Tuesday: Consumer confidence squeaked above its record low. Ford announced an incentive program -- covering payments if a buyer is laid off -- similar to Hyundai's. GM's new CEO Fritz henderson said bankruptcy is possible within 60 days. J.P. Morgan said global banks will write down $17 billion more. CNBC heard from experts who said retail looks less scary, housing is finally coming back — but warned that inflation could be "kryptonite" for bonds.
It seems the tough talk from President Obama's has sparked the car makers into action.
General Motors's new CEO, Fritz Henderson, said the automaker could file for bankruptcy before the end of the 60 days the government has given GM to restructure itself.
Meet the people who now hold Detroit's fate in their hands.
The depth of the recession and the use of taxpayer dollars to bail out companies have made it politically acceptable for overseers to tinker with employment agreements.
With members of President Obama's Auto Task Force hitting the ground in Detroit, the re-structuring of General Motors kicks into gear. Monday in Washington may have been all about justifying and selling the government calling the shots at GM, but Tuesday in Detroit is when the president's people get to work. No wonder critics are now saying GM now stands for Government Motors, not General Motors. So what happens next?
US stock index futures pointed to a higher open Tuesday, following a sharp decline in the previous session as investors digested the Obama administration’s tough stance on General Motors and Chrysler.
Japan announced that they will unveil another stimulus plan. Isn't this the third one for this downturn? I've lost track. ... Ford announces incentive program; Street believes GM is next. This is similar to the successful Hyundai Assurance Program. Lennar reported a loss. HSBC up 5% in pre-market trading as CEO Michael Geoghegan reiterated that the London-based bank will not need any government money.
As we enter the last trading day of the month and quarter, here are some of the best and worst performers for the period.
House Financial Services Chairman Barney Frank (D-Mass.) says the drastic steps the Obama administration is taking in dealing with the nation's struggling automakers further underscores the need for the government to have so-called resolution authority to take over and unwind the businesses of big non-bank companies.
The future of General Motors and Chrysler remained in limbo after US President Barack Obama told the US automakers they had not yet done enough to secure emergency government funding Monday.
Sure, the market saw some losses today. But that’s a good thing for investors.
The stock market's three-week run hit a wall Monday. After scoring a 20 percent gain in 14 trading days, financials foiled the rally. Stocks ripped lower after the Obama administration slapped the auto industry for slow progress in restructuring and pushed out General Motors CEO Rick Wagoner. The market reacted poorly to the prospect that GM could now face bankruptcy, but traders say it was also comments from Treasury Secretary Timothy Geithner over the weekend that shook up investors...
The White House raised the possibility of a controlled bankruptcy to help the auto industry restructure. Time to get short?
The S&P tumbled on Monday largely due to concerns about the major automakers.
Team Obama fired GM CEO Rick Wagoner Sunday afternoon, just a short time after Treasury man Tim Geithner told the television talk shows that some banks will need large amounts of new TARP-money government assistance — even though the bankers don’t want it. Does this smack of big-time government planning and industrial policy? Another lurch to the left for economic policy?
Stocks fell sharply Monday as investors worries about the potential for bankruptcies in the auto sector and that some big banks are going to need a lot more bailout money.
The White House's auto task force thinks that GM's latest offers to bond holders and auto workers will leave the company with too much debt and want the terms reduced even further, CNBC has learned.
There was a selloff today, but it was on very light volume. Not surprisingly, bank stocks, which have collectively rallied 50 percent in the last three weeks, were down about 10 percent as a group. ... We are definitely heading toward some kind of denouement, and that can only be a good thing..
Cramer talks speculation as a way to play this ailing auto.