Meeting last month, Fed officials worried that even a dramatic cut in interest rates would not be enough to cauterize the country’s economic troubles quickly.

Meeting last month, Fed officials worried that even a dramatic cut in interest rates would not be enough to cauterize the country’s economic troubles quickly.

The Fed feared that the economy would be stuck in a painful rut for some time despite its decision to slash rates to record lows.

The debt-for-equity swap that was intended to help GMAC raise enough capital to qualify for federal aid.

In the bailout for American automakers, there are disquieting signs that the Treasury and Fed are not totally in accord.

The future seems a distant concern now. But Washington is spending as we once did.

The change in status makes the company eligible for bailout money and emergency loans directly from the Federal Reserve.

The commercial lender received preliminary approval on Tuesday to receive $2.33 billion under the government’s $700 billion financial bailout program.

The commercial lender received preliminary approval on Tuesday to receive $2.33 billion under the government’s $700 billion financial bailout program.

CIT Group sought the change in status in an effort to improve its financing options and help weather the severe credit crisis that has hit the financial sector.