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CIT Group Inc., a lender to almost a million mostly small and midsize businesses across the country, is preparing for a possible bankruptcy filing after so far failing to win a government guarantee to help it borrow, said people familiar with the matter.
When it goes down, so do 1000000 small and midsize business. It can't be good. Where is Obama?
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Oakland is preparing to lay off nearly a fifth of its police force just as it has turned the corner on crime, part of a national trend in the recession.
This city of 400,000 said last month it would cut 140 officers from its 800-strong police force, the department's first-ever mass layoffs.
Dozens of hard-hit cities have done the same. In May, Toledo, Ohio, laid off 11% of its police force. In Minnesota, seven city police departments have closed since March, and state officials say an additional nine departments are likely to close by year's end.
Overall, about 1,100 police officers lost their jobs in California in the fiscal year ended June 30, and an additional 900 are projected to be laid off in the current fiscal year, according to the California Association of Police Chiefs
Last edited by NEPatriot; 07-11-2009 at 10:20 AM..