Once the smoke clears from the conflagration in the financial markets, Congress and the next administration will face a new challenge: how to keep the next fire from burning down the house.
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The government’s $700-billion plan to bail out the banking system may calm panicked financial markets, but its real value may be in buying time to address the root problem: the continuing slide in housing values.
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Bankers, politicians and economists grasping for ways to address the financial crisis are rallying behind a solution with its roots in the savings and loan debacle of the 1980s – the creation of a single government agency to buy up billions in bad bank debt and other assets.
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A.P. Giannini is remembered as the revered founder of Bank of America, but the institution that snagged Merrill Lynch
& Co.
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The Los Angeles Times’ new publisher, Eddy Hartenstein, said Monday that the newspaper would operate with greater autonomy from its corporate parent in Chicago as it tried to reverse steep declines in circulation and revenue while overcoming the trauma of recent staff cuts.
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Los Angeles Times Publisher David
D. Hiller resigned Monday after a 21-month tenure that encompassed the departures of two Times editors and plans for the sharpest staff and production cuts in the newspaper’s history amid a continuing slide in advertising revenue.
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The Los Angeles Times today announced plans to cut 250 positions across the company, including 150 positions in editorial, in a new effort to bring expenses into line with declining revenue.
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State law enforcement officials are investigating whether 70 retirees and other investors in Northern California were bilked when they put up $6.4 million for construction loans on Malibu land that may be undevelopable.
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Billionaire Sheldon Adelson landed Chinese government support in his quest for a lucrative gaming franchise in Macao in 2001 after relaying assurances from a Republican Party boss that a congressional measure opposing Beijing’s bid for the 2008 Olympics would “never see the light of day,” according to court testimony in a civil suit here.
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