The hottest trend in 2009: declaring bankruptcy
File it under; B A N K R U P T C Y
Bankrupt Circuit City Stores Inc., the nation's second-biggest consumer electronics retailer, said Friday it failed to find a buyer and will liquidate its 567 U.S. stores. The closures could send another 30,000 people into the ranks of the unemployed.
Lehman Brothers, filed for bankruptcy protection and hurtled toward liquidation after it failed to find a buyer.
In one of the most dramatic days in Wall Street’s history, Merrill Lynch agreed to sell itself on Sunday to Bank of America for roughly $50 billion to avert a deepening financial crisis.
A potentially market-rattling bankruptcy filing by American International Group (AIG Quote - Cramer on AIG - Stock Picks) forced federal officials to reverse course and pursue a costly bailout of the insurance giant late Tuesday.
AIG will receive an $85 billion bridge loan from the Federal Reserve aimed at keeping the giant insurer out of bankruptcy and preventing the acceleration of a world credit crisis.
AIG will receive an $85 billion bridge loan from the Federal Reserve aimed at keeping the giant insurer out of bankruptcy and preventing the acceleration of a world credit crisis.
Over the last 52 weeks the stock has ranged from a low of $8.78 to a high of $70.85. Principal Financial Group stock has been showing support around $12.32 and resistance in the $15.58 range. Technical indicators for the stock are neutral and S&P gives PFG a neutral rating.
Well, 2008 went out hard on a lot of people and their jobs. 2009 hasn't started out any better, with unemployment reaching a new high. I wish you all well, and I hope we see a change for the better in our economy soon. Lord knows I need it now.
Labels: declaring bankruptcy, hot trends
posted by HLRacing @ 9:15 AM
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