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AP sources: Chrysler to file for bankruptcy

Posted by admin On April - 30 - 2009

STEPHEN MANNING | April 30, 2009 09:41 AM EST |

WASHINGTON — Two Obama administration officials say Chrysler will file for bankruptcy protection after talks broke down with a small group of the company’s creditors.

The officials spoke on condition of anonymity because the filing plan has not been formally announced.

The government had long hoped to stave off bankruptcy for Chrysler, but negotiations with hedge funds that hold its outstanding debt crumbled overnight.

Bankruptcy doesn’t mean the nation’s third largest automaker will shut down. And Chrysler is expected to sign a partnership with the Italian company Fiat as early as today as part of its restructuring plan.

President Barack Obama is expected to discuss the nation’s auto sector at noon.

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Toxic Asset Plan Foresees Big Subsidies for Investors

Posted by Justin Newman On March - 21 - 2009

Geithner hard at work to fix the mistakes of the previous administration.

WASHINGTON — The Treasury Department is expected to unveil early next week its long-delayed plan to buy as much as $1 trillion in troubled mortgages and related assets from financial institutions, according to people close to the talks.

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A ’sorry and ashamed’ Bernard Madoff pleads guilty

Posted by admin On March - 12 - 2009

AP- NEW YORK — Bernard Madoff pleaded guilty Thursday to charges that he carried out an epic fraud that robbed investors around the world of billions of dollars, admitting he began operating a giant Ponzi scheme in the early 1990s in response to a recession. Read the rest of this entry »

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Top 10 Things That Cost More than Citi Bank Shares

Posted by admin On March - 5 - 2009

Shares of Citigroup, once the nation’s most powerful bank, hit an all time low of 97 cents on Thursday. It is a 95.56% drop from the same period last year. The bank’s 52-week high was $27.35 on April 28, 2008. According to WSJ’s Market Watch, the stock reached an all-time high of $57 a share on Dec. 18, 2006.