bailout – News Stories About bailout - Page 15

Why Asian Automakers Don't Want Detroit to Fail

ANALYSIS

Dec 16, 2008 11:01 AM CST

Why Asian Automakers Don't Want Detroit to Fail

Big Three bankruptcy would disrupt supply chain, further sour US economy

(Newser) - As Detroit’s Big Three await word on the fate of their much-needed bailout, an unlikely group of supporters has assembled in their corner: foreign automakers. A collapse of General Motors, Ford, or Chrysler would devastate overseas manufacturers as well, CNNMoney reports, spreading bankruptcy to suppliers around the globe and...

Feds Let Lehman Fail—Then Loaned It $138B Anyway

ANALYSIS

Dec 16, 2008 9:20 AM CST

Feds Let Lehman Fail—Then Loaned It $138B Anyway

Paulson & Co. say cash was to 'facilitate orderly wind-down' of trades, but questions persist

(Newser) - After refusing to bail out Lehman Brothers, the Federal Reserve funneled $87 billion to a subsidiary through JPMorgan Chase on Sept. 15, then another $51 billion the next day. The feds say they aimed to “facilitate an orderly wind-down” of Lehman’s broker-dealer operations, Andrew Ross Sorkin writes in...

Bush: Auto Bailout
'Not Ready'

Dec 15, 2008 3:58 AM CST

Bush: Auto Bailout 'Not Ready'

Deal seems to be grinding gears

(Newser) - The federal auto industry bailout appeared to be stuck in neutral as President Bush warned today that a deal is not imminent. "We're not quite ready to announce that yet," Bush told reporters on a plane to Afghanistan. Lawmakers expected the administration to quickly reallocate part of the...

Bailout First Skirmish
in GOP, UAW Battle

ANALYSIS

Dec 13, 2008 5:35 PM CST

Bailout First Skirmish in GOP, UAW Battle

(Newser) - The defeat of the Detroit bailout bill by Senate Republicans is seen by some in Washington as a preemptive strike against organized labor, the Los Angeles Times reports. The GOP framed their opposition partly as a message to the United Auto Workers, claiming high wages were the cause of Detroit’...

As Everglades Deal Nears, Critics Cry Foul

Dec 13, 2008 1:52 PM CST

As Everglades Deal Nears, Critics Cry Foul

(Newser) - As a revised deal by US Sugar to sell 180,000 Everglades acres to Florida nears completion, critics are stepping up their efforts to derail it, the Wall Street Journal reports. The deal, hailed by environmentalists, would allow the state to restore natural waterways, but opponents see it as a...

Dow Creeps Up 64

MARKETS

Dec 12, 2008 3:37 PM CST

Dow Creeps Up 64

(Newser) - Stocks were up modestly today as investors balanced continued uncertainty over a Detroit bailout and a longtime Wall Street hand’s arrest with cautious optimism that the market may finally have stabilized, the Wall Street Journal reports. Money manager Bernard Madoff was accused today of a $50 billion swindle, but...

UAW, Republicans Blame Each Other on Bailout

Dec 12, 2008 11:21 AM CST

UAW, Republicans Blame Each Other on Bailout

Gettelfinger says he felt he was being 'set up'

(Newser) - The UAW and opponents of the failed Detroit bailout blamed each other today for the impasse, the New York Times reports. GOP Sen. Bob Corker says the rescue plan could have been salvaged if the UAW had listened to him. "I offered him a solution," he said of...

White House May Divert
TARP Funds to Automakers

Dec 12, 2008 9:30 AM CST

White House May Divert TARP Funds to Automakers

The President may tap bailout funds once thought off-limits to Detroit

(Newser) - The Bush administration said today it will consider using funds from the $700 billion market-rescue plan to bail out GM and Chrysler, MarketWatch reports. The shift comes after the Senate failed to pass $14 billion in emergency loans last night. The plans aren't final, but the money could help one...

Stocks Plunge on Auto News

MARKET Open

Dec 12, 2008 8:45 AM CST

Stocks Plunge on Auto News

Madoff doesn't help either

(Newser) - Stocks went sky-diving this morning in the wake of the Senate’s scuttling of the auto bailout and the massive fraud case against a former NASDAQ chairman. The Dow dropped 200 points, accompanied by 2.5% and 1.8% drops in the S&P and Nasdaq, respectively. The auto news...

DC's Moods:
Excitement,
Audacity,
Anxiety

OPINION

Dec 12, 2008 8:43 AM CST

DC's Moods: Excitement, Audacity, Anxiety

Brooks sees three themes in the capital

(Newser) - David Brooks "has been working tirelessly to understand the spirit of the American capital," and he lays out three main themes in the New York Times:

This isn't so much a transition as a "season of rebirth.” The impending inauguration feels like an "ancient tribal

...

