Bailouts | featured news

American International Group Inc is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.

Wall Street is down sharply lower as investors second-guess Citigroup Inc.'s plans to turn over a big piece of itself to the government.

The New York Attorney General's office has subpoenaed Bank of America to submit a list of employees who got bonuses and the amounts that the employees received, a spokesman for the New York Attorney General said on Thursday.

Loss included $25.2B in fourth quarter, prompting a government cash injection of $15 billion.

General Motors Corp. posted a $9.6 billion fourth-quarter loss Thursday and said it burned through $6.2 billion of cash in the last three months of 2008.

The obituaries of newspapers and magazines have been written by everyone who can hold a pen or type on a keyboard. Might that now change?

Bank of America Corp and Citigroup Inc shares plummeted for a sixth straight day on Friday, hammered by fears that the U.S. government could nationalize the banks, wiping out shareholders.

Chase CEO Jamie Dimon, whose bank received $25 billion in bailout funds from the government, refused to tell CNBC anchor Melissa Francis how the bank is performing this quarter.

"Can you tell me how this quarter is doing for JPMorgan?" Francis asked.

Dimon's brief response: "I can't."

GM's viability plan will offer the U.S. a choice to commit billions more in bailout money or provide financial backing as part of a bankruptcy filing.

Banks can't unload their toxic assets. But what if their assets weren't toxic?