A multi billion dollar aid package for Bank of America is being considered by the federal government to help with losses at Merrill Lynch. Bank of America's shares fell another $1.88, to close at $8.32. Bank of America benefited from last Fall’s relief aid, receiving $25 billion in aid. Even with aid from the government,…
Temple University has revealed their plan for budget cuts and to freeze nonunion salaries in 2010. The planned five percent cut will result in a savings of approximately $40 million. Additionally, the university has pulled its contract offer for the faculty union and will devise a less costly proposal. As state revenues weaken, more cuts…
Unemployment rates continue to rise. An estimated 2.6 million jobs were lost in 2008, the most since 1945. A shocking 11.1 million people were unemployed as of December 2008. In December, the unemployment rate was reported to be as high as 7.2 percent, which is up from 6.8 in November. Employers are not only cutting…
Over the past several months, most have come to realize no industry is immune from the recession we are facing. Local Pennsylvania hospitals can be added to the list of entities suffering from the present financial crisis. The Health System Association of Pennsylvania (HAP) released results of a survey conducted in December of 160 hospitals…