Mortgage Bust - News for the New Depression

A slew of American heavyweight companies, including Caterpillar, Pfizer, Sprint Nextel, Home Depot and General Motors, announced cuts Monday adding up to 45,000 jobs lost. What's more, a group of business economists predicted many more job losses in the year ahead. ...

Full Story Bank of America (NYSE: BAC) said it is working on a plan to eliminate a significant number of positions over the next three years reflecting the pending merger with Merrill Lynch & Co., Inc. (NYSE: MER) and the weak economic environment, which is affecting the ...

AP Owner of Chicago Tribune, L.A. Times, Chicago Cubs has $13 billion in debt NEW YORK - Media conglomerate Tribune Co. has filed for bankruptcy protection. The owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties has $13 billion ...

MSNBC CHICAGO - Workers who got three days' notice that their factory was shutting its doors have occupied the building and say they won't go home without assurances they'll get severance and vacation pay. About 250 union workers occupied the Republic Windows and Doors plant in shifts Saturday while union ...

CNN The 2008 tally soars after payrolls shrink by 533,000 in November, the biggest one-month decline in nearly 34 years. Unemployment soars to 6.7%. NEW YORK (CNNMoney.com) -- The economy shed 533,000 jobs in November, according to a government report Friday - bringing the year's total job losses ...

From Silicon Alley Insider Google has about 10,000 contractors and it wants to reduce that number, PR rep Jane Penner told CNET. "We have 10,000, and we have had a plan in place for awhile to significantly reduce that number," Penner told CNET. "This is something we've been thinking ...

NEW YORK (Reuters) - The Associated Press plans to cut up to 10 percent of its workforce in 2009, according to sources at the news service, as it copes with tough financial times and ailing member newspapers. The AP has one of the world's largest news-gathering teams, employing about 3,000 journalists, ...

Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt. The plans, posted on the company's Web site, are being discussed by CEO Vikram Pandit at the company's town hall ...

NEW YORK (Reuters) – Sun Microsystems Inc (JAVA.O) said on Friday it will cut 5,000 to 6,000 jobs, as the economic crisis compounds the company's struggles with depressed demand for its high-end business computers. The job cuts represent 15 to 18 percent of its ...

The university has refused to say exactly how much it lost in the meltdown. But Moody's Investors Service has projected losses of 30 percent for college and university endowments overall this year. If that were applied to Harvard, it would mean a drop of $11 billion. Harvard ...