Financial news on May 10, 2008

Business and Financial news
As Stimulus Rebates Go Out, Stores Want the Whole Check

Retailers are pushing consumers to spend their windfall, but some offers require hundreds of dollars. Read more..

By STEPHANIE CLIFFORD and MICHAEL BARBARO - The New York Times

Charles R. Ellis, President of John Wiley & Sons, Dies at 72

Mr. Ellis led the venerable family-owned publishing house John Wiley & Sons back to fiscal health in the 1990s after a period of misdirected expansion. Read more..

By BRUCE WEBER - The New York Times

Circuit City Opens Its Books to Blockbuster

The electronics chain’s move is a shift from its initial, highly skeptical stance toward Blockbuster’s unsolicited takeover bid. Read more..

By MICHAEL J. de la MERCED - The New York Times

Citi’s Chief Says Change Will Take Time and Patience

At Vikram Pandit’s first major presentation to investors and analysts, Citigroup said that it planned to sell about $400 billion in assets in the next two to three years. Read more..

By ERIC DASH - The New York Times

Fears Ease, So It’s Time to Be Fearful

Now that public opinion is solidifying around the idea that the Federal Reserve has made its last rate cut for a while, stocks may be poised atop a slope of complacency. Read more..

By CONRAD de AENLLE - The New York Times

Kerkorian Moves to Buy a Bigger Stake in Ford

The billionaire investor started a cash tender offer on Friday to bolster his stake in Ford to 5.6 percent, but stopped short of revealing his long-term plans as a major shareholder. Read more..

By BILL VLASIC - The New York Times

Mortgage Holders Find It Hard to Walk Away From Their Homes

The blogosphere is full of tales of homeowners who supposedly are choosing to mail the house keys to their lenders rather than keep their depreciating homes, but this remains a rare occurrence. Read more..

By VIKAS BAJAJ - The New York Times

Short of Cash, Fremont May Not Complete a Deal

Fremont General, once a major subprime lender, may go bankrupt and wipe out shareholders because it will not have enough time or cash to complete the sale of its retail banking business. Read more..

By BLOOMBERG NEWS - The New York Times

Taking Advantage of Previously Issued Credit Lines

While banks say they have been tightening credit standards for more than a year, the growth rate of commercial and industrial loans is still growing faster than at any time in recent years. Read more..

By FLOYD NORRIS - The New York Times

The Chief of Barneys Is Expected to Resign

Howard Socol, the chief executive of Barneys New York, is said to disagree sharply with the new owners of the chain over its strategy. Read more..

By MICHAEL BARBARO and ERIC WILSON - The New York Times

See what else happened on May 10, 2008