Business Grappling with Approaching Climate Bill

  Government and Economy American Business Grapples with Pending Climate Bill The "American Clean Energy and Security Act," better known as the Waxman-Markey bill, isn't a law yet, but it has become the basis for the debate over how the US should respond to pressure to slash its carbon emissions. WSJ.com What Qualifies for an Emergency Business Loans? Not all businesses will be eligible for the SBA's forthcoming loan-relief program. For example, the loans cannot be used to pay down existing SBA loans. Past borrowers, however, will still be eligible for help with other debts. CNNMoney.com Management and Fi... [Read Full Article]


Automaker Bailout Part 2: It is Raining Money!

I will give them credit—they cut their white collar payroll, managed to get rid of that union job bank and they came up with restructuring plans—but after doing all of that, they are back with their hands out. Previously, General Motors and Chrysler received $17.4 billion; but now, as part of their restructuring plans, they are looking for a total of  $34 billion to stay out of bankruptcy. What Do They Want, What Will They Give? GM is seeking $30 billion from the Treasury, which is up from previous estimates of $18 billion and includes $13.4 billion the company has already received. GM claims that it could run out of money by March without the additional funds, needing $2 billion next month and another $2.6 billion in April to keep going. Chrysler is looking for a mere $5 billion to keep going. What are they willing to do to get this money? The automakers say they are ready to trim the proverbial fat with plans that call for thousands of additio... [Read Full Article]


Clinton Insider Gets Commodities Post, Automakers Get $17.4 Billion

Government and Economy Obama Names Clinton Insider to Commodities PostGary Gensler, a former Clinton Treasury official, has been picked by President-elect Obama to regulate the same financial instruments he defended in the nineties, instruments that helped to create the subprime mortgage crisis. Stabilizing the Automotive Industry The text of Treasury Secretary Paulson's statement on stabilizing the automotive industry. President Bush: Automakers to get $17.4BCiting danger to the national economy, the Bush administration came to the resc... [Read Full Article]


Sweating the Recession and Predicting the Next Big Economic Pain

Government and Economy Democrats Must Now Deal With Immigration Issues President-elect Obama has nominated Arizona Gov. Janet Napolitano as Secretary of Homeland Security. The Washington Post suggests that Napolitano push for broad immigration reform if confirmed. Back on Capitol Hill, Auto Executives Still Find SkepticsSenator Christopher J. Dodd, chair of the Senate Banking Committee, hinted at difficulties for lawmakers in approving a bailout for the Big Three automakers. [Read Full Article]


Finally! Something Good from Sarbanes-Oxley

There was a spectacle this week on Capital Hill, a trio of poor, downtrodden CEOs—just regular Joes, if you will—coming to plead their case for bailout funds before Senator Chris Dodd and the Senate Banking Committee he chairs. With their companies hemorrhaging cash at a rate of billions per month, Rick Wagoner of GM, Alan Mulally of Ford, and Robert Nardelli of Chrysler ominously warned the committee members that they were likely to go out of business if the taxpayers don't give them $25 billion. “We want to continue the vital role we've played for Americans for the past 100 years, but we can't do it alone," said Wagoner. It was all very touching, all quite moving, or it would have been if the CEOs had not just flown in on the luxury corporate jets maintained and paid for by their cash-poor companies. According to Ford's Mulally, he has reduced his workforce by 51,000 people and closed 17 plants. Notice the conspicuous absence of Ford's fleet of eight corporate jets from that... [Read Full Article]


Small Business Brief for 11/14

Politics and Government Bush Warns Against Abandoning Capitalism President George W. Bush met with leaders of the world's biggest economies, urging them not to abandon free- market capitalism as they seek an escape from the financial crisis, calling it the “best system” for delivering growth. Paulson's Credibility Drops Again as Asset-Purchase Plan is Abandoned Like many others who have served in President George W. Bush's administration -- among them former Secretary of State Colin Powell and former Treasury chief Paul O'Neill – Henry Paulson will leave office casting a smaller shadow than when he arrived. [Read Full Article]


Small Business Brief for 11/13

Politics and Government Obama Ought to Look at the Effect of Entrepreneurial Immigrants According to U.S. News & World Report's Matt Bandyk, immigration will be an important small business issue for the next administration. Immigrants are 30% more likely to start businesses and they make up 16.7% of all new business owners in the country. Democrats at Work to Tap Bailout for AutomakersWASHINGTON (AP) - Congressional Democrats are marshaling support for a rescue package to pump $25 billion in emergency loans to U.S. automakers in exchange for a government ownership stake in Detroit's car companies. Economics and Labor Issues [Read Full Article]