financial crisis

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Citibank to Cut 50,000 Jobs

 Citibank to Cut 
 50,000 Jobs 
Nov 17, 2008 8:19 AM CST

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%...

Goldman Bosses Take a Pass on Bonuses

Wall Street's meltdown prompts top 7 execs to settle for $600,000 base pay

(Newser) - After an abysmal year, Goldman Sachs' top seven executives—including CEO Lloyd Blankfein—will give up their 2008 bonuses, totaling tens of million of dollars, reports the Wall Street Journal. The decision could force other execs on Wall Street to follow suit, reducing some of the pressure on investment banks...

Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

(Newser) - Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money....

Obama Girds for 'Unprecedented' Economic Crisis

President-elect focusing on security, trust, downturn and Gitmo, he tells 60 Minutes

(Newser) - National security, the economy and breaking America's addiction to fossil fuels are Barack Obama's key priorities, he revealed in his first sit-down TV interview since becoming president-elect. He's focusing first on security because "transition periods are times of vulnerability to a terrorist attack," he explained on 60 Minutes ...

Newt: Palin's Not It in 2012
 Newt: Palin's 
 Not It in 2012 
TALK SHOW ROUNDUP
Nov 16, 2008 1:48 PM CST

Newt: Palin's Not It in 2012

Group of frontrunners will emerge, Former House Speaker predicts

(Newser) - Newt Gingrich predicts that Sarah Palin will not be the Republicans’ 2012 presidential nominee, the Hill reports. “I think that she is going to be a significant player,” the former speaker of the House told Face the Nation. “But she’s going to be one of 20...

Emerging Economies Gain Clout in G-20

(Newser) - The plans outlined by global leaders at the meeting to deal with the financial crisis reflect a shifting balance of power, with emerging economies such as Brazil, India, and China gaining influence, the Washington Post reports. And the Europeans largely got what they wanted from the summit, French President Nicolas...

To Save Economy, Go Shopping
 To Save Economy, Go Shopping 
OPINION
Nov 16, 2008 10:37 AM CST

To Save Economy, Go Shopping

Friedman suggests how Obama should lead America out of its economic mess

(Newser) - To stop the economic recession from slipping into a depression, Barack Obama shouldn’t mince words: Americans need to go shopping and support federal efforts to rescue banks and homeowners, Thomas Friedman writes in the New York Times. “No, it’s not fair. But fairness is not on the...

Obama: We've Got to Stop Foreclosures

President-elect also backs aid for auto industry, but not a 'blank check'

(Newser) - Saving people's homes from bank foreclosures will be a priority of his economic crisis plan, President-elect Obama said in an interview airing tonight on 60 Minutes. "We've got to set up a negotiation between banks and borrowers so that people can stay in their homes. That is going to...

Economic Crisis Wallops Business Grads
Economic Crisis Wallops Business Grads
GLOSSIES
Nov 16, 2008 5:37 AM CST

Economic Crisis Wallops Business Grads

Current students jockey for fewer jobs; programs see surge in applications

(Newser) - With the financial world in free-fall, recent business-school graduates are finding fewer jobs and fierce competition for the ones that remain, Business Week reports. “A lot of the factors affecting my future employment are out of my hands,” said one MBA student preparing to hunt for a job...

Spitzer on Wall Street: I Told You So
Spitzer on
Wall Street:
I Told You So
OPINION
Nov 15, 2008 11:01 AM CST

Spitzer on Wall Street: I Told You So

Disgraced ex-gov explains how to rework regulatory system

(Newser) - These days, Eliot Spitzer may be famous for his horizontal escapades, but once he was a pro-regulation crusader trying to reign in Wall Street’s excesses. Spitzer tried to raise the alarm about market transparency, AIG, and subprime lending, but he and those like him were always “scoffed at...

