The Federal Reserve on Wednesday opened the door for GMAC to get federal bailout money by granting the troubled General Motors finance arm status as a bank holding company.
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The final chapter is close to being written on IndyMac, the California thrift that rose high on the risky mortgages that fueled the housing boom before collapsing in the most expensive bank failure in U.S. history.
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Within insurance giant American International Group, but known to only a few people, is something irreverently called the "kill list." It was created by AIG's controller, David Herzog, on Tuesday, Sept. 16, the wild day when the company plunged toward bankruptcy only to be bailed out instead by the U.S. government. Very late that night, Herzog, then 48 and an AIG employee for nine years, sat in the company's New York City headquarters, brooding about the day's events. Robert Willumstad, CEO for only three months, had learned from the Federal Reserve that he was out, on the theory no doubt that the government can't extend an $85 billion credit line to a company and leave things in the hands of existing management. The AIG board had been told that the new CEO was to be Edward Liddy, who had decades before overseen a Sears Roebuck restructuring and then become head [...]
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As reliable as a holiday fruitcake that shows up season after season, Apple's stock could once be counted on to ride a year-end price bump. The swirl of anticipation for the shiny new gadgets CEO Steve Jobs would reveal at January's annual Macworld product-fest usually gave it a lift. But not this year.
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Wal-Mart agreed Tuesday to pay hundreds of millions of dollars to settle allegations that the company didn't pay workers for overtime or let them take breaks.
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American Express Co. announced Tuesday that it had received preliminary approval for a $3.9 billion government bailout investment.
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In the latest sign of consumers in distress, online holiday sales registered a first-ever decline in seven years, according to sales tracker ComScore.
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Facing a disastrous holiday shopping season, the retail industry on Tuesday urged President-elect Barack Obama to incorporate three national tax-free shopping holidays in 2009.
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