Already in bankruptcy protection, the company has also been dealing with a nationwide strike. It says it can't go on. So 18,500 jobs are being eliminated. And some iconic taste treats may soon be scarce.
The next victim of the foreclosure crisis could be the Federal Housing Administration. The agency is on the verge of burning through its cash reserves and will eventually ask for taxpayer assistance, according to Rep. Spencer Bachus, chairman of the House Financial Services Committee. The FHA insures many of the nation's low-down-payment mortgages.
Honda, which has long aspired to launch off the road and into the skies, is one step closer to that goal. It has started production on its HondaJet. It's a twin jet engine aircraft, being assembled in North Carolina, aimed at the business market. Industry insiders call it the "Honda Civic of the skies."
Steve Inskeep talks to Democratic Sen. Patty Murray about going over the fiscal cliff. As the head of the Democratic Senatorial Campaign Committee, Murray helped the Democrats maintain their Senate majority. She has said that if Republicans do not agree to let tax cuts expire for those making over $250,000 per year, the country should go over the fiscal cliff.
Linda Wertheimer talks to Daisuke Wakabayashi, who covers the tech industry from Tokay for The Wall Street Journal, about the new Wii U videogame console, which hits the market this weekend. Many stores, however, have already sold out of pre-orders.
BP will pay nearly $1.3 billion for crimes associated with its 2010 drilling rig accident and oil spill in the Gulf of Mexico. On top of that, the company will pay more than $3 billion to settle claims from the U.S. Department of Justice and the Securities and Exchange Commission.
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