financial crisis

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Geithner's Not Reassuring Anyone
 Geithner's Not 
 Reassuring 
 Anyone 
Opinion Roundup
Feb 11, 2009 8:43 AM CST

Geithner's Not Reassuring Anyone

They're not buying it, Tim

(Newser) - The financial world was desperate for answers yesterday, but what Timothy Geithner delivered “was a work in progress,” says the Washington Post editorial board, “more a concept than a plan, really.” It was like “Geithner at the Improv,” the Wall Street Journal agrees. Markets...

Nonprofits Look to Change Rules on Endowments

Meltdown forces tough choice: present survival or future value?

(Newser) - Nonprofits reeling from the market meltdown's impact on their investments are pushing to be allowed to tap endowment funds, many of which are off-limits because they've lost value, reports the Wall Street Journal. At issue is the balance between surviving the current crisis and spending funds that can never be...

Senate Passes Stimulus Bill
 Senate Passes Stimulus Bill 
Feb 10, 2009 12:02 PM CST

Senate Passes Stimulus Bill

(Newser) - The Senate passed its version of the $838 billion stimulus bill today, in a 61-37 vote, the Wall Street Journal reports. Three moderate Republicans—Susan Collins, Arlen Specter, and Olympia Snowe—jumped across the aisle to prevent a filibuster. Now the House and Senate must reconcile the differences between their...

When These Companies Recover, We Recover
When These Companies Recover, We Recover
OPINION
Feb 10, 2009 10:44 AM CST

When These Companies Recover, We Recover

The signs of the turnaround will come from everyday businesses

(Newser) - The companies best-positioned to weather the recession are market-share leaders or those that sell everyday necessities, writes Douglas A. McIntyre in Newsweek. But the economic bellwethers that will herald the recovery are more likely No. 2 or No. 3 in their industries, like Target, whose quarterly numbers should indicate when...

Geithner Unveils New Bank Plan
 Geithner Unveils New Bank Plan 
Feb 10, 2009 10:33 AM CST

Geithner Unveils New Bank Plan

(Newser) - Attempts to revive the banking industry so far have been “inadequate,” Timothy Geithner said today, promising to “fundamentally reshape” the government’s plan to rescue banks, driven by more forceful action. “We want their balance sheets cleaner and stronger,” Geithner said. To do it, he’...

Forget Bipartisanship— Let's Pass This Bill

Crisis is no time for 'meeting in the middle'

(Newser) - Sure, bipartisanship is great when the country can afford it—but to fix the economic crisis, we’ll have to forgo unity, writes Eugene Robinson in the Washington Post. Expert economists agree that the stimulus package is crucial, and even most Republican senators say something needs to be done. “...

Stimulus to Bulk Up Food Stamps

Caseloads up dramatically; bill to offer $16B to $20B in support

(Newser) - The stimulus package set to pass Congress contains a measure to boost food stamp benefits by billions of dollars, reports NPR. The $16 billion to $20 billion increase—which would mean up to $79 more a month for a family of four—is a response to a drastic rise in...

UBS Shocks With Record $17B Loss

Swiss banking giant posts worst loss in nation's history

(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,...

Geithner Wins Tug-of-War for Hands-Off Bailout

Treasury secretary resists calls for firmer government intervention

(Newser) - Treasury Secretary Timothy Geithner has prevailed over top administration officials who sought tougher restrictions on financial institutions in the revamped bailout plan to be unveiled today, reports the New York Times. Geithner, pointing to failures in countries that adopted more interventionist measures, successfully resisted calls to dictate how the cash...

Obama Pushes 'Shovel Ready' Projects for Stimulus

$150 billion in plans ready to go across US

(Newser) - The US has 19,000 public projects ready to go, with the potential to infuse $150 billion into the economy and put thousands of people to work, NPR reports. President Obama is pushing for immediate approval of the $700 billion economic stimulus bill to start paying for the work, but...

Chrysler, Merrill CEOs Passed Houses to Wives, Too

Fuld not the only one hiding assets

(Newser) - Dick Fuld’s wife isn’t the only one getting a discount mansion. Chrysler CEO Robert Nardelli and ex-Merrill Lynch honcho Stanley O’Neal have followed Fuld’s lead, handing their multimillion-dollar homes to their spouses, according to property records obtained by the New York Post. Such deed transfers are...

Will the Recession Drive Up Suicides?

We're better prepared now, but rates are still tied to cultural trends

(Newser) - America is reeling from the financial crisis, and the psychological strain has analysts carefully watching national suicide rates, Time reports. Though three high-profile European businessmen took their own lives recently, suicide rates have held steady at 11 per 100,000 people; during the Great Depression, they spiked at 17 per...

Talk of Oil-Supply Cut Sends Prices Higher

(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member...

Stocks Down on Bailout Delay
 Stocks Down on Bailout Delay 
MARKET Open
Feb 9, 2009 8:41 AM CST

Stocks Down on Bailout Delay

(Newser) - Stocks slid at the open, after Timothy Geithner pushed back the announcement of his much-anticipated bank rescue plan until tomorrow. The Dow dropped 40 points, while the Nasdaq and S&P barely budged, falling 0.6% and 0.4% each. But financial stocks actually rose, with Bank of America, Citigroup,...

New Bailout Plan Hinges on Private Investors

Treasury will set 'floor price' on distressed assets to lure buyers

(Newser) - The Treasury's latest plan to rescue the banking industry relies heavily on private-sector investors, the New York Times reports. The government will guarantee a floor price on the toxic assets weighing down banks’ balance sheets, encouraging hedge funds, private equity groups, and even insurers to buy them. The plan should...

Advertising With TARP Funds Is Tricky Business

The public increasingly is taking a hard look at how TARP funds are spent

(Newser) - Companies that received TARP funds are being forced to deal with some unexpected fallout: the ire of taxpayers who see sponsorships and ad campaigns as frivolous wastes of rescue dollars, reports Advertising Age. But execs at those companies say that to pay back those borrowed monies, they must develop new...

Too-Speedy Bailout Spending May Squander Billions

Auditors understaffed for behemoth task, leaving field open to shifty contractors

(Newser) - If new federal bailout funds are spent too quickly, billions could be wasted because the government administrative staff may be too overburdened to provide adequate oversight, warn budget experts. Billions of dollars in government money were squandered by private contractors who overcharged the Bush administration, according to a government report....

Nissan Slashing 20,000 Jobs
 Nissan Slashing 
 20,000 Jobs
Feb 9, 2009 3:31 AM CST

Nissan Slashing 20,000 Jobs

First Japanese automaker to move production from Japan and soaring yen

(Newser) - Nissan will cut 20,000 jobs worldwide by next year and move production from Japan and its soaring yen, reports the Wall Street Journal. Reeling from a massive $900 million loss last quarter, Nissan also announced it will slash management, seek public assistance and suspend its 5% annual growth goal...

Jittery Investors Seek Direction From Feng Shui Gurus

In Asia, when a feng shui master talks, people listen

(Newser) - Hong Kong investors are invoking feng shui—the ancient Chinese art associated in the Western mind with interior decorating—to guide their depleted portfolios, the Wall Street Journal reports. Two inauspicious lunar eclipses have already predicted a grim year, and masters are warning investors to beware of the land of...

Credit-Addicted Family Faces Life on $550 a Month

On top of the list: no restaurants

(Newser) - His wife kicked him out for 9 months for overspending. Now W. Hodding Carter is helping his family try the unthinkable: living within their means. Saddled with credit-card debt after years of pricey counter tops and dreams of wealth, Carter’s family of six plans to make do with their...

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