In a desperation move likely to help out its merger prospects, Chrysler has announced that the company will be cutting 25% of salaried workers. CEO Bob Nardelli said that “These are truly unimaginable times for our industry.” Actually Bob, the only news to come out of Chrysler that is “truly unimaginable” lately was that they were exiting the hybrid business until 2010.

Intel beat their earnings, but lowered their outlook… damn!

Wall Street Fighter has the sccop on a remake of the movie Wall Street?

Macworld brings us an overview of the new Apple laptops which you’ve probably already seen 10 times today.

Bush tries to preserve some of his free market cred… yeah right.

Cnet reminds us why the Google-Yahoo advertising deal hasn’t gone through.

And finally, a video review of the global bailout from the dishy Julie Alexandria:

The dean of the Columbia Business School, Glenn Hubbard, admits to the tune of a song by The Police how much he wants Ben Bernanke’s job:

Barack Obama and John McCain are not the only ones running negative ads. In this advertisement for Fox’s business channel, the news group attacks rival CNBC’s financial cheerleader Jim Cramer. Booyah.

Yesterday’s Lehman hearings on the hill was a several-hour long farce as a group of political blowhards grandstanded over Wall Street blowhards. It did produce this painful 5 minutes of video, though:

Here’s a pretty informative video by 60 Minutes on the subprime crisis. It’s a pretty good summation for you guys who are going to plagiarize these opinions at parties.

A rally at the end almost ruined my headline, but the Dow still lost 3.4% and the Nasdaq dropped 4.3%.

• Yahoo Finance: Wall Street tumbles amid global sell-off
• TheStreet.com: Stocks Pare Steepest Losses of the Day
• The Wall St. Journal: Dow Drops Under 10000 as Bank Woes Persist
• The BBC: Financial crisis pummels stocks
• The Motley Fool: The Incredible Shrinking Dow

The feds have swooped in to save mega-insurance group AIG, which has been on the verge of bankruptcy for several weeks. The federal government (read: taxpayers) will loan the American Insurance Group $85 billion dollars, and in return will take an 80% stake in the company.

Event coverage:

• International Herald Tribune: Fed to loan AIG $85 billion and take 80% stake in rescue
• CNN: Fed in AIG rescue - $85B loan
• New York Times: Fed’s $85 Billion Loan Rescues Insurer
• BBC: US government rescues insurer AIG

A Wall Street musical:

A French judge is holding Continental Airlines and five individuals responsible for the 2000 Concorde crash that killed 113 when it slammed into a hotel shortly after taking off. The trial is expected to take place in 2009. Here’s a video with some pictures and footage of the crash:

Source: Yahoo Finance