Patrice Hill

GM chief says bankruptcy still ‘probable’

General Motors Corp. Chief Executive Officer Frederick A. "Fritz" Henderson says that a bankruptcy filing remains "probable" because the auto giant has not achieved breakthroughs in drastically reducing its debt and labor costs.

April 18, 2009

Treasury banking on return of billions

The big-spending Treasury Department has suddenly become parsimonious with what remains of its $700 billion bailout fund, seeking to stretch the money by counting on institutions to return or forgo $57 billion of the $250 billion originally slated for bank rescues.

April 16, 2009

Wells Fargo adds to banks’ record profits

Wells Fargo on Thursday became the fourth major bank to say it is enjoying record earnings in the first quarter, thanks to a mortgage refinancing boom, record low interest rates and a $25 billion cash infusion from taxpayers.

April 10, 2009

March jobless toll hits 8.5%

The nation's unemployment rate surged to a 26-year high of 8.5 percent last month as employers axed another 663,000 jobs, offering no sign that the free fall in the job market is over.

April 4, 2009

Unemployment hits 26-year high of 8.5%

The nation's unemployment rate surged to 8.5 percent last month, the highest since 1983, as the free fall in the job market produced another 663,000 job losses, the Labor Department reported Friday morning.

April 3, 2009

Bankruptcy looms for GM, Chrysler

The White House's unexpectedly harsh treatment of Chrysler LLC and General Motors Corp. stunned both Wall Street and Detroit on Monday.

March 31, 2009

Treasury crackdown faces challenge

Congress welcomed the Treasury's proposed crackdown on the big financial firms and free-wheeling markets that were implicated in the global financial crisis, but some of the country's richest and most powerful financial interests signaled Thursday that they will oppose the plan.

March 27, 2009

Geithner proposes new controls

The Treasury Thursday morning proposed sweeping new controls over the giant financial firms and huge unregulated markets whose breakdown led to the global financial crisis.

March 26, 2009

Geithner gaffe roils markets

An unguarded comment by Treasury Secretary Timothy F. Geithner on Wednesday set off a sudden drop in the dollar and contributed to a chain of market-rocking events that included a setback in the stock market and a sharp uptick in interest rates.

March 26, 2009

Investment firms to profit in bank plan

The Treasury's long-awaited plan to sell off toxic loans has the potential to provide windfalls for banks and investment firms that manage and participate in the program.

March 24, 2009

Geithner says new plan is best option

Treasury Secretary Timothy F. Geithner on Monday morning revealed some details about a new program to revive lending in the U.S. economy and said that the plan to use around $100 billion taxpayer dollars as leverage.

March 23, 2009

AIG fallout could trip up toxic-asset sales

The government is preparing to announce its plan for helping major banks get rid of up to $1 trillion in toxic mortgage assets, but the scandal over corporate bonuses already has cast a big cloud over the long-awaited plan.

March 22, 2009

Treasury readies bank cleanup plan

The federal government is preparing to announce early next week its plan for helping banks sell up to $1 trillion in toxic loan assets -- a plan considered crucial to restoring the health of the banking system and economy.

March 21, 2009

Mortgage rates: How low can they go?

With mortgage rates already hovering at record lows, the Federal Reserve on Wednesday moved to force them still lower with a dramatic $1.2 trillion expansion of its debt-buying programs.

March 19, 2009

Fed moves to lower rates for long-term loans

The Federal Reserve announced Wednesday afternoon that it will seek to dramatically lower the rates on mortgages and other long-term loans by purchasing Treasury bonds as well as mortgages.

March 18, 2009

Upbeat banks not out of woods

Some rare good news from banks last week spurred hopes that the battered financial sector may be starting to heal.

March 15, 2009

Firms in distress start to turn tide

Corporate titans General Motors, General Electric and Bank of America reported progress Thursday in weathering the economic downturn with a little government help -- good news that sparked another Wall Street rally.

March 13, 2009

Nations urged to act on economic crisis

The White House on Wednesday proposed sweeping measures to combat the world financial crisis, calling on other countries to enact big stimulus packages and greatly increase assistance to foundering European countries through the International Monetary Fund.

March 12, 2009

Wall Street comes roaring back

Wall Street staged a powerful rally Tuesday on positive earnings news from Citigroup, a promise of regulatory relief and calls from a key congressman to reinstate rules to make it harder to profit from falling stock prices.

March 11, 2009

Credit crunch leaves economy gasping

Wall Street's monumental sell-off last week, with major stock indexes falling to levels not seen in a dozen years, reflects a rapid unraveling of the economy that was spawned by the collapse of the biggest credit bubble in history.

March 8, 2009