GMAC files for bank holding statusGMAC Financial Services has applied to become a bank holding company, which would allow General Motors' financing arm to be eligible for aid under the government's $700 billion bank rescue plan.
Carmakers' crisis deepens Detroit's despairWhile U.S. automakers wait for federal action on loans they say are key to their survival, former restaurant worker Richard Thomas is waiting on his own bailout a ' odd jobs that barely pay the bills.
Bailout with a price: Chapter 11 bankruptcy Mention a corporate bailout in the nation's capital these days and chances are someone will offer a harsh condition to go along with it. Chapter 11 bankruptcy.
Lately, the term 'prepackaged bankruptcy' has been gaining currency in the halls of Congress as lawmakers struggle with pleas for help from the auto industry.
The idea, embraced by some Democrats and Republicans, would extend taxpayer help in exchange for a company undergoing an accelerated Chapter 11 reorganization. The arrangement could represent a model, or a deterrent, for any other strapped companies considering seeking government help.
Obama says long haul aheadPresident-elect Barack Obama said on Saturday he was crafting a two-year plan to fight an economic crisis of "historic proportions" and Chinese leader Hu Jintao said his country was ready to play a big role in ...
Stocks point lower on economic worries U.S. stocks looked to extend their losses at the open Thursday as investors found little relief from worries about the fate of Detroit's three automakers and broader fears about the struggling economy.
Stock futures contracts fell more than 1 percent following a late-day sell-off Wednesday that sent stocks to their lowest levels since 2003. The major indexes fell more than 5 percent, while the Dow Jones industrial average tumbled below 8,000, a psychological benchmark for the market.
Investors who have been groping for a bottom to the yearlong market rout are now worried that Washington's disagreement over whether to bail out the auto industry could lead to bankruptcy of major automakers like General Motors Corp. and could send ripple effects through the economy _ including a further blow to consumer confidence.
