Circuit City Starts Going-Out-of-Business Sales at U.S. Stores. The liquidation agreement, approved yesterday by U.S. Bankruptcy Judge Kevin R. Huennekens, came a day after the company held another auction described in court papers as its last chance to survive bankruptcy as a smaller chain.
Circuit City Enters into Liquidation Agreement: Jan. 17 New York  – Circuit City [...]

First Two Bank Failures of 2009: National Commerce Bank of Berkeley, IL and Bank of Clark County, Vancouver, WA became the first two banks to fail in the US on Friday according to the Federal Deposit Insurance Company (FDIC). The insured deposits of National Commerce will be taken over by Republic Bank of Chicago and [...]

Mugging Bank of America: BOA Investors Are Waiting, CEO Ken Lewis earned kudos last year for stepping into the breach when the mortgage market and Wall Street cratered.

Bank of America falls to 4th-quarter loss; gets $20B gov’t infusion, cuts dividend to 1 cent. The question is whether the chief executive of Bank of America Corp. can pull off the biggest test of his storied career and save the idea of financial supermarket, a once ballyhooed concept that is increasingly discredited.
News about Bank [...]

IRS Offers Leniency Plan For Taxpayers. The Internal Revenue Service announced steps to be more lenient on taxpayers who are unable to pay taxes owed, in recognition of the financial troubles reverberating throughout the economy.
Internal Revenue Service Takes Measures to Lenient on Taxpayers in Financial Trouble. “This is a time where government leaders need to [...]

Erosion in Retail Sales Slowed a Bit in December. Excluding gasoline, total retail sales were down 2 percent in November and 4 percent in December, compared with the same months a year ago. Those numbers include some huge categories, like food and beverages, on which consumers are less likely to cut back even in a [...]

Obama may delay tax-cut rollback for wealthy, consider delaying a campaign promise - to roll back tax cuts on high-income Americans - economic recovery strategy

Examiners with the Federal Reserve have questioned Wall Street counterparties about their exposure to debt and other holdings of Citadel Investment Group.

Oil’s boom is now a whimper, as demand slows and prices that once shattered records plunge. The price of oil has dropped by half in just three months

IMF Clears Strauss-Kahn of Wrongdoing in Affair With Staffer. International Monetary Fund kicked its chief of any wrongdoing in connection with his relationship with a female employee.