Jack Welch appeals for calm over AIG bonuses - good luck! dailyfinance 3/18/09By Jonathan Berr: Former General Electric Co. (GE) Chief Executive Jack Welch, one of the most respected voices in American business, believes the American people should move beyond their outrage surrounding the bonuses paid to some American International Group Inc. (AIG) executives. Chances are that his advice will be ignored. aig bonuses

Insurance giant paying out millions in bonuses; company agrees to restrain payments in future baltimoresun 3/16/09By MARTIN CRUTSINGER, AP Economics Writer: WASHINGTON (AP) — American International Group is giving executives in its most troubled business unit tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars. AIG has said it must pay out the executive bonuses to meet a contractually obligated Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments. aig bonuses

Bernard Madoff Must Disclose Assets gothamist 12/27/08A federal judge ruled that Bernard Madoff, who admitted to running a multi-billion-dollar Ponzi scheme with investor money, must disclose all his assets to regulators. Bloomberg News reports that he "must provide a detailed list of all investments, loans, lines of credit, business interests, brokerage accounts and other holdings" to the SEC by New Year's Eve, as investors hover to recoup some of their money. bernard madoff

Chrysler to shut plants for 1 month denverpost 12/18/08By The Associated Press: DETROIT — Chrysler LLC said Wednesday that it is closing all 30 of its manufacturing plants for a month starting Friday as it seeks to counter the most severe downturn in U.S. auto sales in more than two decades. By extending the traditional two-week holiday shutdown period, the struggling Auburn Hills, Mich.-based automaker can adjust production to slowing demand and conserve cash. chrysler plants

Dissecting the Cutesy Terminology of the Bernard Madoff Scandal jossip 12/15/08Christmas is an awesome time to finding out how some hucksters have managed to bleed Americans dry for years, but no story this season will out-Scrooge that of former Nasdaq president Bernard Madoff, who managed to suck an estimated $50 billion through his investment firm, Bernard L. Madoff Investment Securities LLC. madoff scandal

Banks and consumers brace for new credit card rules reuters 12/14/08By John Poirier: WASHINGTON (Reuters) - The U.S. credit card industry, harshly criticized for imposing surprise fees and interest rate hikes on consumers, may face a day of reckoning on Thursday. The Federal Reserve is to vote on credit card reforms that may bring some relief to customers who face a variety of ways for being hit with late fees, universal defaults, shorter payment periods and confusing payment allocations for different balances. consumers credit

Obama: Economic recovery includes healthcare reform mcknights 11/30/08Healthcare reform is part of getting the country back on track economically, President-elect Barack Obama said. Melody Barnes, the newly named director of the White House Domestic Policy Counsel, will work closely with presumed Secretary of the Department of Health and Human Services Tom Daschle to make healthcare reform an integral part of economic recovery, Obama said at a press conference on Monday. economic recovery

Disgraced Yahoo CEO Jerry Yang to step down tech.blorge 11/19/08By Dave Jeyes: In the face of a flubbed deal with Microsoft, botched advertising delivery system and tumbling stock price, Yahoo Founder Jerry Yang will step down from his position as Chief Executive of the largest display advertiser on the Web. Yang will remain as mascot and chief of Yahoo in a move that, in my opinion, is long overdue. yang ceo

Citigroup to sell assets and cut more jobs iht 11/17/08By Eric Dash: NEW YORK: The banking giant Citigroup, which a decade ago set out to rewrite the rules of American finance, announced Monday that it would cut 50,000 jobs in the coming quarters, largely by selling assets. In a meeting with employees, the bank's executives also said that Citigroup was seeking to shore up its capital base and cut risky positions. In addition, the bank would trim expenses by 16 percent to 19 percent, to about $50 billion in 2009. citigroup jobs

Paulson: Government Won't Buy Troubled Assets newsone.blackplanet 11/12/08By Associated Press: The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets. Treasury Secretary Henry Paulson said Wednesday that the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending. troubled assets

Paul Krugman wins Economics Nobel us.rediff 10/13/08The Royal Swedish Academy of Sciences on Monday announced that American Paul Krugman has won the Nobel economics prize "for his analysis of trade patterns and location of economic activity." "What are the effects of free trade and globalisation? What are the driving forces behind worldwide urbanisation? Paul Krugman has formulated a new theory to answer these questions," the academy said in its citation. nobel economics

Morgan Stanley pays dearly for salvation crainsnewyork 10/13/08By Aaron Elstein: On Monday, Morgan Stanley’s shares more than made up ground they had lost in last week’s brutal sell off, on news that the embattled bank had finally raised $9 billion in fresh capital from Mitsubishi UFJ Financial Group. But lost in the euphoria was a painful new fact of life—the high price Morgan Stanley is paying for its salvation. It is now on the hook to pay Mitsubishi $900 million in annual dividends on the preferred shares it owns. That sum is equal to 90% of Morgan Stanley’s second-quarter earnings this year. morgan stanley

Citigroup Buys Wachovia Bank wetmtv 9/29/08by Camille Williams: It's not known what Monday's financial fallout will mean for Wachovia bank customers. Even though Citigroup has agreed to buy the bank for more than $2 billion, the deal has not closed... citigroup wachovia