Business

2 more Ga. banks fail; making it 23 in past year
Atlanta Journal-Constitution - Fri Aug 21, 2009
GEORGIA - A pile of bad real estate loans and not enough cash to cover the mounting losses - That toxic formula claimed two more small Georgia lenders on Friday: First Coweta Bank of Newnan and ebank of Atlanta. More»

Regulators shut banks in Florida, New Jersey, Ohio, Oklahoma
Associated Press - Thu Jul 30, 2009
WASHINGTON - Regulators on Friday shut down banks in Florida, New Jersey, Ohio and Oklahoma, boosting to 68 the number of federally insured banks to fail this year amid the pressures of the weak economy and mounting loan defaults. More»

6 More Georgia Banks Shut Down
Associated Press - Thu Jul 23, 2009
WASHINGTON - Regulators on Friday shut six banks in Georgia and a small bank in New York state, raising to 64 the number of federally insured banks to fail this year. More»

Hot in recession: Chocolate, running shoes, Spam
Associated Press - Fri May 15, 2009
WASHINGTON - Its not all doom and gloom in the US economy - Some products are bucking the recession and flying off store shelves. More»

Freedom Bank fails, seventh to close in Georgia
Atlanta Journal-Constitution - Fri Mar 6, 2009
Another small bank has failed in Georgia: Federal and state regulators on Friday seized Freedom Bank of Georgia in Commerce, the seventh Georgia bank to fail in the past seven months. More»

FDIC warns US bank deposit insurance fund could tank
AFP - Wed Mar 4, 2009
WASHINGTON - The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount. More»

SEC charges Texas financier with 'massive' fraud
Associated Press - Mon Feb 16, 2009
NEW YORK - The federal government says R Allen Stanfords investment businesses were too good to be true, and shut his companies down on Tuesday. More»

Obama signs stimulus bill, readies homeowner plan
Associated Press - Mon Feb 16, 2009
Racing to reverse the countrys economic spiral, President Barack Obama signed the mammoth stimulus package into law Tuesday and readied a new $50 billion foreclosure rescue for legions of Americans who are in danger of losing their homes. More»

Folding dealers shock car buyers with unpaid liens
Associated Press - Sun Feb 1, 2009
SACRAMENTO, California - The national wave of auto dealership closures has come crashing down on thousands of people who are on the hook for used-car loans that dealers were supposed to absolve. More»

To which Lender do you send your mortgage payment?
Atlanta Journal-Constitution - Sun Jan 25, 2009
Georgia - Twenty years ago, Zella Mae Green bought a modest brick ranch house in DeKalb County with an American ideal in mind. More»

Tens of thousands more layoffs are announced
Associated Press - Sun Jan 25, 2009
WASHINGTON - Its already been a lousy year for workers less than a month into 2009 and theres no relief in sight. More»

Revealed: Day the banks were just three hours from collapse
Daily Mail, UK - Sat Jan 24, 2009
Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Browns Ministers has revealed. More»

State unemployment claim systems overwhelmed
Associated Press - Tue Jan 6, 2009
ALBANY, New York - Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next. More»

Tennessee sludge spill estimate grows to 1 billion gallons
CNN - Fri Dec 26, 2008
Estimates for the amount of thick sludge that gushed from a Tennessee coal plant this week have tripled to more than a billion gallons, as cleanup crews try to remove the goop from homes and railroads and halt its oozing into an adjacent river. More»

Investor who lost big to Madoff kills himself
Associated Press - Mon Dec 22, 2008
NEW YORK - A fund manager who lost more than $1 billion of his clients money to Bernard Madoff was discovered dead Tuesday after committing suicide at his Manhattan office, marking a grim turn in a scandal that has left investors around the world in financial ruin. More»

AP study finds $1.6B went to bailed-out bank execs
Associated Press - Sun Dec 21, 2008
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals. More»

Motor City's woes extend beyond auto industry
Associated Press - Fri Dec 19, 2008
DETROIT - One measure of how tough times are in the Motor City: Some of the offenders in jail dont want to be released; some who do get out promptly re-offend to head back where theres heat, health care and three meals a day. More»

Credit card holders livid about 'rate-jacking'
CNN - Wed Dec 17, 2008
It arrived in Rich Stevens mailbox a few weeks ago: the notice that Citibank had "rate-jacked" the Visa cards belonging to him and his wife. More»

Best Buy 3Q profit sinks, offers staff buyouts
Associated Press - Mon Dec 15, 2008
MINNEAPOLIS - Best Buy, the nations biggest consumer electronics retailer, said Tuesday that its third-quarter profit sank 77 percent as it faced dramatic changes in consumer spending. More»

Goldman Sachs reports huge loss
BBC - Mon Dec 15, 2008
US financial giant Goldman Sachs has reported a $2.12bn quarterly loss, its first since the investment bank went public in 1999. More»

Georgia's Haven Trust Bank Forced to Shut Down
Fox - Fri Dec 12, 2008
ATLANTA - The Georgia Department of Banking and Finance announced Friday that it will shut down Haven Trust Bank. More»

How Freddie Mac halted regulatory drive
Associated Press - Mon Dec 8, 2008
WASHINGTON - From a hefty lobbying budget to the use of free baseball tickets, Freddie Mac fended off any meaningful regulation in the years before the housing mortgage giant crashed, records obtained by The Associated Press show. More»

Tribune Co. files for bankruptcy
Associated Press - Sun Dec 7, 2008
NEW YORK - Tribune Company - owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies - filed for Chapter 11 bankruptcy Monday, the first major newspaper publisher to take such a step since the Internet plunged the industry into a desperate struggle for survival. More»

Ford asks for $9 billion Bail-out
Associated Press - Mon Dec 1, 2008
WASHINGTON - Ford Motor Company is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesnt expect to tap it. More»

It's official: US has been in a recession all year!
Associated Press - Mon Dec 1, 2008
WASHINGTON - Its official - The US economy has been in a recession for the past year. More»

The GM genocide
Daily Mail - Sun Nov 2, 2008
Thousands of Indian farmers are committing suicide after using genetically modified crops. More»

Exxon Mobil posts biggest US quarterly profit ever
Associated Press - Wed Oct 29, 2008
HOUSTON, Texas - Exxon Mobil Corp, the worlds largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a US corporation, earning $14.83 billion in the third quarter. More»

Greenspan denies blame for crisis, admits 'flaw'
Associated Press - Wed Oct 22, 2008
WASHINGTON - Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nations economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief". More»

Whistleblower: Oil watchdog agency 'cult of corruption'
CNN - Mon Oct 13, 2008
HONOLULU, Hawaii - Bobby Maxwell kept a close eye on the oil industry for more than 20 years as a government auditor. More»

U.S. Nationalizes Nine Major Banks
Washington Post - Mon Oct 13, 2008
The US government is dramatically escalating its response to the financial crisis by planning to invest $250 billion in the countrys banks, forcing nine of the largest to accept a Treasury stake in what amounts to a partial nationalization. More»

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