Total Bankruptcy
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46,000 Workers Affected by Chrysler Shutdown
Chrysler announced that as of Friday, it will shut down its 30 manufacturing plants for at least a month. The company blames lower demand for its vehicles in the tightening consumer credit market. Chrysler is the last of the big... -
Michael Vick's Creditors Challenge Bankruptcy Plan
bankruptcy, michael vick, atlanta falcons, creditors, nfl -
Durbin Makes Another Push for Bankruptcy Bill
Although Illinois Senator Dick Durbin's planned press conference on the Helping Families Avoid Foreclosure bill was a bit overshadowed by the arrest of Illinois governor Rod Blagojevich, Durbin's message remains the same: allowing bankruptcy courts to rewrite home mortgage loans... -
Feds Buy $600 Billion in Mortgage-Related Assets
In another attempt to quell the growing financial crisis, the Federal Reserve announced Tuesday it will buy up to $600 billion in mortgage-backed assets. The Fed will purchase $100 billion of Freddie Mac, Fannie Mae and the Federal Home Loan... -
Weekend Emergency Plan: Feds Bailout Citigroup
Late Sunday night, federal regulators announced they approved a plan to try to stabilize Citigroup. The plan involves the government investing $20 billion in the company and backing about $306 billion in loans and securities. This emergency plan comes after... -
Third Quarter Layoffs at Highest Level Since 2001
U.S. employers initiated 1,330 mass layoff events in the third quarter of this year. This is the highest level for the third quarter since 2001, according to preliminary figures released by the Bureau of Labor Statistics. The mass layoffs accounted... -
If Cars Industry Goes, So Will Millions of Jobs
Moody’s Economy.com chief economist Mark Zandi estimates that 2.6 million people will lose their jobs if GM, Chrysler and Ford collapse and that the economy is too weak to handle such a big blow. That number includes 250,000 people who... -
No. 2 U.S. Bank to Slash 52,000 Jobs
Citigroup Inc. just revealed plans to cut 52,000 jobs—15 percent of its workforce—by early 2009. This mass layoff is in addition to the 23,000 jobs that were cut between January and September 2008. Expenses will also be cut by as... -
Bush & Obama Front Line: What to Do About the Car Industry?
In his first press conference since he was declared the 44th president, Obama said that the U.S. auto industry is “the backbone of American manufacturing” and that the Bush administration should “do everything it can to accelerate the retooling assistance”.... -
Credit Card Interest Rates Falling
Good news for consumers: on average, credit card annual interest rates fell for the third-straight week. Overall, the average APR for variable-rate credit cards is 11.30 percent, which fell from 11.33 the week before. For low-interest cards, which have rates... -
China Announces $586 Billion Economic Relief Package
Throughout the global financial crisis, the Chinese government publicly forecasted that the financial crunch would only minimally impact China. But it appears that the government now thinks differently. The Hu Jintao regime has decided to provide $586 billion for an... -
Bankruptcy Lawyer Going to Prison
A bankruptcy lawyer from Jackson, MS is heading to prison after being convicted of defrauding his bankruptcy clients out of thousands of dollars. John Allen was sentenced to serve 32 months in federal prison after he pleaded guilty to the... -
Government's Mortgage Relief Program Not Popular
The Hope for Homeowners program (H4H) was the federal government’s attempt to quell the rising number of home foreclosures. It was launched on Oct. 1 and, over the next three years, was expected to help as many as 400,000 homeowners.... -
Wounded Home Builders Lobby For Congress to Stimulate Market, Prevent Foreclosure
The National Association of Home Builders (NAHB), the home building industry’s trade association, spent $852,689 lobbying Congress in the third quarter. Their goal was to support bills that would help homeowners in foreclosure and make it easier for potential homeowners... -
October Bankruptcies Toped 100,000 For The First Time Since 2005
American businesses and individuals filed 108,595 bankruptcies, which is up 13 percent from September according to a Bloomberg article. October was the first month that more than 100,000 bankruptcies were filed since the bankruptcy law changed. In 2005, right before...