Chicago Sun-Times :: Business

Global economy too big to control

Fri, 21 Nov 2008 04:00 CST

Terry Savage: There was a time not so long ago when government officials debated which institutions were "too big to fail." Now they're learning the lesson that the global economy is "too big to control." It is the height of conceit for government and corporate officials to spend their time -- and our money -- debating priorities for rescuing constituencies. History says they'd be better off standing aside and not trying to turn back the tide.

Eddie and Jobo axed from B96

SUN-TIMES STAFF REPORTS — Fri, 21 Nov 2008 04:00 CST

The 20-year radio team of Eddie and JoBo is off the air at Top 40 WBBM-FM (96.3). Ed Volkman and Joe Bohannon, veteran morning team since joined the station in 1988, and, except for a two-year absence, have been on the Top 40 music station since.

Jobless line up for hours

Fri, 21 Nov 2008 04:00 CST

Jerry Gillespie is a carpenter. But the 31-year-old Chicago man has hit wall after wall in an effort to find work. Unemployed for the last six months, he's been rejected time and time again. He was one of thousands of Chicago area residents to show up at Navy Pier for a morning job fair orchestrated by ABC's "Good Morning America."

WLUP's Brandmeier lands TV gigs on WMAQ

Fri, 21 Nov 2008 04:00 CST

Lewis Lazare: Could WLUP-FM (97.9) morning drive host Jonathon Brandmeier become a fixture on late-night television? It's possible. Brandmeier will test the waters with a couple of (very) late-evening 30-minute "Almost Live" specials on NBC-owned WMAQ-Channel 5. One will air at 1:05 a.m. Dec. 5 and at 1:05 a.m. Dec. 12.

Credit card fees rising

FROM SUN-TIMES STAFF AND WIRES — Fri, 21 Nov 2008 04:00 CST

Banks had already been tightening the screws on people with less-than-perfect credit. Now, even customers who pay on time will be hit. While average credit card rates have dipped as the Federal Reserve has cut interest rates, banks and retailers are trying to offset rising losses in their credit card operations by raising rates and fees across a broader swath of their existing customers.

Congress orders Big 3 to justify aid

BY JULIE HIRSCHFELD DAVIS — Fri, 21 Nov 2008 04:00 CST

Show us the plan and we'll show you the money.

Stocks jump on report of Geithner nominatio

FROM THE ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

Wall Street got a boost of confidence late Friday following a report that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.

Wal-Mart names new CEO

FROM THE ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

NEW YORK -- Wal-Mart Stores Inc., the world's largest retailer, unexpectedly announced Friday that its chief executive will retire in February and be replaced by the head of its international division.

Tollway board gives green light to carpool lanes

Fri, 21 Nov 2008 04:00 CST

Carpool lanes are coming to Illinois. The Illinois Tollway board Thursday approved a proposal to spend $400 million on a project that�s supposed to ease congestion and reduce emissions. But the Tollway still doesn�t know exactly where the carpool lanes are going to be or how they�re going to work.

USG plans to raise $400 million

FROM THE ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

Chicago-based building materials supplier USG Corp. said Friday it plans to raise $400 million by selling convertible notes, most of which will be bought by Warren Buffett's Berkshire Hathaway.

For many CEOs, private jets the only way to fly

BY ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

Some in Congress pounced this week on what they view as the hypocrisy of auto executives flying on corporate jets to Washington to ask for public help. Corporations insist riding on private planes is not a lavish perk, but rather a necessary security requirement for top officials that also helps them be more efficient.

Busy Treasury secretary still has time for Reagan

BY ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

WASHINGTON---- Managing the biggest financial crisis since the Great Depression has left Treasury Secretary Henry Paulson little time to sleep, let alone fly around the country to speak at fundraisers.

Americans still giving to charity

FROM THE ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

SEATTLE -- As more Americans turn to charity amid worsening economic gloom, operators of food banks and other aid groups are relying on the surprisingly resilient generosity of their neighbors and finding that even when times are tough, people still give.

Black Friday may disappoint stores

BY ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

After pushing steep discounts throughout November that are usually reserved for the day after Thanksgiving, retailers from Kohl's to Toys ''R'' Us are offering even bigger cuts and promotions for Black Friday in a frantic bid to pull in shoppers. But the bargain hunters showing up for the early morning specials on toys and TVs are not expected to buy with the same gusto as a year.

Reese site again an Olympic Village possibility

Fri, 21 Nov 2008 04:00 CST

It looks like the on-again, off-again plan to move the $1.1 billion Olympic Village to the campus of Michael Reese Hospital could be back on again. Ald. Toni Preckwinkle (4th) disclosed Thursday that Chicago 2016 Chairman Pat Ryan is closing in on an agreement with Medline Industries, owner of the 37-acre Reese site.

CBOE's fear index rises to record

Fri, 21 Nov 2008 04:00 CST

Market volatility drove the fear gauge, the Chicago Board Options Exchange's VIX, to a record Thursday: 81.35.

Bush signs bill providing extra jobless benefits

FROM THE ASSOCIATED PRESS — Fri, 21 Nov 2008 04:00 CST

WASHINGTON -- The White House says President Bush signed into law a bill that Congress approved to keep unemployment checks flowing to jobless Americans through the holiday season.

Business brief

Fri, 21 Nov 2008 04:00 CST

Steve & Barry decides not to stay open during bankruptcy protection