General Motors Inc. is sort of the anti-Ross Perot, the company that informs you that no matter what the circumstance, it still needs a boatload of money just to make getting up in the morning worth it. The automotive giant (ish) asked for $18 billion in federal loans, one-and-a-half times the size of what it asked for a few weeks ago, amid a 41% decline in auto sales in November. But the thin...
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General Motors will drastically cut jobs, factories, brands and executive pay in a desperate attempt to persuade Congress to give it $12 billion in loans and a $6 billion credit line to stave off a financial collapse, The New York Times’s Bill Vlasic reports from Washington. In an unabashed plea for an emergency government rescue, G.M. [...]
The company says it needs $12 billion in loans and another $6 billion credit line in case conditions worsen.
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...
CHICAGO (Reuters) - U.S. credit card write-offs will continue to increase in 2009, tracking roughly with the rising unemployment rate, the top executive at Discover Financial Services said on Tuesday.
Calm returned to US and European stock markets, although concerns about the global economic outlook kept credit spreads wide and government bonds in demand
The Federal Reserve announced Tuesday that it was extending the term of three emergency loan programs for three months, to April 30, saying it was making the move “in light of continuing strains in the financial markets.” The Fed said the loan programs involved were the Primary Dealer Credit Facility, the Asset-Backed Commercial Paper Money Market [...]
Citigroup, Inc. (NYSE: C) is still in a pinch despite more than a 100% bounce from recent lows, and its still-relatively new CEO is caught right in the middle of a storm he might not escape. This call comes with some mixed emotions because what is obvious is that Vikram Pandit has been trying to make this horrible banking year and this horrible environment as painless for the company's employe...
Filed under: Major movement, Earnings reports, Good news, Industry, Sears Holdings (SHLD), Options, Technical AnalysisSears Holdings (NASDAQ: SHLD - option chain) shares have jumped higher today even after the company announced a Q3 loss that included slowing sales and falling margins. Earnings and revenues fell, but an extension of the company' s buyback plan is boosting the shares today, alon...