May 8 Biz Minute

Fannie Mae, which already got a $15 billion bailout in March, said today that it needs $19 billion in additional aid. In a regulatory filing the company said "there is significant uncertainty as to our long-term financial sustainability." Even more government aid, it added, "may not be sufficient to keep us in a solvent condition."....
Bank of America's Ken Lewis laid out his plans for raising new capital after the government said the nation's largest bank is facing a $33 billion shortfall. Lewis also said today that the economy is bottoming and that he plans to remain in charge of the bank through the recovery....
The global crisis that has battered demand for cars and pushed U.S. rival Chrysler into bankruptcy has hit Toyota hard, reversing its rapid expansion into overcapacity almost overnight. For January-March, Toyota booked a $6.9 billion loss and the Japanese giant posted its first-ever consolidated operating loss last year after a record profit the year before....
Recession-weary moms should put their game face on this Sunday, and be ready to grin and bear it when presented with slightly less luxurious presents on Mothers Day. Consumers are expected to cut back on Mothers day spending by around 4% from the previous year....

Category:

News & Politics

Tags:

• Fannie Mae
• Bank of America
• Ken Lewis
• Toyota
• Mothers Day