Bank of America Bailout

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, Bank of America stocks continue to plunge. Wall Street is bracing for another round of losses from the banks.

Budget cuts for Temple University

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 could arise before the end of the year, though some renovation projects will continue as planned. Other colleges affected by the down slope of the economy are Pennsylvania State University, Bryn Mawr College, and Haverford College. Read more…