects more banks to sale
Greenspan: More banks will fail
Lehman Brothers’ bankruptcy has dealt the money markets another crippling blow, incapacitating them for [...]
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