Stress-Test Results Are Delayed by Fed as Examiners, Banks Debate Findings...
.S. Commerce Department: U.S. economy worst in 50 years: It's official. The United States is mired in its worst economic downturn in half a century, the U.S. Commerce Department reported Wednesday. Data released by the department show that the U.S. economy shrank by 6.1 percent during the first three months of the year – a full percentage point worse than what analysts polled by Thomson Reuters had been predicting.
Chrysler to File for Bankruptcy: U.S. officials had offered Chrysler's secured lenders $2.25 billion in cash if they would agree to writedown the $6.9 billion in secured debt that the company owed. But a small group of hedge funds refused the 11th-hour deal, forcing an imminent bankruptcy.
U.S. March Consumer Spending Fell More Than Forecast: Purchases decreased 0.2 percent after a 0.4 percent gain in February that was larger than previously estimated, the Commerce Department said today in Washington. Incomes fell for the fifth time in the last six months.