Word: bankes
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Israeli officials say the strikes were necessary to force an end to the rocket attacks from Gaza, which has been ruled by the radical Islamist group Hamas since it split from the Palestinian Authority, run by President Mahmoud Abbas out of the West Bank. Palestinian militants in Gaza have long launched Qassam and other rockets at Israeli towns across the border, and in the past six weeks the number of attacks has increased dramatically. After the attack, Israeli officials said the number of Palestinian rocket attacks could now spike to 200 a day. Hamas announced that it had sent...
...would receive $13.4 billion of emergency loans from the Troubled Asset Relief Program (TARP) after Congress had refused to pass a separate bailout bill. On Christmas Eve Cerberus got another last-minute gift when the Federal Reserve Board voted to permit GMAC to change its status to a bank holding company. (GM still owns 49% of GMAC). (See pictures of the remains of Detroit...
...bank holding company, GMAC will have expanded opportunities for funding and access to capital, which will provide increased flexibility and stability. As part of the transformation, GMAC must complete a tricky $38 billion debt restructuring, getting bondholders to accept new terms and steep discounts. The deadline for cutting this deal with bondholders is this weekend but the details probably won't be available until next week...
GMAC also has applied for TARP funding and is counting on the benefits of its new bank status. "We'll also be able to broaden our deposit base as a bank holding company. We'll have access to more funds by ramping up our deposit taking over the Internet," says GMAC spokeswoman Gina Proia...
...This has been an uncharacteristically quiet last surge week before the holiday," says Marshal Cohen, chief industry analyst at the market research firm NPD Group. "Usually, this week is money in the bank for the retailer, because they can count on the consumer that has waited until the last minute or the person that has added extra people to their shopping list. Not so this time. This has probably been the most challenging holiday many of these retailers have seen...