Word: quartered
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...year in which only 10 million vehicles are sold would completely undermine the restructuring plans that the companies will present to Congress before the end of the quarter. The plan that GM gave to Congress last month assumed that the car company could break-even in the US if the domestic market supported 12.5 million vehicle sales. GM is already starting to hint that its assumptions for revenue have been...
When the government provided GM and Chrysler with $13.4 billion to support their operations though the first quarter, a number of members of Congress objected to the bailout which has been estimated to carry a $34 billion price...
During the first quarter, tension permeated the Canaday Common Room, as twenty viewers—mostly males—leaned silently and intently towards the television. A football-shaped cake lay nearby, half-eaten...
...bank's stock has fallen more in value during the past four months than Bank of America's. The combined value of its shares is now $37 billion. That's $123 billion less than they were worth at the end of September. In the third quarter, BofA was forced to write down $4.4 billion in loans, or about 1.8% of its loan portfolio. Compared with what some of its competitors wrote down, that wasn't a heck of a lot; Citigroup, for instance, had a $13.2 billion charge in the same quarter, primarily related to loan losses. But the relatively...
...That is, until the fourth quarter. In mid-September 2008, in a deal pushed by regulators, BofA agreed to buy Merrill Lynch. The acquisition actually boosted BofA's capital ratios, but it also added losses to an already fragile capital structure; Merrill Lynch lost $15 billion in the fourth quarter alone. Knowledge of the impending losses forced BofA CEO Ken Lewis to ask the government for an additional $20 billion in TARP funds - on top of the $25 billion it had already received - as well as about $100 billion in loan guarantees. Without the government assistance, BofA says, it couldn...