President George W. Bush announced Tuesday morning a plan to spend $250 billion to partially nationalize nine major banks.
Bush and Treasury Secretary Henry Paulson say the move is temporary but necessary to shore of banks and unfreeze credit markets. The plan also includes guarantees from the Federal Deposit Insurance Corp. and a limit on executive compensation for banks that accept the government’s financial help.
(The Washington Post)
Computer chip maker Qimonda announced Monday it would lay off 1,200 people from its Henrico County plant. The German computer chip manufacturer has faced an oversupply of memory chips and falling prices. (Richmond Times-Dispatch)
Major services cuts in Prince William County are expected this year as County Executive Craig S. Gerhart asked all department heads to submit proposals that cut their budgets by one-third. Gerhart said cuts would not be across the board, but hopes the one-third cut proposals will show all options. The county’s revenues are suffering as home values have fallen 37 percent. (The Washington Post)
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