Patrice Hill

Chrysler lenders give in on restructuring

A scrappy group of dissident lenders that challenged President Obama's restructuring of Chrysler LLC fell apart Friday in a development that signals a major political victory for the White House and likely paves the way for a rapid exit from bankruptcy for the beleaguered automaker. Published May 9, 2009

Unemployment soared to 25-year high

The collapse of the job market continued in April, with unemployment surging nearly a half percentage point to 8.9 percent as businesses laid off another 539,000 workers, the Labor Department reported Friday morning. Published May 8, 2009

Half of large banks told to raise $75B

The federal government Thursday gave 10 of the nation's largest banks six months to raise about $75 billion in funds to cushion against burgeoning losses as the recession and unemployment push more people into default on their loans. Published May 8, 2009

Stress tests show 10 big banks need $75B

The federal government Thursday gave 10 of the nation's largest banks six months to raise $75 billion in funds to cushion against burgeoning losses as the recession and unemployment increasingly push people into default on loans. Published May 7, 2009

Biggest banks rush to shrink

Citigroup and Bank of America, the nation's biggest troubled banks, are furiously trying to sell off assets to build a cushion against losses in a downsizing strategy encouraged by the federal government that may save taxpayers from having to bail them out again. Published May 7, 2009

Investors say stress test too easy on banks

The government's stress tests for banks, while aimed at shoring up public confidence, have turned into what some investors are calling an exercise in smoke and mirrors. Published May 6, 2009

Bernanke looks beyond bailout fund

Federal Reserve Chairman Ben S. Bernanke said Tuesday he expects the Treasury to avoid depleting its bank bailout fund by relying on tactics other than direct cash infusions to bolster banks that fail government stress tests. Published May 6, 2009

Bernanke cautions about swift recovery

Federal Reserve Chairman Ben Bernanke on Tuesday cautioned against expecting a sharp improvement in the U.S. economy later this year, saying the recovery is likely to be gradual and that unemployment will continue to remain high. Published May 5, 2009

Bankruptcy judge to set Chrysler future

Chrysler LLC filed for bankruptcy Thursday, presenting a test for the nation's economy and judicial system as the administration tries to ram a politically brokered deal through a New York bankruptcy court in 60 days. Published May 1, 2009

Signs point to bottoming of recession

Signs are growing that the nation's deep economic recession may have struck bottom. Published April 30, 2009

Stocks gain on Fed optimism

Wall Street closed Wednesday with gains after the Federal Reserve said the recession shows signs of easing. Published April 30, 2009

Economy falls 6.1 percent in first quarter

The U.S. economy continued its free fall in the first three months of the year, shrinking at a 6.1 percent rate after falling 6.3 percent in the final three months of 2008, the Commerce Department reported Wednesday morning. Published April 29, 2009

Action swift, but outcome uncertain

Only once in a generation does a new president confront a major economic crisis like the one President Obama faced when he took office. Published April 29, 2009

Plan gives unions majority stake in Chrysler

To avoid a bankruptcy of Chrysler LLC at the end of the week, the Obama administration is trying to push through a deal that gives the automaker's unions majority ownership - a deal that could blow up if the company's lenders reject it. Published April 29, 2009

World looks to U.S. to spark recovery

While much of the world blames the United States for triggering the global financial crisis and recession, most nations also are looking to America to start pulling the rest of the world out of the slump. Published April 26, 2009

Treasury favors unions in Chrysler talks

The Obama administration, in negotiations over Chrysler's fate, is demanding deep concessions from banks that loaned the struggling automaker $6.9 billion, while making less strident demands of labor unions that helped get the Democrats elected. Published April 24, 2009