bailout

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Italy Bails Out Parmesan Makers
Italy Bails Out Parmesan Makers 
Dec 10, 2008 1:10 PM CST

Italy Bails Out Parmesan Makers

Government spending $64M to save storied cheese industry

(Newser) - While the US bails out the auto industry, Italy is spending $64 million to save the makers of other wheels: parmesan cheese. Producers of the popular pasta topping have struggled for years to turn a profit, despite strong national and regional appetites. “It’s a tragic situation,” one...

House Likely to Vote on Auto Bailout This Afternoon

Senate likely tomorrow; GOP has harsh words

(Newser) - The House is ready to vote on a $15 billion bill to rescue GM and Chrysler as early as this afternoon, the Detroit News reports. The Senate, meanwhile, is likely to vote tomorrow morning. “My understanding is it is done, but the piece of paper is not before the...

Why Are We Bailing Out Car 1.0?
 Why Are We Bailing Out Car 1.0? 
OPINION
Dec 10, 2008 12:30 PM CST

Why Are We Bailing Out Car 1.0?

Detroit is getting left behind

(Newser) - In the modern global economy, Thomas Friedman has a simple rule: “Whatever can be done, will be done,” and if you’re not the one doing it, someone else is. Detroit’s automakers aren’t exploring new business models, so other companies are. When one of them clicks,...

Jittery About Loss, Investors Stuff Cash In 0% T-Bills

Willing to take nothing for their money

(Newser) - The results of yesterday’s short-term bond auction were staggering. Investors snapped up $30 billion worth of Treasuries at a 0% yield—essentially lending the government money for free, the New York Times reports. Earlier, some investors even accepted a negative yield to park their cash in three-month Treasury bills....

Stocks Bounce on Bailout Hope
 Stocks Bounce on Bailout Hope 
MARKET Open
Dec 10, 2008 8:56 AM CST

Stocks Bounce on Bailout Hope

Dow up about 90

(Newser) - Stocks took a modest bounce this morning, as anticipation over an auto bailout outweighed weakness in financials. The Dow rose 116 points, while the Nasdaq and S&P climbed 1% and 1.2% respectively, the Wall Street Journal reports. AIG shares were down 5% premarket after the Journal reported that...

AIG Looks for $10B More to Pay Bad Bets

Struggling insurer gambled billions of its own money on risky derivative trades

(Newser) - Insurance giant AIG, already the recipient of a $150 billion government bailout to cover soured credit-default swaps, now admits it owes some $10 billion more for speculative trades it made with its own money, reports the Wall Street Journal. Those deals aren’t covered by the bailout, leaving the struggling...

Joe the Plumber 'Appalled' by McCain

Campaigning made him feel 'dirty'

(Newser) - Joe the Plumber, a sidekick of John McCain's presidential campaign who came to represent the common man, now says he was "appalled" by the Republican candidate, Politico reports. Plumber Joe Wurzelbacher, who appeared at campaign stops with McCain, told a conservative radio show host his up-close look at presidential...

Ford Eyes Chinese Buyer for Volvo

Ford's last European car on the block

(Newser) - Beleaguered Ford is poised to sell Volvo to a Chinese automaker, reports the Times of London. Ford and Volvo executives are in talks with Changan, Ford’s manufacturing partner in China—one of the country’s biggest car makers. Over the last two years Ford has sold Aston Martin, Jaguar...

Dow Down 242 on Auto Doubts
 Dow Down 242 on Auto Doubts 
MARKETS
Dec 9, 2008 3:27 PM CST

Dow Down 242 on Auto Doubts

Uncertainty over bailout details gives rally a flat tire

(Newser) - Yesterday’s gains in the market, buoyed by the probable Detroit bailout, slipped away today as details remained uncertain, the Wall Street Journal reports. Though investors are still optimistic about the president-elect’s infrastructure initiative’s impact on raw goods and energy, that sector couldn’t carry the market. The...

Bailout Turns to Shore Up Credit Unions

$41B will focus on largest; most haven't seen a dime yet

(Newser) - Largely overlooked by federal regulators managing the bailout, credit unions will receive  $41 billion in lending to brace a handful of the largest institutions in a plan expected to be announced this week, the Wall Street Journal reports. The plan is intended to bring relief to as many as 10,...

