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
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 [...]
Extreme Makeover at Morgan Stanley
Morgan 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 [...]
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 [...]
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, where [...]
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
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
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.
Consumer Spending in U.S. Probably Dropped 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 recession [...]
