Economic bailout plan takes shape

Government response to the economic crisis has been guided by a trio of senior officials: Henry Paulson, Ben S. Bernanke and Timothy F. Geithner. >>

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Text of President Bush's statement today on the economy: >>

Text of Treasury Secretary Henry Paulson's news conferences today: >>

WASHINGTON -- Urgently moving on multiple fronts to stem the worst financial crisis in decades, the government today said it would safeguard assets in money market mutual funds and temporarily banned short-selling of financial company stocks. The Treasury Department has asked Congress to give it sweeping power to buy up toxic debt that has unhinged Wall Street. >>

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Treasury Secretary Henry Paulson says the 'hundreds of billions' of taxpayer dollars that would go toward proposed relief program would pay off in market stability. >>

The SEC faced overwhelming pressure to do something. But it's a dangerous move to halt a legitimate investment strategy. >>

They list greed and Greenspan among the culprits, and there are comparisons to . . . Albania. But amid the gloating, there is fear for financial systems in Britain, Spain, Italy and elsewhere. >>

Current and former executives and managers of the supermarket chain are accused of illegally rehiring locked-out workers during the 2003-04 dispute to undermine efforts by the grocery workers union. >>

Market ends the day up 3.4% after Treasury Secretary Paulson outlines a plan to shore up the financial system. Financial shares get an especially big boost. >>

The jump from 7.4% in July puts the state in a tie with Mississippi for the third-highest jobless rate in the U.S. >>

The move spells an end to a short-lived corporate marriage and paves the way for the DreamWorks co-founder to form a new studio backed by India's Reliance ADA Group. >>

East West Bancorp Chief Executive Dominic Ng will tell you that his Pasadena bank is in about the same financial condition as two months ago: some loan problems, but a high net worth and a solid base of deposits. >>

As part of a wide-ranging effort to contain Wall Street's worst financial crisis since the Great Depression, the Securities and Exchange Commission took the unprecedented step of banning short sales of stock in 799 financial companies. Here are some questions and answers about the government's decision: >>

The move is intended to halt a run on the funds in the wake of the Lehman Bros. collapse. >>

TECHNOLOGY

IPhone 3G adapter may cause shock >>

A government report says the improvement could be greater if Americans buy more fuel-efficient vehicles. >>

After widespread complaints from buyers, the company raises the number of computers on which players can install the software. The maximum was three; now it's five. >>

A U.S. appeals court resurrects a claim against one type of chip involving transmitting of radio signals. It upholds a finding in Qualcomm's favor on a second patent and is reviewing a third. >>

Attorneys general from 25 states this week asked MillerCoors to abandon plans for Sparks Red, saying the combination of alcohol and caffeine reduces drinkers' sense of intoxication. >>

Shares of OfficeMax Inc. plunged the most in almost 21 years Friday after the office supplies retailer said debt that was partially guaranteed by Lehman Bros. Holdings Inc. was in default. >>

Lockheed Martin Corp. and the Air Force on Friday took the unusual step of publicly defending a $300-billion fighter jet program from recent criticisms of the plane's capabilities, including reports that it performed poorly in a simulated fight with a Russian aircraft. >>

International Lease Finance Corp., the airplane-leasing company owned by American International Group Inc., said it was borrowing $6.5 billion in emergency funding, the maximum amount allowed under its three credit lines. >>

BC-BILL-FORD-SHARES >>

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Daily developments

* The government says it will purchase hundreds of billions of dollars of bad debt from troubled banks. >>

Ameribank Inc. of Northfork, W. Va., was closed by regulators Friday, as the deepening housing slump and soured real estate loans claimed a 12th bank this year. >>

The government would buy up firms' bad assets to boost lending >>

The agency created in the late 1980s to end the S & L crisis had a different kind of mess to clean up. >>

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Squeezed by rising costs and leveling revenues, Universal Pictures declines to finance 'Tintin.' >>

Investors are in escrow to buy the Long Beach site from Boeing and have secured financing for the $500-million project. >>

Stocks rally late in the day after regulators pledge increased oversight of short sellers and a key lawmaker says the federal government is working on a permanent solution to the financial crisis. >>

The 556-horsepower sedan is a speedster that provides superb cornering and control in a refined and seductive package. >>

California utility regulators conclude that a seven-year fraud by the company caused substantial harm to customers and could have diminished worker safety. >>

The Public Utilities Commission approves hikes of as much as $3.25 a month in 2009 and 2010. >>

The airline was losing 'significant money.' The move is a setback for L.A. Mayor Antonio Villaraigosa's plan to revive a regional airport system to reduce load at LAX. >>

With the backing of moderates, the dissidents, backed by Tom Hanks and Sally Field, now control a majority of votes on the national board. That could jump-start stalled contract talks with studios. >>

Publicity about the star's criticism of the movie's poster could give the romantic comedy the edge over the thriller 'Lakeview Terrace.' >>

WASHINGTON -- With the financial markets in turmoil, President Bush said Thursday that he shares Americans' concerns and the government will act aggressively to avert a deepening crisis. >>

Revenue at the business software maker increases 18% to $5.33 billion despite a shaky economy. >>

Federal regulators today may take their boldest steps yet to curb stock "short sellers" amid rising criticism over the practice of betting on lower stock prices. >>

The former Universal Pictures executive takes over at UA for departed CEO Paula Wagner. She'll now have to help get movies made at UA, apparently not an easy task. >>

THE ECONOMY

Mortgage rates are still declining >>

The U.S. initially awarded a contract to build the aerial refueling tankers to Northrop but withdrew it after rival Boeing protested. >>

The troubled insurer is one of 80 partners that hold a stake in several U.S. seaports, says the head of the group that manages those facilities. >>

Beijing scraps a stock-buying tax and plans to buy stakes in the nation's three largest banks to prop up their share prices after the stock market drops almost 70% in less than a year. >>

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Shares of the power wholesaler had sunk on worries about its ability to stay in business. >>

The airline's president says eliminating free beverage service has reduced cabin logjams and restroom lines. >>

The U.S. economy was heading for a deeper slowdown than forecast even before this month's collapse in financial markets, a gauge of future performance showed Thursday. >>

NEW YORK -- Dow Jones & Co. said Thursday that Kraft Foods Inc. will replace struggling insurer American International Group Inc. in the Dow Jones Industrial Average when trading begins Sept. 22. >>

Shares of MannKind Corp., one of the last drug makers trying to develop inhaled insulin, rose the most in more than four years after analysts expressed optimism about the product. >>

In August, nearly half of the 37,988 houses sold were foreclosures, which helped send the statewide median price plunging 35.3% to $301,000. >>

2009 Cadillac CTS-V

Price, as tested: $65,000 (est.) >>

Daily developments

* The government works >>

FRANKFURT, Germany -- European stocks halted three days of losses in early afternoon trading Thursday, rising slightly after a concerted effort by central banks to pump billions more U.S. dollars into troubled money markets and limit the global financial crisis. Asian markets fell. >>