Geithner to unveil bailout plans for homeowners and banks
Treasury Secretary Geithner will announce new rescue plans next week aimed at helping homeowners avoid foreclosures and stabilizing the banking system. A government bad bank option and loss insurance on bank assets are among options discussed with industry representatives, with final plans due to President Obama.
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Congress
Obama
Daschle under fire as tax issue looms on health secretary bid
In Washington AP reports Tom Daschle apologized for more than 120000 in unpaid taxes while Obama supports him. Max Baucus praised Daschle as an invaluable partner amid health care reform talks, as Senate Finance weighs his fate.
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Macy's to Cut 7000 Jobs and Slash Dividend
Macy's Inc. will cut about 7,000 jobs, reduce retirement fund contributions, and slash its quarterly dividend to five cents as it cuts costs amid weak consumer spending. About 1,900 positions will be eliminated in a nationwide restructuring, with cuts at corporate offices, stores, and other locations. The retailer expects SG&A savings of roughly $400 million in 2010 and plans to localize merchandising across markets while integrating geographic divisions.
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