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Struggling Circuit City files for bankruptcy

Fannie Mae posts $29B loss in third quarter; Fed approves AMEX’s bank holding request

Struggling Circuit City files for bankruptcy

RICHMOND, Va. – Facing pressure from vendors and consumers who aren’t spending, Circuit City Stores Inc. filed for bankruptcy protection Monday as it heads into the busy holiday season with hopes that move will help it survive.

Under Chapter 11 protection, the nation’s second-biggest electronics retailer can keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection.

The Associated Press

Fannie Mae posts $29B loss in third quarter

WASHINGTON – Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government’s $100 billion lifeline in the coming months.

The mortgage finance company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion noncash charge to reduce the value of tax assets.

The Associated Press

Fed approves AMEX’s bank holding request

The Federal Reserve has granted the request of credit card giant American Express Co. to become a bank holding company.

The Fed announced late Monday that it had approved the application for American Express and a related company, American Express Travel Related Services Co. Inc., to become bank holding companies.

The surprise announcement would give American Express access to low-cost financing from the Federal Reserve.

The Associated Press

Citizen Online Archive, 2006-2009

This archive contains all the stories that appeared on the Tucson Citizen's website from mid-2006 to June 1, 2009.

In 2010, a power surge fried a server that contained all of videos linked to dozens of stories in this archive. Also, a server that contained all of the databases for dozens of stories was accidentally erased, so all of those links are broken as well. However, all of the text and photos that accompanied some stories have been preserved.

For all of the stories that were archived by the Tucson Citizen newspaper's library in a digital archive between 1993 and 2009, go to Morgue Part 2

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