Auto Suppliers to Gain Federal Financing Amid GM and Chrysler Plan
The Treasury and automakers launch a government backed credit program to fund auto parts suppliers unpaid shipments. GM and Chrysler will nominate suppliers to receive financing, with about 17.4 billion dollars in aid already allocated to aid restructuring efforts overseen by an Obama administration task force.
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Detroit
Treasury
Jenni Engebretsen
Ohio
U.S
General Motors
Chrysler
White House
Administration
Harry Wilson
Auto Task Force
Silver Point Capital
Fed funds large purchase to spur economy amid recession risk
Fed minutes reveal a 1.2 trillion dollar plan to buy long term securities as unemployment climbs to 8.5 percent. Officials warn downside risks are dominant and expect unemployment to rise into early next year before remaining high.
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Washington
Federal Reserve
Fed
Cramer faces fresh rebuke from Roubini in finance clash
Nouriel Roubini calls Jim Cramer a buffoon and accuses him of predicting a bear market rally as a bull trend. He cites Cramer's failed calls and urges him to stop talking after Jon Stewart critique. In Puerto Rico Procter and Gamble plans layoffs at Cayey plant, cutting about 90 part-time jobs as part of a four month restructuring.
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Daily Show
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Pulte to Buy Centex in $1.3 Billion Homebuilder Merger
Pulte Homes will acquire Centex Corp in a stock deal valued at 1.3 billion with 1.8 billion of debt. The merged company, retaining the Pulte name, will have about 3.4 billion in cash and 68 percent ownership for Pulte shareholders. The deal trims executive debt and aims to accelerate profitability amid a weak housing market.
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New York
Pulte Homes Inc
Centex Corp
Pulte
Centex
Richard Dugas Jr
Timothy Eller
Dugas
U.S
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Sen Rnyennar
A KB Home
Maile Nnr
Sa Hovnanian
Ie Ryland
Beazer
Fox to air reality show on company layoffs
Fox plans a reality series titled Someone's Gotta Go where employees of small firms decide which colleague is laid off. Each 15 to 20 worker company will have its books opened for salary data and the participants may receive a small severance. Endemol USA backs the program with Fox executives saying the show reflects tough times.
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New York
Fox Network
Fox
Endemol USA
Tory Johnson
Women For Hire
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