In a defining moment for American capitalism, President Barack Obama ushered General Motors Corp. into bankruptcy protection Monday and put the government behind the wheel of the company that once symbolized the nation’s economic muscle.

General Motors entered Chapter 11 bankruptcy protection Monday with a near-complete plan to quickly emerge and potentially become profitable again, having already nailed down deals with its union and bondholders and arranged to sell off some brands and most of its Opel operations in Europe.

General Motors Corp filed for bankruptcy on Monday as the Obama administration took the first steps to try to revive a failed icon of American industry by extending unprecedented federal funding and oversight.

President Barack Obama could not let General Motors fail, but he will not concede he is taking over a company that once symbolized U.S. industrial might.

Interest rates on short-term Treasury bills fell in Monday’s auction. The Treasury Department auctioned $31 billion in three-month bills at a discount rate of 0.150 percent, down from 0.175 percent last week.

The California Supreme Court has unanimously tossed out a verdict that could have cost Bank of America nearly $1.6 billion.

U.S. manufacturing activity shrank less than expected in May as new orders actually rose, a key index found Monday, one of several factory reports…

SAN FRANCISCO—-Fitch Ratings assigns an ‘F1+’ rating to $220 million San Diego County tax and revenue anticipation note program note participations, series 2009-A. The notes are expected to sell via negotiation during the week of June 8, 2009 and will mature on June 30, 2010.

Firms seek to cut pay, not staff