Plans to build new powerlines meet opposition Critics of a proposed network of high-voltage power lines around Minnesota say the project is unnecessary. A group of utilities called, CapX 2020 would build four lines connecting various parts of the state.6:50 a.m.
Financial Giants Falling: Lehman, Merrill Lynch, AIG
One of the wildest days in memory on Wall Street took place on a weekend. The investment bank Lehman Brothers has filed for bankruptcy, and the brokerage firm Merrill Lynch will be bought by Bank of America. Other big companies, such as the insurance company AIG, are in trouble.
Ex-Finance Ministers Offer U.S. Economic Advice
Financial leaders from around the world met last week to discuss global economic stability. Some of them suggested it's time for the United States to take international advice. Their input comes as the U.S. prepares for an examination by the IMF.
Wilbur Ross: Finding His Calling
When investor Wilbur Ross was at Yale, he took an English course that required writing 1,000 words a day. After two weeks, he ran out of things to say. The billionaire jokes that dropping it "probably saved me from a life of poverty."
L.A. Train Crash Inquiry Targets Engineer's Actions
Federal investigators say a Los Angeles commuter train engineer missed two verbal safety checks just moments before he slammed head-on into a freight train Friday. They're also trying to determine whether the engineer — who died in the crash — was using his cell phone.
Ike Leaves Houston Lacking Power, Food, Water
In Houston, nearly 2 million people remain without power in the wake of Hurricane Ike. And that was only one frustration for the city's residents. They say there are not enough shelters, no sites to pick up food and water — and they're just not getting enough help from local and federal officials.
Hunt Is On For Generators, Gasoline In Houston
Basic necessities are still out of reach for many people in Houston in the wake of Hurricane Ike. Few stores are open, and those that are have long lines of customers. One Home Depot that was open had people swarming for generators and other supplies.
Up To 50,000 Jobs At Risk In Banks' Collapse
Lehman Brothers' 26,000 employees started to clear out their offices Sunday as the securities firm files for bankruptcy. Meanwhile, Merrill Lynch collapsed and agreed to be taken over by Bank of America. Thousands of jobs will disappear in an industry that has lost 100,000 jobs since the start of the credit crisis a little more than a year ago.
Automakers Seek $25 Billion In Federal Loans
Detroit's auto makers are campaigning to get at least $25 billion in low-cost loans from the federal government. The industry says the funds will help U.S. automakers retool their factories and produce more fuel efficient cars.
The Three Ps: Why Bailouts Are Problematic
U.S. automakers are trying to secure billions of dollars in government loans in order to bail out the industry, but the idea doesn't sit well with veteran auto reporter Paul Ingrassia. The problem with bailouts, Ingrassia says, can be summarized by three Ps — philosophy, practice and precedent.
No Golden Parachutes For Fannie, Freddie CEOs
The Federal Housing Finance Agency announced Sunday that the former CEOs of Fannie Mae and Freddie Mac will not walk away with golden parachutes. The agency that regulates — and now manages — the two mortgage giants said it will not allow the former executives to walk away with multimillion-dollar severance packages.