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Thursday, June 11
Fred Harteis News Articles - U.S. Pressured Bank to Buy Merrill Lynch, Executive Says
by
maba
on Thu 11 Jun 2009 01:51 PM EDT
Fred Harteis News Articles- Kenneth D. Lewis, the chief executive of Bank of America, testified before a congressional committee on Thursday that he was pressured by the government late last year to purchase Merrill Lynch.
But, he said, without the government pressure, the bank still might have completed the deal.
“It’s hard for me to project what I ultimately would have done,” Mr. Lewis said when asked if he would have walked away from the Merrill Lynch purchase. “But, yes, we were strongly considering it.
The ... more »
Wednesday, June 3
Fred Harteis News Article- Inspector Predicted Problems a Year Before Buffalo Crash
by
maba
on Wed 03 Jun 2009 10:02 AM EDT
Fred Harteis News Articles - More than a year before Colgan Air crashed a twin-engine turboprop on approach to Buffalo, Christopher J. Monteleon told his superiors at the Federal Aviation Administration that the airline was going to have trouble flying that model. As an F.A.A. inspector, Mr. Monteleon was in the cockpit when the airline got its first such plane, a Bombardier Dash 8 Q400, and put it through a series of test flights.
Three times, he said, the pilots flew the airplane faster than the manufacturer’s specifications allowed, ... more »
Tuesday, May 19
Fred Harteis News Articles- Obama to Toughen Rules on Emissions and Mileage
by
maba
on Tue 19 May 2009 11:05 AM EDT
Fred Harteis News Articles- Obama to Toughen Rules on Emissions and Mileage
Fred Harteis News Articles- President Obama will announce tough new nationwide rules for automobile emissions and mileage standards on Tuesday, embracing standards that California has sought to enact for years over the objections of the auto industry and the Bush administration.
The rules, which will begin to take effect in 2012, will put in place a federal standard for fuel efficiency that is as tough as the California program, while imposing the first-ever limits on ... more »
Thursday, May 7
Fred Harteis News Articles - Iraqi Forces; Rebuilt and Stronger, but Still Stumbling
by
maba
on Thu 07 May 2009 04:14 PM EDT
Fred Harteis News Articles - Iraq’s security forces, despite significant improvements, remain hobbled by shortages of men and equipment, by bureaucracy, corruption, political interference and security breaches that have resulted in the deaths of dozens of Iraqi and American troops already this year, according to officials from both countries.
The security forces are not on the verge of collapse. American officers who work closely with Iraqi forces emphasize the progress that has been made from the days when Iraqi security forces barely functioned, and point to a rising ... more »
Wednesday, May 6
Fred Harteis News Articles - Bank of America Needs $33.9 Billion Cushion, U.S. Says
by
maba
on Wed 06 May 2009 03:48 PM EDT
Fred Harteis News Articles - The government has told Bank of America it needs $33.9 billion in capital to withstand any worsening of the economic downturn, according to an executive at the bank.
If the bank is unable to raise the capital cushion by selling assets or stock, it would have to rely on the government, which has provided $45 billion in capital through the Troubled Asset Relief Program.
It could satisfy regulators’ demands simply by converting non-voting preferred shares it gave the government in return for the capital, ... more »
Thursday, March 19
Fred Harteis News Articles - House Passes Bill to Punish A.I.G. Bonus Recipients
by
maba
on Thu 19 Mar 2009 10:57 AM EDT
Fred Harteis News Articles - Spurred on by a tidal wave of public anger over bonuses paid to executives of the foundering American International Group, the House voted 328 to 93 on Thursday to get back most of the money by levying a 90 percent tax on it.
The measure easily surpassed a procedural hurdle requiring a two-thirds majority vote, thanks to considerable Republican support. The Senate will consider a roughly similar measure, perhaps next week. If something is approved in that chamber the House and Senate versions would ... more »
Friday, January 9
Fred Harteis News Articles -Jobless Rate Hits 7.2%, a 16-Year High
by
maba
on Fri 09 Jan 2009 02:33 PM EST
Fred Harteis News Articles - With the recession in full swing, the nation’s employers shed 524,000 jobs in December, the government reported Friday, and a rapidly deteriorating economy promised more big losses in the months ahead. December’s job losses brought the total for 2008 to 2.6 million, spanning a recession that started 12 months ago.
The unemployment rate jumped to 7.2 percent in December from 6.8 percent in November and 5 percent last April, when the recession was four months old and just beginning to bite. More than 11 million ... more »
Thursday, January 8
Fred Harteis News Articles- Obama Presses for Action on the Economy
by
maba
on Thu 08 Jan 2009 01:34 PM EST
Fred Harteis News Articles - President-elect Barack Obama on Thursday urged Congress to act quickly to pass sweeping economic stimulus measures, including a tax cut and an infusion of as much as $800 billion, or face the likelihood that “this recession could linger for years.”
