Posted: 2:24 PM Treasury Secretary Timothy Geithner says the government should not impose caps on executive pay in the financial sector. However, he said Monday government can set compensation standards to curb excessive risk-taking by financial institutions.
Posted: 11:15 AM General Motors and the United Auto Workers are fighting over plans to close 16 U.S. factories and import vehicles from other countries as a June 1 deadline for a concession deal draws near.
Posted: 9:43 AM New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week.
Posted: 10:29 AM The government-installed head of AIG is telling Congress the insurance giant is selling many of its foreign assets to repay U.S. taxpayers, but a key lawmaker questions whether the plan makes sense.
Updated: 5:49 PM After its dizzying climb, Wall Street is looking at the economy more skeptically.
Stocks retreated more than 2% and bond prices rose after two reports showed that the economy is not bouncing back as quickly as investors hoped.
Posted: 12:13 PM Shares of General Motors have tumbled to the lowest since 1933 today. Investors feared dilution of their stock or bankruptcy as the company approaches the June 1 restructuring deadline.