The economy looks to be recovering. That’s the good news. The bad news is things are still getting worse. The Department of Commerce and the Bureau of Economic Analysis (BEA) released their report on second quarter gross domestic product and corporate profits for the second quarter of 2009 today and there was actually reason to celebrate. [...]
It’s official.
Chrysler, once the pinnacle of American automotive engineering and the hub of the US economy has filed for bankruptcy. The company was unable to meet the President’s deadline for restructuring itself and filed the necessary paperwork today. You can read the full filing below.
According to President Obama, Chrysler will still have a chance to save itself and the company is planning to break itself into a number of companies to highlight some of its better selling models like Jeep and Dodge. The Obama administration has predicted a 30-60 day restructuring period for Chrysler.
The President called it “a new lease on life,” for the beleaguered company. He had a rather rosy outlook about Chrysler’s future, calling the company a “beacon” of the American economy.
“No one should be confused about what a bankruptcy process means,” President Barack Obama said in a midday announcement. “This is not a sign of weakness but rather one more step on a clearly chartered path to Chrysler’s revival.”
Chrysler Bankruptcy - Get more Business Plans
To download this document, click here.
As news broke today of the government bailout of Citigroup, the bank released this press release that outlines exactly what the bailout will mean for them. If you’re interested in reading about how the money will be allocated, the press release gives all the specifics of every dollar. Citigroup Bailout Press Release - Get more Docstoc [...]
In the latest “Proof That Absolutely No One is Safe From the Economy” News, the ultra-exclusive Yellowstone Club has filed for bankruptcy. The Yellowstone Club, located in Big Sky, Montana, had been asking $250,000 and proof of a $3 million net worth to start a membership and apparently that wasn’t enough to keep them afloat. [...]
Paul Volcker is one of the names on the short list for President Elect Obama’s cabinet when he takes the reins as President in 2009. If chosen, many believe Volcker would be named Secretary of the Treasury or Chairman of the Federal Reserve. Paul Volcker - Get more Business Plans To download this document, click [...]