| |||||||||||
| |||||||||||
"There is a delicious irony in seeing private luxury jets flying into Washington, D.C., and people coming off of them with tin cups in their hand, saying that they're going to be trimming down and streamlining their businesses," Rep. Gary Ackerman, D-N.Y., told the chief executive officers of Ford Motor Corp., Chrysler LLC and General Motors Corp. at a hearing of the House Financial Services Committee. The exchange over the lack of judgment fueled the already lack of confidence that investors have for GM and Ford with each closing down Wednesday, helping to push a deep Dow decline of 426.91 points, or 5.1% to 7,997.28. Meanwhile, the Nasdaq decreased 96.85, or 6.5%, to 1,886.42. Confidence in financial services company Citigroup Inc. also continued to wane as the bank dropped nearly 23% as credit default swap spreads on its debt widened after the firm brought more than $17.4 billion in assets onto its books. - Gerald Magpily
Categories Deal Video
    CommunityEditor's NoteTransactions: July 20, 2009News reports suggest that the rational market has died but it's hard to invest based on behavioral economics. Now we're left to our own devices. Bankruptcy Bankruptcy buyer bewareEnvironmental issues in Chapter 11 reorganizations. Industry Insight Bear vs. bull loan marketThere are sure signs of a loan rally. Then again, maybe not.  Elsewhere on The Deal.comDealwatchThe Deal MagazineCorporate Dealmaker
The Deal VideoCategories
Blog roll
Archives
| |||||||||||
As the CEOs of the Big Three automakers pleaded with members of Congress on Wednesday for bailout money, lawmakers scolded the three heads for using private jets to fly to Washington. 
|
|
|
|
|
