Obama Gets Tough with Auto Manufacturers
In a startling move over the the weekend, the Obama administration has forced the resignation of General Motors Chairman Rick Wagoner. The White House has also questioned the viability of General Motors and Chrysler saying that the plans the two companies submitted over the weekend were “unacceptable” and unless the companies are prepared to “remake” themselves, the government will not commit to further funding. More
Oil Drops Below $51
Profit-taking and uncertainty around the G20 Summit Meeting are being blamed for a reversal in the price of crude as the benchmark prices fell nearly $2 a barrel in Monday morning trading in Europe and Asia. More
Some Banks Will Need More Funding: Geithner
U.S. Treasury Secretary Timothy Geithner told a news program aired Sunday that some financial institutions will require substantial government aid in order to remain solvent. He also warned against taxing investors who participate in the Private Public Investment Program intended to buy the toxic assets held by many of the large banks. More
Spain Forced to Provide Bail Out Help for Regional Bank
Share prices for Spain’s financial institutions fell today after the government announced that the Bank of Spain would assume control over Caja Castilla la Mancha. More
