Wednesday, June 17, 2009

Business news

JPMorgan and Morgan Stanley Repay TARP Funds The two big financial firms joined a growing list of companies exiting the federal rescue program created last fall as Wall Street firms were collapsing.

Eddie Bauer Expected to File for Bankruptcy The outdoor-clothing chain plans to file for bankruptcy and seek a sale to CCMP Capital, a private equity firm, a person briefed on the matter said.

Higher Quarterly Loss for FedexThe company said that it lost $876 million in the fourth quarter, weighed down by one-time charges, but the results beat analysts’ expectations.

MySpace Set to Lay Off 400 Workers

MySpace was once the pre-eminent social networking site, but recently it has lost some luster to Facebook.

Stalking a Weaker Wall Street

After a year of tumult on Wall Street, overseas banks are coming in for cheap assets, solid talent and the possibility of raising their profiles on a global scale.

Greenberg Defends Sale of A.I.G. Stock in Trust

Maurice R. Greenberg, former chief of A.I.G., testified that he was entitled to remove $4.3 billion in the company’s stock under certain conditions.


Kickin’ Down Madison Ave., Feelin’ Groovy

Macy’s, General Mills, and Procter & Gamble are among companies with 2009 ad campaigns recalling aspects of the ’60s.

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