BofA Back in the Black

Staff / Truthdig Apr 17, 2010 We can all now breathe a collective sigh of relief: Bank of America has returned to quarterly profit after losing almost $200 million in the last quarter of 2009. The news comes even as home foreclosure activity hit an all-time record in March. Dig deeper ( 1 Min. Read )

And Now, the California Budget Cuts

Staff / Truthdig Jan 9, 2010 What's to be done about California's budget woes? Well, Gov Arnold Schwarzenegger is cutting way back on spending on such superfluous concerns as "health, welfare, transport and the environment," according to the BBC But really, this'll hurt him more than it'll hurt oh, never mind . Dig deeper ( 1 Min. Read )

GM Pays Ex-CEO $8.6 Million

Staff / Truthdig Jul 15, 2009 What exactly does an executive have to do to not get a golden parachute? Former GM CEO Rick Wagoner ran the company into the ground, and will now retire with $8.6 million for his trouble. That figure was negotiated down from the $23 million the old pre-bankrupt GM would have had to pay Wagoner. Sorry Rick, but it's a rough economy. Dig deeper ( 1 Min. Read )

Most Bankruptcies Caused by Medical Bills

Staff / Truthdig Jun 6, 2009 A new study reveals that through-the-roof medical bills are the cause of more than 60 percent of bankruptcies in the U.S. From 2001 to 2007, bankruptcies associated with medical debt increased by 50 percent, and 75 percent of the families surveyed actually had health insurance. Dig deeper ( 1 Min. Read )

The New GM

Mike Luckovich / Truthdig Jun 3, 2009 Dig deeper

GM’s Fall and the Cars of My Youth

William Pfaff / Truthdig Jun 3, 2009 I wonder what my father would have thought of the self-destruction of General Motors. We were a General Motors family, but not a happy one. Dig deeper ( 4 Min. Read )

Out With the Old, In With the New GM

Staff / Truthdig Jun 1, 2009 General Motors filed for Chapter 11 bankrupcy protection on Monday. Shortly after the announcement, President Obama tried to reassure taxpayers, who are effectively shelling out an additional $30 billion in return for a 60 percent stake in the company, according to the new restructuring plan. The "new GM” will shed 21,000 more employees and shut down 12 factories and 2,600 car dealerships. Dig deeper ( 1 Min. Read )

Uncle Sam to Own GM Without Any of the Perks

Staff / Truthdig May 27, 2009 GM's restructuring plan will make the Treasury Department the majority owner of the company, according to Bloomberg. The administration reportedly intends to take as passive a role as possible and will not appoint anyone to the automaker's board, thereby avoiding the danger that something competent might happen. Dig deeper ( 1 Min. Read )

Obama’s Next Target: Hedge Funds

Staff / Truthdig May 1, 2009 President Obama gave certain hedge fund manager types who held out for "an unjustified taxpayer bailout," as he put it, a dressing down in the midst of his comments about Chrysler's bankruptcy filing on Thursday. Needless to say, that didn't go over so well with the targeted demographic. Dig deeper ( 1 Min. Read )

The End of the Middle Class as We Know It

Marie Cocco / Truthdig Apr 30, 2009 This is how it ends. Or at least, this is how the latest, sad chapter in a story that has been ending for three decades is written. Dig deeper ( 3 Min. Read )

Uncle Sam Forces GM to Stop and Ask for Directions to Bankruptcy

Staff / Truthdig Apr 13, 2009 GM has until June 1 to cut a deal with its workers and bondholders, but the Treasury Department is requiring the automaker to prepare for bankruptcy just in case, according to The New York Times. Newly installed GM chief Fritz Henderson is more receptive to the possibility than his predecessor, but warns, "If we need to resort to bankruptcy, we have to do it quickly." Dig deeper ( 1 Min. Read )

GM Saw

Cameron Cardow / Truthdig Apr 9, 2009 Dig deeper