Detroit Collapse Would Fuel Mexican Crisis

Mexican auto industry, economy tied to America's

(Newser) - A Big Three collapse could spell disaster for Mexico, where the auto industry—and the economy—is tightly bound to America’s, the Christian Science Monitor reports. Mexico sends 80% of its auto-related exports to the US, and its auto industry employs more than 500,000 workers, many of whom...

US May Take Big Stake in Big 3

Draft bill creates 'auto czar' for firms' reorganization

(Newser) - As a $15 billion auto industry rescue takes shape, the terms of the plan would give government a major stake in the Big Three and allow it to guide a bankruptcy-like restructuring process, the Wall Street Journal reports. Under the terms of draft legislation, the US could take shares worth...

Merrill CEO Backs Off $10M Bonus Request

Wall Street climate pressures Thain to forgo year-end check

(Newser) - Under a wave of criticism, Merrill Lynch CEO John Thain today gave up asking for a $5-to-$10 million bonus, the Wall Street Journal reports. New York Attorney General Andrew Cuomo called the request "nothing less than shocking" during an "abysmal year" in which Merrill lost $11 billion. Thain...

Big 3 Bailout Plan Goes to White House
 Big 3 Bailout Plan 
 Goes to White House 
UPDATED
Dec 8, 2008 3:38 PM CST

Big 3 Bailout Plan Goes to White House

Measure has provision for watchdog, but other questions remain

(Newser) - A draft of the multibillion-dollar bailout agreement for the Big Three automakers went from Capitol Hill to the White House this afternoon and found a chilly reception, the AP reports. The draft legislation calls for a government watchdog appointed by the Bush administration to oversee the companies' operation, but its...

Electric-Car Makers Want Fed Jolt, Too

Troubled firms call for government aid, bigger tax credits for drivers

(Newser) - The electric-car industry is facing the same problems as Detroit’s needy giants—plus a few of its own, the Wall Street Journal reports. Like Big Three leaders, electric-car reps have been to Washington seeking government help; struggling industry leader Tesla Motors wants $400 million from the $25 billion energy...

Bush, Obama Camps at Odds on Rescue Plans
Bush, Obama Camps at Odds on Rescue Plans
ANALYSIS
Dec 8, 2008 10:40 AM CST

Bush, Obama Camps at Odds on Rescue Plans

White House seeks input; Dem focused on stimulus over bailout

(Newser) - Growing tension between the Bush administration and its replacement is making the waters of the economic turmoil more uncertain, the Wall Street Journal reports. With the first half of the  $700 billion bailout fund nearly gone, the White House wants more input for Barack Obama on securing the next $350...

Volcker Will Call for Tough Measures to Right Economy

Ex-Fed chief says consumerism, unchecked Wall Street to blame for woe

(Newser) - Paul Volcker is known for the tough measures he used as Fed chief to reel in inflation in 1981, risking a recession and widespread pain in the short term to get the economy back on track for the next 2 decades. Now Volcker, tapped as chairman of Obama’s Economic...

Calls Build for GM's Wagoner to 'Move On'

Dodd, Obama hint a change at the top is in order to get bailout

(Newser) - Sen. Chris Dodd wants General Motors CEO Rick Wagoner “to move on” and a new management team in place if a government bailout is going to move forward, reports the Wall Street Journal. While not making it an outright condition for a rescue package, the Connecticut Democrat told CBS’...

Dem Leaders Say OK to Auto Bailout Plan

Shocking jobs figures prompt lawmakers to support rescue

(Newser) - Democratic lawmakers will bail out the Big Three with billions of dollars in loans after all, the New York Times reports. Their change of heart, which comes after 2 days of auto exec hearings, was inspired by today's news that half a million Americans lost their jobs last month. Congress...

Auto Bailout Must Be Paid Back: Bush

Bush supports some aid, but it must be done his way, he warns Dems

(Newser) - Using the word "recession" for the first time to describe the US economy, President Bush today demanded that Congress adopt his approach to an auto bailout and require car companies to pay back any federal aid. But he displayed skepticism about the wisdom of new aid, saying he is...

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