A Hard Rain's Falling for the Class of 2009
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The college class of 2009 faces a market with fewer jobs at lower salaries. Applications for volunteer national service are up by more than 200%. We talk with college graduates and others. Also, Chrysler files for bankruptcy, and the head of Bank of America loses one title but keeps another. What are the consequences of a shareholders' revolt?
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Chrysler to File for Bankruptcy ()
At his news conference last night, President Obama said Chrysler might not have to resort to bankruptcy. But several bond-holding hedge funds refused to take less than what they were owed. Today, the President denounced what he called “a small group of speculators.” As it files for Chapter 11 bankruptcy, Chrysler will be merging with the Italian company Fiat. Justin Hyde reports from Washington for the Detroit Free Press.
- Justin Hyde: Washington Bureau Reporter, Detroit Free Press
Congratulations, Graduate, Now Find a Job! ()
This year's college graduates face the worse entry-level job market since the dot-com bust of the late 1990's. The National Association of Colleges and Employers, or NACE, shows employment opportunities down 22% from last year, and some companies that promise jobs won't actually hire until next Fall. Some graduates with loans to pay off are looking at volunteer work and unpaid internships that only provide room and board. We hear the best and worst prospects, talk with college kids about their expectations and hear about one scheme for taking advantage of trouble.
Resources mentioned in today's segment:
- Sarah Needleman: Careers Reporter, Wall Street Journal
- Alex Segal: Graduating English Major, Wesleyan Universtiy
- Alan Solomont: Chairman, Corporation for National and Community Service
- Alejandra Lance Calderon: Graduating Art History Major, Miami University
- Laurence Shatkin: career information expert and author
- Daniel Seddiqui: Graduate in Economics, University of Southern California
Ousted as Bank of America Chair, Ken Lewis Still in Charge ()
Bank of America CEO Ken Lewis has testified that he agreed to merge with Merrill Lynch to help save the financial system, even though he knew it would be bad for some shareholders. Yesterday, shareholders struck back by stripping him of his chairmanship of the board. Despite yesterday’s rebellion, Lewis is still President and CEO. Walter Massey, who replaced him as chair, says Lewis has the “unanimous support” of the Board. Doug McIntyre is co-editor of 247WallStreet.com.
- Douglas McIntyre: Co-editor of 247WallSt.com
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