In making an unusually direct and high-profile appeal in remarks at George Mason University in northern Virginia, Mr. Obama was building on a campaign for swift economic action that he has conducted for weeks — each time in ever-sharper terms.
Every day ... more »
Wednesday, January 7
Fred Harteis News Article - Obama Warns of Trillion-Dollar Deficit Potential
by
maba
on Wed 07 Jan 2009 10:14 AM EST
Fred Harteis News Article - President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of “trillion-dollar deficits for years to come,” a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government.
Mr. Obama sought to distinguish between the need to run what is likely to be record-setting deficits for several years and the necessity to begin bringing them down markedly in subsequent years. Even as he prepares a stimulus plan that is expected to total ... more »
Monday, January 5
Fred Harteis News Articles - Bleak Sales in December Cap a Grim Year for Automakers
by
maba
on Mon 05 Jan 2009 10:02 AM EST
Fred Harteis News Articles - Vehicle sales in the United States tumbled more than 35 percent in December, dragging the Detroit automakers’ full-year totals down to their lowest levels in nearly half a century.
Sales were down 37 percent at Toyota, 35 percent at Honda and 32 percent at the Ford Motor Company. General Motors and Nissan reported 31 percent declines over December a year ago.
Chrysler, which along with General Motors received a $4 billion from the federal government at the end of December to help them ... more »
Monday, December 29
Fred Harteis News Articles - Lessons for Other Smokers in Obama's Efforts to Quit
by
maba
on Mon 29 Dec 2008 10:20 AM EST
Fred Harteis News Articles - Will one of President-elect Barack Obama’s New Year’s resolutions be to quit smoking once and for all?
His good-humored waffling in various interviews about smoking made it plain that Mr. Obama, like many who have vowed to quit at this time of year, had not truly done so.
He told Tom Brokaw of NBC several weeks ago, for example, that he “had stopped” but that “there are times where I’ve fallen off the wagon.” He promised to obey the no-smoking rules in the White ... more »
Wednesday, December 24
Fred Harteis News Articles - Drop in Gas Prices Offers a Bit of Relief for Consumers
by
maba
on Wed 24 Dec 2008 10:15 AM EST
Fred Harteis News Articles - Tumbling gasoline prices gave consumers more purchasing power last month, and led to a rise in real spending, even as personal income slips and Americans worry about their jobs in a rapidly weakening economy.
The Commerce Department reported on Wednesday that consumer spending, when adjusted for inflation, rose 0.6 percent in November, its largest gains in two years. The increase followed a 0.5 percent decline in October.
While the unadjusted rate of consumer spending declined 0.6 percent last month, following a 1 percent ... more »
Friday, December 19
Fred Harteis News Articles - Bush Approves $17.4 Billion Auto Bailout
by
maba
on Fri 19 Dec 2008 01:39 PM EST
Fred Harteis News Articles - President Bush announced $13.4 billion in emergency loans on Friday to prevent the collapse of General Motors and Chrysler, and said another $4 billion would be available for the hobbled automakers in February. The entire bailout is conditioned on the companies undertaking sweeping reorganizations to show that they can return to profitability.
The loans, as G.M. and Chrysler teeter on the brink of insolvency, essentially throw the companies a lifeline from the taxpayers that will keep them afloat until March 31. At that point, ... more »
Thursday, December 18
Fred Harteis News Articles - Bush Weighs 'Orderly' Bankruptcy for Automakers
by
maba
on Thu 18 Dec 2008 11:23 AM EST
Fred Harteis News Articles - The White House said on Thursday that an “orderly” bankruptcy was one option being considered to try to rescue General Motors and Chrysler, which are seeking billions of dollars to avoid a shutdown.
President Bush’s spokeswoman, Dana Perino, confirmed growing speculation within legal circles that the president and Treasury Secretary Henry M. Paulson Jr. were considering the step as part of an overall rescue package for the automobile industry.
The action would be unusual, and would require concessions by the United Automobile Workers ... more »
Wednesday, December 17
Fred Harteis News Articles - OPEC Agrees to Another Cut in Production
by
maba
on Wed 17 Dec 2008 11:54 AM EST
Fred Harteis News Articles - The OPEC cartel agreed on Wednesday to reduce production by 2.2 million barrels a day, the group’s largest cut ever, in an effort to put a floor on falling oil prices.
It is the third time producers have agreed to reduce their output in three months. Since September, members of the Organization of the Petroleum Exporting Countries have pledged cuts totaling 4.2 million barrels a day, or nearly 12 percent of their capacity, a record in such a short time.
But oil futures ... more »
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