BofA CEO Lewis out by year's end, search on for successor
Bank of America Corp CEO Kenneth Lewis announced he was retiring, after months of being dogged by a series of government investigations into the company's acquisition of Merrill Lynch last year that had become a major distraction for the biggest U.S. bank. Read Full Article here.
GM to close Saturn as sale to Penske collapses
General Motors Co will close Saturn and wind down its dealership network after a deal to sell the faltering brand to Penske Automotive Group collapsed, the automaker said on Wednesday. Read Full Article here.
Gov't spending, less investment bleed help economy stabilize: GDP report
After a very tough first three months of the year, U.S. economic output rebounded sharply in the April through June period, according to a third gross domestic product estimate released today. Read Full Article here.
Wall Street drops on Chicago PMI, but Q3 ends strong
Stocks fell on Wednesday after a surprising contraction in an index of Midwest business activity, but buying of technology bellwethers like Cisco Systems Inc at the end of a strong quarter limited losses. Read Full Article here.
CIT eyes debt exchange or prepack bankruptcy: sources
CIT Group Inc is planning to offer its unsecured debt holders two options: either exchange their debt voluntarily, or face a prepackaged bankruptcy, sources close to the situation said on Wednesday. Read Full Article here.
Pay czar Feinberg expecting heat for rulings
The Obama administration's pay czar joked Wednesday that he might have to move to Pluto to escape the fallout from his first batch of compensation decisions, which are expected in October. Read Full Article here.
Google Wave Beta Testing Begins
Google began the public testing of Google wave, with 100,000 people invited into the testing phase, each of which can invite up to five people to join in on the testing. Read Full Article here.