Tech Sector Short-Circuits
 Tech Sector Short-Circuits
Nov 15, 2008 7:09 AM CST

Tech Sector Short-Circuits

Once-insulated Silicon Valley fails to outpace slowdown

(Newser) - A sudden slowdown has sent the tech industry into a slump so severe some are comparing it to the dot-com bust, the New York Times reports. The sector was confidently chugging along as recently as September but last month saw orders for both business and consumer tech rapidly plunge—"...

Seeking Xanadu, Shopping Malls Find Purgatory Instead

Waning consumerism, economic downturn take toll on uniquely American institution

(Newser) - An American institution—the shopping mall—is slouching toward extinction, Newsweek reports. With a record number of retail outlets, including ubiquitous Gap and Foot Locker, planning closures, roughly 20% of the 2,000 largest malls are failing, says one professor, leaving the fate of developing mega-malls like New Jersey’s...

Crisis Looms for Credit Cards
 Crisis Looms for Credit Cards 
ANALYSIS
Nov 14, 2008 3:10 PM CST

Crisis Looms for Credit Cards

Soaring defaults could fell normally resilient industry

(Newser) - Credit cards may be the next industry to be pummeled by the financial crisis, Time reports. The charge-off rate—money that lenders don't think they'll collect—is set to hit 10% in 2009. That's double the rate of the last decade and amounts to $96 billion in unpaid debt. Typically...

Krugman: Throw Away Prudence to Fix Economy
Krugman: Throw Away Prudence to Fix Economy
OPINION
Nov 14, 2008 12:03 PM CST

Krugman: Throw Away Prudence to Fix Economy

Depression economics have taken hold

(Newser) - The financial world has been turned upside down, and while we may not be headed for another Great Depression, we are embroiled in “depression economics,” writes Paul Krugman of the New York Times, a time when normal economic tools like the Fed's rate-cutting powers have “lost all...

Bush Taps Asst. US Attorney to Oversee Bailout

If confirmed, Barofsky will take bailout responsibilities from Treasury's inspector general

(Newser) - The Bush White House today finally named a special inspector general to oversee the Treasury Department's $700 bailout, nominating a New York federal prosecutor named Neil Barofsky. The move comes a day after the Washington Post complained in a Page 1 story that 6 weeks into the bailout, no action...

FDIC Pushes Plan to Ease Mortgage Payments

Bush camp opposes using bailout funds

(Newser) - Officials at the FDIC are butting heads with the Bush administration over the bailout once again, yesterday outlining a plan to prevent 1.5 million foreclosures in the coming year by having banks sharply reduce monthly payments on mortgages, the Washington Post reports. The government would guarantee half the losses...

Freddie Posts Record $25.3B Loss; Taps $13B Infusion

(Newser) - Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need...

Citi to Lay Off 10,000, Raise Credit Card Rates

Banking behemoth will shed 10,000 as it grasps for positive cash flow

(Newser) - Citigroup, seeking profitability after suffering net losses of $20 billion over the past year, is laying off at least 10,000 employees worldwide and raising rates on some credit card holders, the Wall Street Journal reports. Officials were told to trim employee compensation budgets by 25%, allowing managers to minimize...

Auto Bailout Unlikely Until Obama Takes Office

Detroit automakers warn that next year may be too late for rescue

(Newser) - It’s looking unlikely that a new economic stimulus package and a Detroit bailout will happen this year, the Wall Street Journal reports. The proposals are facing stiff resistance from Republicans and may have to wait until the new, more heavily Democratic Congress convenes in January and Barack Obama takes...

Kosher Meat Supply Crippled After Iowa Immigration Raid

Packing plant, now bankrupt, accounted 60% of US market

(Newser) - Kosher meat prices are skyrocketing after the Iowa packing plant that supplied about 60% of the US market declared bankruptcy, USA Today reports, in the wake of a May immigration raid. Agriprocessors, in trouble even before the raid, stopped operating last week. “Stores like mine are struggling all over,...

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