The lawsuits include those from fishermen, shrimpers, charter boat operators and waterfront property owners whose livelihood depends on the coastal waters that are currently being threatened by an oil slick so big it is visible from outer space.

The White House, which has been openly criticized for a slow federal response to the crisis, said that President Barack Obama would visit the region today. He may meet with Tony Hayward, the CEO of BP, who was also on his way there from London.

Fisheries located east of the mouth of the Mississippi River were closed by early on Saturday. Among local fishermen and charter captains, it was the uncertainty of when the height of the oil slick might come, and what kind of damage it would do to their livelihood - that was bothering them the most.

The device, which did not detonate, was found next to a Viacom media office. Viacom airs the cartoon series in the United Stats.

Last month, postings were found on an Islamic website that warned the creators of South Park - Matthew Stone and Trey Parker - that they could face violent actions after an episode of the show showed Mohammed in a bear suit.

The explosive device was found inside a green Nissan Pathfinder SUV, left with its engine on and hazard lights blinking at the intersection of 45th Street and Broadway.

A street vendor, who was a Vietnam veteran himself, told police about the car, because he saw smoke coming out of it.

The index for the Dubai Financial Market, the emirate’s primary stock exchange, ended the day down 7.3%.

The announcement last week raised fears about the overall health of the global financial system and made investors nervous across the globe. Concerns were eased slightly on  Sunday after the United Arab Emirates (UAE) offerd Dubai some support.

The UAE, a federation of seven emirates announced that it will establish an emergency liquidity facility to help prevent Dubai from defaulting on its debts.

Fellow emirate Abu Dhabi also announced plans to provide aid to some selected Dubai banks and financial establishments.

Major indexes in Europe remained under pressure this afternoon, with shares in London, Paris and Frankfurt down about 1% in afternoon trading.

The Treasury Department’s assistant secretary for financial stability, Herbert Allison, will meet with the mortgage lenders because the Department has been expressing dissatisfaction with lenders recently over the slow rate at which they are amending loan agreements to help borrowers meet their monthly obligations.

In addition, the Treasury Department will be taking steps to enhance mortgage servicer accountability as part of a broader program to increase conversion rates to permanent modifications.

The specifics of GMs new ad campaign will be announced today or tomorrow, said a spokesperson at GM. Whitacre, a former AT&T CEO, joined GM’s board after Detroit-based GM’s July 10 exit from a U.S.-backed bankruptcy.

GM is not the only car company to copy Chrysler’s tactic - Ford had Bill Ford appear on TV in 2002, when the company’s shares plummeted over 40% after claims related to fatal rollover accidents of Explorer SUV’s.

Watch the Chrysler Videos from 1982 and 1984:

]]> http://stockmarketcrash08.com/?feed=rss2&p=466 http://stockmarketcrash08.com/?p=465 http://stockmarketcrash08.com/?p=465#comments Thu, 28 May 2009 18:31:35 +0000 News http://stockmarketcrash08.com/?p=465 Update: The Treasury Department along with a committee comprised of major GM bondholders reached an agreement that will give creditors a bigger stake in GM than was previously offered as long as they agree not to block the government’s plans for a quick bankruptcy at the beleaguered automaker.
The agreement, revealed in a SEC filing by GM early this morning, would give the bondholders 10% of the company and also give them the right to buy an additional 15% of the company’s stock at a lower price.

Although this new deal is unlikely to allow GM to avoid bankruptcy altogether, it may help clear away obstacles to the government’s plans to use a bankruptcy as a way to turn around the company.

Watch this historic event:

S&P’s reasoning on the downgrade is that GE’s finance arm, GE Capital, faces greater losses on real estate loans, and said that if GE Capital were a separate company, it would receive just an A rating.

This bad news comes on the heels of  last week’s announcement that GE would be cutting its dividend by two thirds, a move that would save the company about $9 billion a year.

The branch sustained significant damage, but police did not report any injuries at the scene.

The bomb had been placed behind the bank, and also damaged two nearby cars.

McClatchy has been under intense pressure to meet heavy debt payments from purchasing the Knight-Ridder newspaper chain back in 2006.

Job cuts will be realized through a severance program, attrition and outsourcing business functions, the company said in a statement.