April 20: Bank Woes Push Stocks Off More Than 3%
Associated Press
Transcript
[Applause] Investors are worrying about banks again. Unease about soured loans bubbled over Monday after Bank of America set aside nearly 13.5 billion to cover lending losses even as it posted earnings that beat expectations. Renewed worries about the banking industry stability appeared to be triggered by news that lending remains tight and that the government may swap its debt in banks for ownership stakes. Shares of Bank of America tumbled 24% to settle at $82. The Dow Jones Industrial Average ended the session down 290 points at 7842. The standard and pores 500 plummeted 37 points, more than 4% to 832, while the Nasdaq lost 65 points to 168. Traders had been looking for some pullback after the Dow jumped 24% from 12-year lows in early March, led largely by a recovery in banking stocks. The fallout from Bank of America's earnings is likely to unsettle investors as earning season continues. Mark Ham, the Associated Press.
Money Minute: Oracle; GM, AIG
Associated Press
Transcript
AP money minute Oracle Corporation has snapped up Sun Microsystems for $7.4 billion trumping IBM's attempt to buy one of silicon Valley's best known and most troubled companies the deal would give Oracle ownership of the Java programming language which runs on more than a billion devices around the world as well as the Solaris operating system Solaris already has been a platform for many of oracle's products General Motors says about 1,600 white collar workers will lose their jobs in the next few days the troubled automaker is accelerating Cost Cuts to qualify for more government Aid GM began cutting jobs last month with plans to eliminate 47,000 positions by year end AIG has completed a sale of preferred stock and issued warrants to the treasury Department as part of a plan to get more government Aid AIG says it received close to $30 billion from the sale the new funds are now immediately available for aig's use I'm Mark hamri with ap money minute
Obama's Budget Cuts
CBS
Transcript
in a meeting with his cabinet today the president ordered department heads to find a hundred million dollars in budget cuts to help close what he called a confidence Gap with the American people we've got to earn their trust they've got to feel confident that their dollars are being spent wisely he said he wants more streamlining like the 18 million dollars the Veterans Affairs department is already saving by video conferencing and the 52 million Homeland Security hopes to save by purchasing office supplies in bulk the president admitted a hundred million dollars is a drop in the budget bucket but insisted there's a lot more cutting to come a hundred million dollars there 100 million dollars here pretty soon even in Washington it adds up to real money on Capitol Hill though Republicans ridiculed The Proposal a hundred million dollars they noted is about two one thousandths of one percent of the 3.9 trillion dollar budget and they say it's what the government spends every day just on interest on the president's 787 billion dollar stimulus I would just like to see the president use some of his popularity to do something serious about spending a comparable cut for a family with a budget of seventy five thousand dollars would be about a dollar fifty government Watchdog Dan Mitchell says that with the deficit now over a trillion dollars the president's proposal amounts to little more than a PR stunt we have giant gaping wounds that need to be fixed and the president is giving us a tiny tiny little Band-Aid now White House Press Secretary Robert Gibbs said today that 100 million dollars may not sound like much money to people here in this town but it is a lot of money to people out beyond the Washington Beltway Katie meanwhile Chip I know there were some pretty stunning Revelations and recently released government memos that showed two key Al-Qaeda prisoners were waterboarded something like 266 times a lot more than previously thought did that have any impact on the president's decision to visit the CIA today it did not Katie he had been previously scheduled to go there but it did influence what he said I believe because he talked quite a bit about why he banned waterboarding himself also talked about why he released those memos last week detailing what happened and as you can see he was received like a rock star there it was like a campaign event complete with screaming fans and he told them that he had come to boost their sagging morale I believe that our nation is stronger and more secure when we deploy the full measure of both our power and the power of our values including the rule of law so there have been some tensions between the president and the CIA recently but they appear to be for now back on track Katie chip Reed reporting from the White House tonight thank you
Plastic Equals Problem
CBS
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