Why Is That Rick Wagner
Is Forced To Resign
But Not A Single Wall Street Executive
GM Chief to Resign at White House’s Behest
Obama Pushes General Motors and Chrysler to Slim Down, Make More Concessions
By Peter Whoriskey
Washington Post Staff Writer
Monday, March 30, 2009; Page A01
The Obama administration has forced the longtime head of General Motors to resign and said yesterday that it would withhold additional federal aid to the auto industry unless the ailing companies undertake changes they so far have been unwilling or unable to make.
The administration effectively rejected as untenable the business plans that GM and Chrysler had submitted to restructure their companies, saying that neither had fulfilled the terms of the federal loans the companies received in December.
The president is expected to announce today that both companies may still win additional federal aid but under stricter terms.
Gunmen storm Pakistan police academy
• At least 10 police officers killed at Lahore training centre
• Gunmen hold hundreds of officers and cadets hostage
?Saeed Shah in Islamabad and James Sturcke
guardian.co.uk, Monday 30 March 2009 08.49 BST
At least 10 police officers were killed when gunmen stormed a police training facility in Lahore this morning, the second major terrorist attack in the Pakistani city within a month.
Hundreds of police officers and cadets were being held hostage by at least 10 attackers, according to reports, as exchanges of gunfire took place with troops and police surrounding the Manawan police centre.
The interior ministry chief, Rehman Malik, said 52 officers were wounded in the attack but gave no word on the number killed, while Geo News television channel said the toll was 20.
Armoured personnel carriers were manoeuvring into place around the site, in an apparent attempt to seal the exits. Army marksmen took up position on surrounding rooftops and surveillance helicopters hovered above the complex.
USA
AIG crisis could be the tip of an insurance iceberg
The company’s situation reflects problems throughout the life insurance industry as investments suffer. Further strain could bring about a second financial crisis.
By Ralph Vartabedian and Tom Hamburger
March 30, 2009
Reporting from Washington and Los Angeles — When insurance giant American International Group Inc. imploded last fall, the firm’s problems were quickly blamed not on its core insurance business but on an obscure operation that traded exotic mortgage securities.
But as the economic crisis deepens, it has become clear that AIG’s problems extend across most of its business lines, including its massive life insurance and retirement services operations, which reported a staggering $18-billion quarterly loss this month.
The company’s situation is emblematic of problems across the life insurance industry, which is suffering deep losses on investments that underlie policies for millions of American families.
So far, some of the biggest companies have suffered sharp drops in their stock prices, and many of them are asking for federal assistance.
Industry conditions last year were the worst in memory and are expected to grow deeper this year amid credit rating downgrades, declining revenue and investment losses, according to credit rating firm A.M. Best Co.