Chrysler creditors forgo $7B debt for $2B cash; BofA needs capital
CBS News
Transcript
Chrysler May avoid bankruptcy after all the treasury Department has reached an agreement with Chrysler's creditors they've agreed to forego nearly $7 billion in debt in return for 2 billion in cash the deal could help Chrysler stay out of chapter 11 some banks may be feeling stressed out about the results of the government stress tests Regulators are telling Bank of America and City group that they may need to borrow billions more from the feds BFA and City plan to appeal that finding the bank have already taken 90 billion in taxpayer money Americans are feeling a little better about the economy the conference board survey shows consumer confidence is at a femon high even so stocks gave up an early rally and the Dow dipped 8 points while the NASDAQ Composite gave back more than five and at a time when many companies are scrapping their shareholder dividend IBM is Raising its dividend by 10% it's also boosting its stock buyback plan by $3 billion a sign the housing market May finally be bottoming out a new survey finds home prices dropped again in February but for the first time in more than two years that decline was not a record you can track all the business headlines at cbsmoneywatch.com in New York I'm Alexis christopherus