Wendy Williams Celebrates 500th Show
The Story Behind A Touching White House Photo
Toni Clark
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Anyone who has ever been hit with overdraft fees will appreciate this, especially if one has accounts at Bank of America or any of its acquired trust companies. If they dinged you anytime between 2000 and 2007, you may be entitled to some mean green.
A tremendously tragic announcement was made earlier today. The second largest electronics retail chain in the country (the first being Best Buy) is going out of business. Bankrupt, the company was unable to work out a sale and therefore will close their doors for good on consumers as well as upwards of 35,000 employees!
"This is the only possible path for our company," Circuit City's acting Chief Executive James A. Marcum said in a statement. "We are extremely disappointed by this outcome."
By Devona Walker, The Loop
Predatory lending practices have not only led to the collapse of the U.S. and global financial markets, but also represent the most massive loss of wealth for African Americans in U.S. history.
Continue reading Subprime Lending Has Robbed Blacks of Billions
By Raechal Shewfelt, The Loop
In case you haven't heard - and that's very, very unlikely given the news cycle of the last couple days - executives from the Big Three automakers have supposedly learned their lesson.
AP
Continue reading If We Drive a Hybrid, Can We Get a Bailout?
By Darrell L. Williams
There is a good reason why you might be confused about the $700 billion bailout plan: The government is sending mixed signals. Since it first announced a bailout plan was in the offing back in September, Treasury Secretary Paulson has offered at least three different plans on how he intends to use $700 billion dollars of taxpayer money-translation, your money.
Exactly who is being rescued and why has it been changing from week-to-week?
Financial Industry in Turmoil
Wells Fargo, JPMorgan Chase, HSBC and other large banks have all reportedly been approached by regulators seeking someone to rescue Washington Mutual, which has been pounded by the slumping housing market and the subprime lending fallout.
Nick Ut, AP
Some are also speculating on which firm may be headed the way of Merrill Lynch or Lehman Brothers. Media reports have said that Morgan Stanley is pondering whether to remain independent and that it is in talks with Wachovia about a possible combination.
Mario Tama, Getty Images
A trader works on the floor of the New York Stock Exchange, Wednesday, after nervous investors yanked their money out of the stock market, sending the Dow down 450 points. The latest market plunge came after a late Tuesday announcement that the government would bail out ailing insurer AIG. "People are scared to death," one investment strategist said.
Richard Drew, AP
The AIG bailout marked the second time this month that the government put taxpayer money on the hook to rescue a private financial company. In exchange for a 2-year $85 billion loan from the Federal Reserve, the government will receive a 79.9 percent equity stake in the company.
Mark Lennihan, AP
Former Allstate chairman and CEO Edward Liddy, left, is expected to replace AIG's Robert B. Willumstad. Willumstad, a former Citigroup executive, had been at the helm of AIG since June.
AP (2)
AIG, whose shares had been on a freefall, had been on the hunt for cash to shore up its balance sheet. The Fed determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy.
Richard Drew, AP
The U.S. government became one of the biggest players in the nation's mortgage market last week when it took control of mortgage finance giants Fannie Mae and Freddie Mac. The two financial institutions, battered by plunging share prices, rising foreclosures and sinking home values, owned or guaranteed about half of U.S. mortgage debt.
AP (2)
The decision to help AIG marked a reversal for the government from the weekend, when it refused to use taxpayer money to bail out Lehman Brothers. The investment bank was forced to file for Chapter 11 bankruptcy protection Monday.
Jin Lee, AP
For many of Lehman's 26,000 employees, the outlook is likely to be gloomy with job losses expected to be substantial even if significant parts of the business can be sold. On Sunday night hundreds of Lehman employees were seen clearing their desks and packing personal belongings.
David Karp, AP
Last week, after posting $3.9 billion in losses, Lehman CEO Richard Fuld outlined a plan to sell and spin off assets to raise money. Fuld, 62, who joined the company right out of college, is the longest serving CEO on Wall Street.
Kevin Wolf, AP
It's true, these are very tough times. Take the example of Beaulah Barton. She was enjoying her retirement in the quintessential adult community better known as Florida when her daughter lost her job.
Following a 263-171 vote in the House of Representatives, President Bush signs into law the Emergency Economic Stabilization Act of 2008, a $700 billion lifeline for the financial industry.
Good News? We shall see. It's been said that it will take at least six months for this bailout to really begin taking effect. During the next six months, how many more major corporations will fold? During the next six months how many more thousands of people will be unemployed? And how many more millions will be unable to pay the mortgage and therefore result in foreclosure?
But here's where "other" wisdom and discernment comes in. I happened to receive an email which highlighted how one concerned citizen would divvy the funds to benefit many Americans.
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