Ginter Place Associates in bankruptcy; Ginter Place condo project is not (Times-Dispatch)
Ginter Place Associates, which owns property east of the condo building, was forced into an involuntary bankruptcy petition late last month to stop a foreclosure on one of its buildings.
James City Co. plant to get $20 million upgrade (Virginian-Pilot)
A James City County bottle maker will spend $20 million to upgrade equipment at its manufacturing facility, the governor’s office announced Tuesday.
E-commerce firm GSI closing Martinsville call center (Roanoke Times)
GSI Commerce, a Pennsylvania-based e-commerce and multichannel services company, said Tuesday that it will close its call center in Martinsville, eliminating 279 jobs.
Caterpillar’s Giant Swing to a Loss Reflects Deep Trouble for American Business (Washington Post)
About halfway through the corporate earnings season, the profit and loss statements of the world’s biggest businesses — Coca-Cola to DuPont, Alcoa to Nokia and Intel to Merck — have provided ample evidence that the economy has suffered one of its sharpest downturns since the 1930s.
The Scary Rise of the “Empty Creditor” (Slate)
They’d rather drive good companies into bankruptcy than save them. Why?
Confessions of a TARP Wife (Portfolio)
The entire country now thinks that TARP bankers are greedy incompetents dedicated to ripping off taxpayers. Fancy wastebaskets, under-the-rug bonuses, lavish junkets—these are Exhibits A, B, and C in the people’s case against Wall Street. Even the Octomom gets better press. Here is the reality: TARP managers are scared to death. The executives of these companies are desperately trying to hold their businesses together. My husband has battled the shutdown of the credit markets and a deteriorating business environment for two endless years without respite. He’s exhausted, terrified of losing the company, and beaten down by the constant criticism hurled at him. I’m trying to buck him up and not complicate his life. The last thing he needs is unpleasant publicity, so I’m learning to fly so far below the radar that I have perpetually skinned knees.