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Fronnie Lewis - Editor

Tag Archives | bailout

U.S. automaker Ford wins two prestigious awards

Ford Motor Company won the two major awards at the North American International Auto Show in Detroit today. The U.S. automaker’s sweep is a milestone. It’s only the third time in 17 years that a single automaker has captured both awards. The Ford Fusion Hybrid won the car of the year award and the Ford Transit Connect snagged the truck award. The awards are great marketing tools. Last year’s winners became hot sellers, according to Reuters. In a press release, Ford crowed about the prestigious awards and boasted that the Ford Fusion Hybrid... Read More →

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News Bytes: A very stormy weekend, new pay restrictions for bailed out firms & more trouble for Tiger Woods

Rain, rain, and more rain  Who says it doesn’t really rain in Southern California?  The storms that have rolled through the region so far have packed quite a punch, and another big one is set to hit tonight.  Some areas are getting pretty soggy, so the threat of mudslides, especially in the neighborhoods ravaged by wildfires, remains high. A steady rain has been falling most of the day in Burbank, but that’s not stopping exercisers, wearing slick jogging suits and carrying colorful umbrellas, from getting out. Also, there are still knuckleheads speeding... Read More →

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An angry President Obama moves to block AIG bonuses

AIG build in Los Angeles. Photo by Fred Prouser/Reuters   President Barack Obama reacted with “outrage” today to news of the insurance giant, AIG, handing out $165 million in bonuses after receiving $173 billion in government bailout funds. At the White House, the president lashed out at AIG: “This is a corporation that finds itself in financial distress due to recklessness and greed.” The president pointed out that regular folks across the nation are struggling to stay afloat in this weak economy without the benefits of government bailout money or... Read More →

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Bush administration bails out another financial high-roller

  The bigwigs running Citigroup, Inc. can rest easier in their plush offices, now that the Bush administration has tossed them $20 billion of taxpayer money. This is the second money lifeline for this mega-financial services company. Earlier, the government pumped $25 billion of our money into Citigroup. During a news conference this morning, President George Bush defended the rescue of Citigroup saying, “We have made these kind of decisions in the past. We made one last night. And if need be we will make these kind of decisions to safeguard our financial system in... Read More →

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AIG executives living large after company gets a bailout

  Details coming out of a Washington hearing about the shameless conduct of executives at yet another corporation at the center of the financial meltdown. On Tuesday, the second day of the House Oversight Committee’s investigation into what went wrong, ex-CEOs Martin Sullivan and Robert Willumstad from American International Group went before congressional leaders to make their excuses, cop pleas, and blame anything and anyone except themselves. I should not have been shocked when I read that days after insurance giant AIG got a bailout of $85 billion from the government, some... Read More →

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The bad economy: the victims and the victors

  The $700-plus billion bailout was supposed to ease investors’ fears. Many Americans are still jittery about the ailing economy; and apparently a lot of players in the financial markets around the world are feeling the same way. Yesterday, the Dow Jones plunged 800 points — the most ever in one day— before recovering somewhat,  closing down 370 points, but below 10,000 for the first time in four years. No telling what is going to happen today or the rest of the week. Meanwhile, authorities are investigating an apparent murder/suicide case that involves... Read More →

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The Wall Street meltdown fuels hot book deals

 The stock market rallied several hundred points today, after yesterday’s historic plunge on Wall Street.  Monday, stocks dropped 778 points or 7 percent. The biggest point loss ever. Also, the biggest percentage loss since September 17, 2001, the first day of trading after the deadly September 11 terrorist attacks. The meltdown started when it became clear the highly touted  $700 billion financial bailout for troubled institutions would tank in the House of Representatives. Despite dire warning from the president and congressional leaders, many of the House’s rank and file could not stomach a... Read More →

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Gas prices, Wall Street, and that $700 billion bailout

Burbank/August 2008 I complained a lot during the summer about the jacked-up prices of gasoline. As recently as mid-August gas prices at the pumps in Burbank were still over $4 a gallon. Then prices began to tumble.  About two weeks ago, I paid $3.70 a gallon — on Monday, I paid even less, $3.60 a gallon. I should be doing the happy dance or at least a quick cha-cha step over the money I’m saving, but I’m not feeling it. The reason: that meltdown on Wall Street and a proposed $700 billion bailout.... Read More →

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