Rescue Bid for Detroit Collapses in Senate  —  WASHINGTON — A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three.  —  Senate Majority Leader Harry Reid of Nevada suggested …

World markets plunge as US auto bailout fails  —  LONDON - World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.

Auto Suppliers Share Anxiety Over a Bailout  —  DETROIT — With Congress failing to agree on a bailout for Detroit, the odds that General Motors and Chrysler will be insolvent by year's end are growing rapidly.  —  The companies have been warning that they would run out of money for some time …

‘THE PARTY OF HERBERT HOOVER’.... On Wednesday, Dick Cheney met with Senate Republicans and emphasized the importance of keeping the American automotive industry afloat.  “If we don't do this, we will be known as the party of Herbert Hoover forever,” the vice president said.

Obama damage control  —  He was elected president on a promise of “transparency” but barely five weeks later, Barack Obama is scrambling to meet his first big test on openness.  —  Obama's campaign lawyer Bob Bauer is taking a leading role in conducting what one top aide described as …

Obama to Air Any Staff Talks About Senate Seat  —  CHICAGO — President-elect Barack Obama pledged Thursday to disclose any interaction between his transition team and the office of besieged Gov. Rod R. Blagojevich of Illinois, while declaring again that he and his staff had no involvement …

Obama Worked to Distance Self From Blagojevich Early On  —  Like every other politician in Illinois, Gov. Rod Blagojevich waited for Barack Obama's call this summer.  He told colleagues that he expected a speaking role at the 2008 Democratic National Convention, a nice bit of payback …

Prominent Trader Accused of Defrauding Clients  —  On Wall Street, his name is legendary.  With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades.  At age 70, he had become an influential spokesman …

Top Broker Accused of $50 Billion Fraud  —  Sons Turned In Madoff After He Allegedly Told Them His Investment-Advisory Business for the Wealthy Was ‘Giant Ponzi Scheme’  —  Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years …

Madoff Charged in $50 Billion Fraud at Advisory Firm  —  A A A  —  Dec. 11 (Bloomberg) — Bernard Madoff, founder and president of a New York firm that invested funds for wealthy individuals, hedge funds and other institutions, was charged with operating what he told employees …