Word: meltdowns
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...global financial meltdown weren’t enough, this spring introduced scary words like “novel virus” and “pandemic,” bumping the financial crisis off the headlines. The attention-grabbing RNA virus took the world by surprise and, thanks to air travel, spread rapidly from its origin in Mexico to every continent. The virus’ spread was a perfect storm of mutation (a combination of swine, human, and avian elements), little to no human immunity, and no available vaccine against it. To make matters worse, everyone was touting its similarity...
...until the end of November. Pharmacies have run out of protective masks; those who missed the rush are improvising with scarves or homemade facsimiles. And rumors are running rampant, much as they did during Soviet times when the authorities tried to cover up disasters like the Chernobyl nuclear-plant meltdown. "We are worried that the swine flu has mutated and is killing scores of people," says Nina Sokolovska as she stands in line at a pharmacy...
...funding following the bankruptcy of CIT, a major lender to small and medium-size businesses. The Nov. 1 filing by the century-old firm marks the government's first loss stemming from the Troubled Asset Relief Program (TARP), designed to stabilize major businesses during the height of the economic meltdown. CIT says it hopes to emerge from bankruptcy by year's end. More government losses could follow as bailout recipients such as Chrysler and AIG continue to struggle. Still, analysts say it could have been worse: CIT sought more bailout funding last summer, but the government declined...
Sergio Marchionne, the gifted executive who saved Italy's Fiat Group from a destructive meltdown earlier in the decade and then convinced the Obama Administration that he could revive the bankrupt Chrysler Group LLC, tried on Wednesday to dispel speculation that the struggling automaker was beyond help. "We want Chrysler to become a strong public company," said Marchionne, who was dressed in his trademark professorial sweater, as he opened an elaborate presentation of the struggling automaker's business plans for the next five years, which emphasize blending Fiat's small-car and small engines technology with Chrysler's muscular Jeeps...
After the 2008 subprime mortgage meltdown revealed widespread unfamiliarity with the intricacies of personal finance, one former Harvard Business School student is on a mission to educate young people about managing their money...