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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
May 12, 2009
Page
4
GM executives faced a looming June 1 deadline as the company seeks to restructure outside court. CEO Fritz Henderson acknowledged a large pre filing task while 800 dealerships are planned for closure to reduce the 6246 US outlets.
An Associated Press analysis finds Elk County Pennsylvania with 13.8 percent unemployment receives little or no highway funding while Riley County Kansas with 3.4 percent unemployment gains about 56 million for road work and historic restoration. The review covers 18.9 billion dollars of highway projects, about half of the stimulus road funds.
KeyBank and nine other major banks plan new stock sales to repay federal bailout funds, signaling market openness but pressuring financial shares as traders weigh last week’s rally. JPMorgan Chase American Express and Wells Fargo among those facing selling pressure after stress-test results.
Banks face three hurdles to return TARP aid. They must raise long term debt privately without FDIC backing, set warrant prices with the government, and be deemed well capitalized by regulators and the Treasury. Executives say rules remain unclear and timing is in regulators and Treasury hands.
Washington report that the Obama administration will pursue bigger antitrust cases against large firms to aid smaller competitors. Assistant Attorney General Christine Varney says the DOJ abandons Bush era guidelines, aiming for tougher enforcement akin to European practice. Intel and Google would feel the impact.
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