Category Archives: Failing

Chrysler won’t repay bailout money

By doris | Published: May 6, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing. This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a [...]

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Chrysler judge expert in corporate collapse

By doris | Published: May 1, 2009

Full Story At money.cnn.com NEW YORK (Reuters) — The bankruptcy judge who oversaw the massive cleanup after the Enron and WorldCom meltdowns has a new challenge that may be his toughest yet – overhauling Chrysler LLC. Judge Arthur Gonzalez of U.S. Bankruptcy Court in Manhattan was assigned the case Thursday after the iconic carmaker sought [...]

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Will GM soon stand for ‘Government Motors?’

By doris | Published: April 30, 2009

Full Story At  msnbc.com WASHINGTON – If the government takes a majority stake in General Motors, will it end up taking the wheel, too? Under a restructuring plan put forth this week by GM, the ailing automaker would give majority ownership to the federal government to stave off bankruptcy. That handoff would amount to an [...]

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AIG: Doomed to fail?

By doris | Published: April 29, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Once a titan in the insurance world, AIG is a shadow of its former self, and experts say the company is likely doomed for failure. That’s partly because AIG (AIG, Fortune 500) is slowly getting rid of its strong, moneymaking businesses as it attempts to pay back [...]

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It’s a lousy time to sell your business

By doris | Published: April 28, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Get ready to face a sour market if you’re hoping to sell your business. In the first quarter of 2009, the number of sold small businesses fell 36% compared to a year earlier, according to marketplace site BizBuySell.com. The prices buyers paid also plunged. The median sale [...]

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Bad year for banks: Failures surpass ’08

By doris | Published: April 26, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — First Bank of Idaho became the fourth U.S. bank to fail Friday, raising the 2009 total to 29 — four more than the 25 that failed all of last year, the government said. The failure of the Ketchum, Idaho-based bank, along with banks based in Georgia, Michigan [...]

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More plant closings, job cuts due at GM

By doris | Published: April 18, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors will announce more job cuts and plant closing plans in the coming weeks, CEO Fritz Henderson said Friday. The embattled automaker, which has until June 1 to reach agreements with creditors and unions in order to avoid a government-forced bankruptcy, originally told regulators in February [...]

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GM near bankruptcy? Buy auto stocks?!

By doris | Published: April 14, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors’ stock price has been stuck in reverse as investors seem to be betting that bankruptcy is inevitable. Through Friday, shares of GM (GM, Fortune 500) were down 36% this year. The stock fell another 16% Monday afternoon after new reports that the government is pushing [...]

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The American mood: Is the angst bottoming out?

By doris | Published: April 12, 2009

Full Story At news.yahoo.com CLIFTON, N.J. – Friday night in northern New Jersey, circa April 2009, offers clues to prove any theory about the American economic meltdown, depending on what you want to believe. Just like so many places these days. Craving optimism? Watch the tour bus emptying into the La Quinta lobby off Route [...]

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Bank failures: ’09 tally reaches 23

By doris | Published: April 11, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Two banks failed Friday, bringing the 2009 tally to 23, according to the government. Cape Fear Bank of Wilmington, N.C., and New Frontier Bank of Greeley, Colo., closed their doors for the last time Friday, said the Federal Deposit Insurance Corporation. Charleston, S.C.-based First Federal Savings and [...]

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Stock rebound in the works

By doris | Published: March 3, 2009

Full Story At CNNMoney.com NEW YORK (CNNMoney.com) — The gloom may lift on Wall Street, at least for a little bit, when stock markets open Tuesday after the Dow Jones industrial average fell below 7,000 for the first time since 1997. At 4:30 a.m. ET, Nasdaq-100, Standard & Poor’s 500 and Dow futures were all [...]

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Report: AIG bailout to add on billions more

By doris | Published: March 2, 2009

Full Story At  msnbc.com CHARLOTTE, N.C. – Struggling insurer American International Group Inc. will receive up to $30 billion in additional federal assistance in the fourth government rescue of the company, a person familiar with the matter told The Associated Press on Sunday. The new infusion is intended to prop up AIG — once the [...]

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Philly newspaper owner latest to file Chapter 11

By doris | Published: February 23, 2009

Full Story At PHILADELPHIA – The downward spiral of advertising revenue and circulation, coupled with rising debt, has claimed two more newspaper companies in a two-day span. The owner of Philadelphia’s two major daily papers filed for Chapter 11 bankruptcy protection Sunday in an effort to restructure its increasing debt load. The move comes a [...]

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Get ready for a wave of bank failures

By doris | Published: February 21, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — If it’s Friday, there must be a bank failing somewhere across the country. For six consecutive weeks, industry regulators have seized control of a bank after the market closed on Friday, bringing the total number of failed banks so far this year to 14. To put that [...]

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