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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 01, 2009
Page
20
Chrysler Ltd files for bankruptcy after government loans struggles. CEO Robert Nardelli calls it a sad day as Fiat agrees to take an initial 20 percent stake, potential 35 percent, with possible extra 16 percent by 2016 if benchmarks are met. The company aims to offer higher mileage cars beyond its minivans and SUVs.
The House moves toward passage of a consumer protection bill to curb credit card practices, pairing new Fed rules with added restrictions such as banning double-cycle billing and retroactive rate hikes. The measure also bars issuing cards to under 18 and requires 45 days notice before rate increases. The Senate debate and White House support follow.
An AP analysis shows median CEO compensation in 2008 fell 7 percent to 7.6 million as stock options stayed under water for 90 percent of 1.2 billion granted. Cash bonuses rose for four of every five chiefs, while materials and resources sectors faced the largest drops.
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