Federal Reserve Chairman Ben S. Bernanke is testifying today to a joint hearing of the House Oversight and Government Reform Committee, and House Domestic Policy Subcommittee. The purpose of the joint hearing is to examine events surrounding Bank of America’s $50 million acquisition troubled investment house Merrill Lynch in September 2009 and its receipt of [...]

For nearly two years, the credit markets have been tightening, making it difficult for consumers and businesses to get credit for purchases and operations.  Several financial institutions declared bankruptcy or were on the brink of failure.  The federal government has used a variety of strategies to prevent a full-scale financial meltdown, including slashing interest rates, [...]

From the Triangle Business Journal, an update to our previous news on regional bank BB&T:  BB&T Corp. will pay $3.1 billion to buy back preferred stock sold to the federal government, marking the Winston-Salem banking giant’s exit from the Troubled Asset Relief Program (“TARP”).

According to the Detroit News, General Motors reversed the closing of 41 of the 2,100 dealerships originally targeted to be closed as part of GM’s bankruptcy and restructuring. 

The full Supreme Court Tuesday decided not to hear the merits of a challenge to the sale of Chrysler assets to a group comprised of Fiat, the US, Canada and the Chrysler Auto Worker Union Retirement Trust.  The unanimous court, in a two-page-opinion, lifted the temporary stay granted by Justice Ruth Bader Ginsberg on Monday, [...]

Now that the Bankruptcy Court has approved the sale of Chrysler’s assets to a consortium of buyers lead by Italian carmaker Fiat, the next major issue is which Dealer Agreements will be assumed and which ones will be rejected.