Automakers Look to Bush
to Fend Off Bankruptcy

Dec 12, 2008 7:51 AM CST

Automakers Look to Bush to Fend Off Bankruptcy

Bankruptcy imminent for GM, Chrysler not far behind

(Newser) - What now for GM and Chrysler? Unless the White House comes up with emergency aid, General Motors could be in bankruptcy within weeks, with Chrysler close behind, Bloomberg reports. GM, in fact, has hired a team of top legal experts to explore that option, which would be one of the...

Dark Day for Detroit

EDITORIAL

Dec 12, 2008 2:36 AM CST

Dark Day for Detroit

Bailout collapse leaves state fretting over future

(Newser) - Detroit's bailout has crashed and burned, casting a pall on Michigan's future, the Detroit Free Press writes. The state knows the pain that comes with tough times in the auto industry all too well, and it's "incredible" that any American lawmaker "could want to watch these hard times...

As GOP Stiffens, Auto Bailout Prospects Hit the Skids

Dec 11, 2008 3:59 PM CST

As GOP Stiffens, Auto Bailout Prospects Hit the Skids

McConnell, GOP move further away from supporting Detroit aid

(Newser) - As Republican resistance to the $14 billion auto-industry bailout mounted, proponents flogged today's dismal unemployment figures to bolster their case, Politico reports. Mitch McConnell abandoned the White House, which continued to push the bill; the Senate minority leader unexpectedly said the measure "promises taxpayer money today for reforms that...

Bank Woes Push Dow Down 196

MARKETS

Dec 11, 2008 3:23 PM CST

Bank Woes Push Dow Down 196

JPMorgan Chase, Bank of America, Citigroup all see big drops

(Newser) - The markets slid today as JP Morgan’s CEO made pessimistic comments about home prices, the Wall Street Journal reports. Adding to investor malaise was a Labor Department report that unemployment insurance claims are at a 26-year high, and continued uncertainty about the Detroit bailout. The Dow was down 196....

No More Bailouts, Detroit or Otherwise: Learn the Lesson

OPINION

Dec 11, 2008 12:41 PM CST

No More Bailouts, Detroit or Otherwise: Learn the Lesson

Yes, there will be pain, but saving irresponsible companies bad for US future

(Newser) - Given the failure of the Wall Street bailout, to think doing the same for Detroit would help the auto industry and America in the long run is fantasy, Kevin O’Brien writes in the Cleveland Plain Dealer. The only thing that will help is to feel the pain. “No...

Democrats Promote
Volcker as Car Czar

Dec 11, 2008 9:22 AM CST

Democrats Promote Volcker as Car Czar

White House, Dems see Obama's economic guru as good choice

(Newser) - Former Federal Reserve chief Paul Volcker is shaping up as the frontrunner for the new “car czar” position included in the Big Three bailout bill that passed the House last night, reports the Wall Street Journal. The selection is being coordinated between the White House and the incoming Obama...

Sound the Chrysler Death Knell: Analysts

Analysis

Dec 11, 2008 8:33 AM CST

Sound the Chrysler Death Knell: Analysts

Unprofitable lines are likely to kill automaker despite bailout

(Newser) - Chrysler’s lack of profitable vehicle lines will lead to its demise, reports the Detroit Free Press, regardless of whether the feds jump in with a bailout. With bad market conditions predicted to worsen next year, the struggling automaker will downshift its production on some lines and eliminate others, prompting...

Poll: Americans Back Economic Intervention

Dec 11, 2008 6:14 AM CST

Poll: Americans Back Economic Intervention

A growing majority blames financial crisis on deregulation

(Newser) - A clear majority of Americans approve of Washington taking firm steps to intervene in the nation's struggling economy, a Los Angeles Times poll finds. Two-thirds favor tighter restrictions on financial institutions and 60% back help for homeowners facing foreclosure. A huge 87% blamed deregulation for the economic crisis—up 25% ...

Factory Sit-In Ends in Victory

Dec 11, 2008 2:44 AM CST

Factory Sit-In Ends in Victory

Workers win severance and benefits

(Newser) - Laid-off workers who occupied a Chicago factory have agreed to end their sit-in after winning severence pay and benefits, Reuters reports. Each of the 200 workers at shuttered Republic Windows and Doors will receive two months pay, accrued vacation and two months health care coverage. The $1.75 million cost...

Nervous Dow Rises 70

MARKETS

Dec 10, 2008 3:24 PM CST

Nervous Dow Rises 70

Commodities, financials move in opposite directions

(Newser) - Markets ended with modest gains today as commodities got a boost and financials dropped, the Wall Street Journal reports. Meanwhile, fears over the struggling auto bailout spurred some flip-flopping, Bloomberg notes. The Dow rose nearly 190 points before settling down to finish up 70 points. The S&P climbed 11...