The economic crisis has been so severe that Michigan, with a $1.4 billion budget shortfall, is closing eight prisons to save money. It is also canceling more than 130 road and bridge repair projects because the state cannot come up with enough money to get matching federal funds.
Forty days. In the world of corporate bankruptcies, I guess you could call that a quick rinse. Now that Chrysler's balance sheet has been cleaned up (thanks in large part to billions in Federal financing), the auto maker is primed for life with Fiat.
With the Supreme Court on the cusp of deciding whether to approve or block the sale of Chrysler, the restructuring of GM's board of directors is a story that may be overlooked. That would be a mistake. The new GM board faces one of the largest challenges ever in American business.
Plus, get calls on President Obama's stimulus spending, fast food, the Paris Air Show and more.
If you've read this blog for some time you've heard me say the easiest part of GM's bankruptcy will be filing the motions to cut dealers, shed plants, erase liabilities. And as always, don't take my use of the term "easy" to mean there is not a lot of pain that goes hand in hand with severing ties with thousands of people who have been part of the GM family for decades. There is plenty of pain.
Job losses were much fewer than expected. And the previous month was revised to show fewer jobs were lost than initially reported. As the Dow, S&P and Nasdaq hover, what's the bigger stock-market picture? Art Cashin, director of floor operations at UBS, offered CNBC his insights.
Whenever I tell people that Saturn has been a neglected, and potentially highly profitable jewel in the GM family of brands, people look at me like I've got three heads.
In an opening statement before questioning GM CEO Fritz Henderson and Chrysler President Jim Press, Sen. Haynes said, "The deal is done." It was a painfully succinct summary of why thousands of auto dealers upset about losing their affiliations with GM and Chrysler are unlikely to find relief in Washington.
With new-car sales touching low levels not seen in decades, and with G.M. and Chrysler forced to shut plants as they struggle through bankruptcy, prospects for small auto-supply factories seem grim.
Today on Capitol Hill, the Senate Commerce Committee will question GM CEO Fritz Henderson and Chrysler President Jim Press about their moves to close roughly 2000 dealerships. For all the importance that comes with a Congressional hearing, don't expect much to change after this one.
Traders took a pause from the oil rally as it closed nearly flat at $68.55 Tuesday. Still, oil could rally back toward the $70 mark Wednesday on the Energy Department's release of crude oil inventories, which are expected to show a decline.
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Stocks were two for two for June, notching another gain Thursday as investors were encouraged by the sharpest jump in pending-home sales in 7 1/2 years. But financials sat this one out following a new round of stock offerings.
Auto makers are posting May sales that are the best for 2009; Ford's economists are estimating that May vehicles sales were roughly 10.4 million; if true that is well above the consensus of 9.4 million.
Is GM’s decision to file for chapter 11 what the company needed for a reboot and restart? Although it’s hard to tell at this point, optimists are confident.
Stocks retreated Tuesday after getting a boost in morning trading from the sharpest jump in pending-home sales in 7 1/2 years.
Stocks rebounded off a lower open Tuesday after a report showed the sharpest jump in pending-home sales in 7 1/2 years.
Stocks looked set to open lower Tuesday and pull back from a strong surge in the previous session.
Less than a year ago we weren’t sure if we’d be saved or sucked in. Here’s your update.
Stocks soared Monday as investors were encouraged by economic reports out of China and the U.S. and breathed a sigh of relief that General Motors finally filed for bankruptcy protection.