LandAmerica seeks probe of banks (Times-Dispatch)
Attorneys for the bankrupt Henrico County-based company have asked to hire a New York law firm to investigate and pursue claims that the company was misled when investing in auction-rate securities. A hearing on the request is scheduled Thursday in U.S. Bankruptcy Court in Richmond. LandAmerica says the securities were marketed by the financial institutions “as highly liquid and safe alternatives to cash.”
Weighing the challenges of opening franchises (Roanoke Times)
The economy made it harder for the owners of Anytime Fitness in Bonsack to get their business off the ground.
Alcoa will invest $25 million in Hampton plant, add 25 jobs (Virginian-Pilot)
Alcoa will invest up to $25 million to expand and modernize its Alcoa Howmet plant in Hampton, Gov. Timothy M. Kaine announced today.
Dealers Say They Were Led Astray in Chrysler’s Final Days (Washington Post)
It came on Thursday, Feb. 5. Thousands of Chrysler dealers across the country dialed in to hear another in a string of pitches from Chrysler’s executive vice president. With the passion of a street preacher, Press implored the dealers to order as many cars as possible to help the company as a deadline loomed to prove its viability to the U.S. government. “You have two choices,” Press told the group, according to reports. “You can either help us or burn us all down.”
What Board Games Taught Us About the Economy (Slate)
The not-so-great financial lessons we learned as kids. A neat slideshow.
Work-Sharing May Help Companies Avoid Layoffs (NY Times)
Under the program, known as work-sharing, employers reduce their workers’ weekly hours and pay, often by 20 or 40 percent, and then states make up some of the lost wages, usually half, from their unemployment funds.
For immigrants, living the dream is getting tougher (USA Today)
They epitomize the American dream: Work hard and you can build a good life. With customers spending less and banks less willing to loan money, some immigrant entrepreneurs are wondering whether that’s still true.
Entrepreneurs Take Second Jobs to Stay Afloat (WSJ)
In a Tough Economic Environment, Alternate Sources of Income Help Owners Fund Their Ailing Companies.
When Your Business Loan Affects Your Personal Credit (BusinessWeek)
Small business borrowing is generally not reported on owners’ consumer credit reports unless they fail to pay on time. But with banks facing rising defaults, at least one lender is moving to add small business loans to borrowers’ consumer credit files, meaning small business owners could soon find that their business debts are affecting their personal credit. Any debt that owners personally guarantee—including many business loans and credit cards—could be reported.