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In a bid to restore stability, car manufacturer gives job to chairman Ed Whitacre General Motors has abandoned a search for a new chief executive, opting instead to give the job on a long-term basis to its chairman, Ed Whitacre, in an effort to restore “stability” to the cash-strapped Detroit car manufacturer. Whitacre, a 68-year-old former telecoms [...]

• Tough-talking president wants ‘every single dime’• British banks operating in the US could face $1bn bill Britain’s banks face a $1bn (£612m) annual levy to meet Barack Obama’s 10-year “financial crisis responsibility fee”, which was announced today by a US president infuriated at Wall Street’s plans to pay out multimillion-pound bonuses. Three UK banks – HSBC, [...]

• Troubled US bank botched $20.5bn fundraising• US treasury would have made a loss on sale of shares Confidence in the ability of Citigroup to weather the financial crisis plummeted today after the troubled US bank botched a $20.5bn (£12.5bn) fundraising intended to pave the way for repayment of billions of dollars in emergency support from [...]

Moves comes day after Barack Obama accused Wall Street institutions of handing back funds simply in order to escape curbs on multimillion dollar bonus payouts Citigroup has been given the go-ahead by the US treasury to repay its $20bn (£12.3bn) of government bailout money, a day after President Barack Obama accused Wall Street institutions of handing [...]

• Chrysler and Fiat join forces to launch smaller, greener cars• Monthly car sales in the US have stabilised It is too early to hang out any bunting but quietly, tentatively, a more upbeat mood is spreading in Detroit’s downtrodden, downsized motor industry. Chrysler set out ambitious plans today to use technology gained in its tie-up with [...]

• President Obama’s ‘pay tsar’ looks to curb boardroom excess• Executive packages to fall by 50% on average The US government is preparing to order bailed-out banks and car companies to slash the cash salaries of their top executives by an average of 90% in an effort to quell outrage over multimillion-dollar boardroom excess. Kenneth Feinberg, the [...]

Neil Barofsky, the inspector general for the Troubled Asset Relief Program has criticised US Treasury officials for making optimistic statements last September, at the height of the financial crisis The US Treasury misled the public over the health of struggling Wall Street banks receiving emergency funds at the height of the financial crisis, creating unrealistic expectations [...]

Find out which countries are propping up the US economy The US national debt is still rocketing: the federal deficit climbed higher into record territory in August – hitting $1.38tn. Where does that debt come from? The answer is Treasury bonds. This is how the US – and all governments for that matter – borrow money: they [...]

Making the G20 into a permanent fixture doesn’t tip the balance of global economic power away from the US “The old system of international economic cooperation is over,” announced Gordon Brown at the G20 summit in Pittsburgh. “The new system, as of today, has begun.” The first part of that statement is partly true. The second is [...]

The struggling Bank of America today was guaranteed funds to help then through the financial crisis. The Government had to step in today to help the Bank of America as they have seen losses that has never been recorded before. US government have put plans in to place today to allow up to $20 billion [...]