Stocks traded mixed after the Treasury offered to help prop up the auto makers after the Senate rejected the $14 billion bailout passed by the House.
Polls show Americans split on bailing out the U.S. automakers, a highly visible troubled sector in a country grappling with recession. Melvyn W. writes, "They must not be bailed out...
If you have a choice, staying away from bankrupt retailers is a good idea.
This week brought a slew of layoffs, including Dow component Bank of America, which said its planned job cuts may grow to 35,000 over three years after it completes its purchase of Merrill Lynch.
First, there's the question of how much money is really needed. The bill would have allotted $14 billion in loans, but most think the amount needed to avoid imminent bankruptcy is smaller, probably in the $5-10 billion range. This makes it doable using some combination of government guarantee and, perhaps, private lending.
First, from Flash News, with foreclosures and other repossessions on the rise, there is growth in one employment category: auctioneers. The Worldwide School of Auctioneering in Mason City, Iowa, (worldwide school of auctioneering? really?) says enrollment is up for its 9-day course teaching people how to talk really really fast without breathing.
Stocks tumbled at the open as the market was weighed down by the Senate's rejection of the $14 billion auto bailout and news of a $50 billion fraud scheme on Wall Street.
"Karnac the Magnificent" I am not. Heck, for weeks I've been predicting Congress would ultimately come up with a bailout for the Big 3. So after the Senate shot down the aid package last night, it's no wonder my wife said to me, "Gee Einstein, guess you were wrong about what would happen on Capitol Hill."
With the failure to pass an auto loan bill, the Treasury Department is now essentially the "last line of defense" for the auto makers. They can now provide a bridge loan through the TARP, or provide or guarantee a debtor-in-possession facility to fund a pre-packaged Chapter 11 proceeding.
U.S. stock index futures pointed to a lower opening for Wall Street as a plan to pour $14 billion into the cash-strapped auto industry failed in the Senate, leaving the White House searching for a solution.
Chrysler is nearing the minimum level of cash it needs to run the company and will have trouble paying bills after the first of the year, according to its chief financial officer.
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The Dow fell on dimming prospects for an automaker bailout, while bleak comments about the banking sector from JPMorgan's CEO prompted investors to sell financial shares.
Stocks closed sharply lower, led by financials after comments from JPMorgan CEO Jamie Dimon and as investors worried about the fate of the auto bailout.
Stocks turned mixed Thursday as a rise in commodities stocks offset pressure from a weak jobs report and a sharp drop in import prices.
We're not talking about soft tops here. Find out why preferred shares might be the best way to play the autos bailout.
You have to give it to the Senate Republicans. Senators Shelby, Corker, Ensign and their colleagues in the GOP have been loud and effective in slowing down, if not jeopardizing the $14 Billion auto bailout package.
One of the more fascinating things in big Congressional debates like the one currently surrounding the auto industry is understanding the motivation of particular legislators in supporting or opposing a bill.
Stock index futures indicated a slightly weaker open Thursday, pushed lower by further weakening in the jobs market and a sharp decrease in import prices..
General Motors Chief Rick Wagoner, Chrysler's Robert Nardelli and before he stepped aside, Yahoo's Jerry Yang -- are just a few CEOs that have spent the past year under siege. As we watch CEOs stagger from the incredibly poor decision-making, it is easy to think that we are the unwitting victims who will endure losses because of their errors.