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EU Ready to Present Stimulus Package 2008-11-26 03:25:21 EU Ready to Present
Stimulus Package
On Wednesday the European Commission will present a giant stimulus package to meet the looming economic downturn — with an estimated €130 billion in initiatives. But Brussels has neither the money nor the ability to forge an economic program.
By Hans-Jürgen Schlamp in Brussels
The situation is getting serious. Europe’s industries are [...]
German Auto Industry Facing the Abyss 2008-11-26 03:22:19 German Auto Industry Facing
the Abyss
More than 1.5 million workers in Germany depend on the automobile industry for their jobs. But that industry is now facing one of its worst crises ever. Respected giants BMW and Mercedes are particularly exposed as sales plummet.
By Dietmar Hawranek
It was time for Martin Winterkorn to relax. The exhausted chairman [...] Read more:German
Detroit: Wait until after next year 2008-11-26 03:17:54 Detroit: Wait until after next year
Congress wants the Big Three to produce a plan for profitability before it will approve a bailout. This could be within reach…but not until 2010.
By Chris Isidore, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) — A profitable U.S. auto industry just around the corner? Given the crisis hitting the industry, it sounds [...] Read more:Detroit
Extreme Makeover at Morgan Stanley 2008-11-26 03:12:12 Extreme Makeover
at MorganStanleyMorgan Stanley
, one of the grandest names on Wall Street, transformed itself into an old-fashioned bank holding company in a desperate bid to survive the financial crisis.
By LOUISE STORY
Two months ago, Morgan Stanley, one of the grandest names on Wall Street, transformed itself into an old-fashioned bank holding company in a [...] Read more:Extreme
, Extreme Makeover
Fannie Mae names Johnson chief financial officer 2008-11-26 03:08:57 Fannie Mae names Johnson
chief financial officer
Fannie Mae names former Hartford Financial Chief Financial Officer David Johnson as CFO
NEW YORK (Associated Press) - Fannie Mae said Tuesday it named David Johnson to serve as the mortgage giant’s chief financial officer and executive vice president, beginning immediately.
Johnson joins the company from Hartford Financial Services Group, wher
AIG chief slashes salary to $1 2008-11-26 02:45:34 AIG chief slashes salary to $1
Top executives agreed to a series of pay restrictions, including canceling bonuses, as the troubled insurer struggles to stay afloat.
By Kenneth Musante, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — AIG Chief Executive Edward Liddy agreed to slash his annual salary to $1 as part of a series of voluntary pay restrictions [...]
Home prices in record decline 2008-11-26 02:40:38 Home prices in record decline
A Case-Shiller survey shows a 16.6% annual decline in the summer months as the housing picture continues to deteriorate.
By Les Christie, CNNMoney.com staff writer
NEW YORK (CNNMoney.com) — The home price plunge stayed on a record pace this summer, according to a widely watched gauge of national real-estate markets released Tuesday.
The S&P [...]
Obama Says Wall Street Executives Should Forgo Holiday Bonuses 2008-11-26 02:33:35 Obama Says Wall Street
Executives Should Forgo HolidayBonuses
President-elect Barack Obama said executives at Wall Street
banks should forgo their Christmas bonuses.
By Kim Chipman
Nov. 26 (Bloomberg) — President-elect Barack Obama said executives at Wall Street banks should forgo their Christmas bonuses.
“That’s an example of taking responsibility,” Obama told Barbara Walters in an i Read more:Obama
Pandit Says Citi Rescued to Keep ‘America’s Strength’ 2008-11-26 02:30:23 Pandit Says Citi Rescued to Keep ‘America
’s Strength’
Citigroup Inc. Chief Executive Officer Vikram Pandit said the U.S. government pumped $20 billion into the bank to send a signal that regulators will stand behind the country’s financial system.
By Bradley Keoun
Nov. 26 (Bloomberg) — Citigroup Inc. Chief Executive Officer Vikram Pandit said the U.S. government pumped $20 [...]
Consumer Spending in U.S. Probably Dropped by Most in 7 Years 2008-11-26 02:28:07 Consumer Spending
in U.S. ProbablyDropped
by Most in 7 Years
The U.S. sank into a deeper recession as consumer spending, the biggest part of the economy, dropped in October by the most since the 2001 contraction, economists said before a government report today.
By Shobhana Chandra
Nov. 26 (Bloomberg) — The U.S. sank into a deeper [...] Read more:Consumer
, Consumer Spending
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