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Cedar Rapids Gazette in Cedar Rapids, Iowa

12 Nov 2008

Page 17

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Cedar Rapids Gazette November 12, 2008 Page 17 old newspaper archives

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Newspaper

Cedar Rapids Gazette

Location

Cedar Rapids, Iowa, United States of America

Date

Nov 12, 2008

Page

17

Pension relief fight grows as markets misfortune bites firms

WASHINGTON AP Companies including Ford IBM Pfizer and Verizon urge Congress to loosen the 2006 Pension Protection Act amid multi billion dollar shortfalls from a market rout They seek more time to fund plans and longer amortization of losses arguing current rules raise unemployment and threaten economic recovery with about 90 billion in higher next year contributions and nearly 1 trillion in equity losses of private defined benefit funds.

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Elite Yellowstone Club declares bankruptcy in Montana

Court documents show the Yellowstone Club, an exclusive Montana resort, owes about 343 million to creditors including banks and local contractors. The Chapter 11 filing cites tight credit markets hindering debt payments and repairs, while seeking court approval for a 4.5 million loan to open for winter. The 1999 founded club counts Bill Gates and Dan Quayle among its 340 members, with founders Tim and Edra Blixseth facing criticism for lavish spending as the luxury market cooled.

MENTIONED IN THIS ARTICLE

Billings Mont Yellowstone Club Montana Invita Microsoft Bill Gates Dan Quayle Wall Street Tim Edra
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Pelosi backs emergency automaker bailout amid Congress backstop

House Speaker Nancy Pelosi urged immediate action on a limited $700 billion auto industry bailout. She called for the Bush administration to join lawmakers in a swift compromise after poor quarterly results from General Motors and Ford, arguing aid is needed to avert major industry collapse and economic fallout.

MENTIONED IN THIS ARTICLE

Washington Nancy Pelosi Bush Administration General Motors Corp Ford Motor Co Pelosi Congress California Democrat
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