A GAO report said that the Treasury failed to address a number of critical issues while implementing the financial rescue, including how to ensure its efforts are successful. (Report)
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DETROIT (Reuters) - General Motors Corp on Tuesday asked the U.S. government to save it from failure by extending $12 billion in loans and another $6 billion in credit as part of an unprecedented federal intervention into the struggling auto industry.
GM (GM) distributed its turnaround plan to Congress. It was almost exactly what the market expected, but it fudges one key issue, which is what happens to the company's finances if it loses a great deal more market share. According to the firm, "GM is seeking a term bridge loan facility from the Federal government of $12 billion to cover operating requirements under a baseline forecast of 12 mi...
WASHINGTON (Reuters) - House of Representatives Democratic Leader Steny Hoyer said on Tuesday he hoped Congress will be able to take action next week on struggling U.S. auto manufacturers' requests for federal financial aid.
Picking out a CEO to go in technology right now might seem as though the argument could be almost any of them if you count share price only. That is doubly true if you look at just DRAM and flash memory makers. But the one stand out company which could use a new CEO is SanDisk Corp. (NASDAQ: SNDK). Dr. Eli Harari is a co-founder of the company, and he sits as Chairman, CEO, and as a member of ...
Options traders have descended on the smart phone sector Tuesday, with heavy activity in Research in Motion, Nokia and Palm, following poor earnings by the latter, and news of an introduction of Nokia’s entrée into this market. Research in Motion’s options were the most actively traded. The stock was getting hit, down 7.5% after Palm reported less-than-stellar results for its most r...
WASHINGTON (Reuters) - The Federal Reserve has ample tools to use to stimulate the economy even with interest rates nearing zero, the head of the St. Louis Federal Reserve Bank said on Tuesday.
Filed under: Delta Air Lines (DAL)Delta may still be ready when you are, but in 2009 they're not going to be as big. Citing the global recession, Delta (NYSE: DAL) announced that it will cut an additional 6-8% of capacity in 2009. The move will result in an up to 10% reduction in domestic capacity, when one includes the impact of previously-announced operational cuts. Delta also said it will el...
The online jeweler has a markdown gun, and it's not afraid to use it.
After drawing fire for how they got to last month’s hearings, the chief executives of Ford Motor Company and General Motors have said they are selling their corporate jets and driving down to Washington to present their turnaround plans to Congress. Rick Wagoner, the chief executive of G.M., will make the trip in an eco-friendly Chevrolet [...]