August 23, 2008

Too big to fail?
We’ll see about that.

August 23, 2008

Los Angeles Times
“ . . . But, as we are painfully learning, it’s one thing for the economy to lose and a few hundred, or thousand, similar start-ups; it’s another thing entirely to watch the market bet on the demise of, say, the nation’s two largest providers of mortgage money.

Detroit pushes for a $50-billion bailout
Ken Bensinger | Times Staff Writer  
August 23, 2008

Los Angeles Times

“Would John McCain or Barack Obama bail out General Motors Corp. or Ford Motor Co. should the shadow of bankruptcy fall upon them?
Detroit isn’t waiting for November to find out. In recent months, the auto industry has been lobbying Congress to back $25 billion in low-interest loans for automakers and suppliers. Now, along with the United Auto Workers union, it’s asking for $25 billion more.”

Other happenings on August 23, 2008
A federal appeals court denied a constitutional challenge to a 2002 anti-fraud law that created a board to oversee the accounting industry after a wave of business scandals.
An attorney for the conservative plaintiffs’ group said it planned to appeal the 2-1 ruling by a panel of the U.S. Court of Appeals for the District of Columbia Circuit, either to the full appeals court or directly to the Supreme Court.

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