Reduced to begging? Detroit auto industry executives and representatives from the United Auto Workers union are campaigning for a $25 billion slice of the $700 billion bailout pie and appearing before the Senate Banking Committee Tuesday. It’s unlikely any relief will be passed during this final lame-duck session of Congress. What will happen if the domestic auto companies be forced into bankruptcy? One school of thought predicts ultimate doom, with up to 2.5 million jobs affected. Another says foreign auto companies will soon fill the void the Big 3 leave behind.
The winds die down, but the damage remains … firefighters got the upper hand on the three fires in Southern California Monday, which allowed residents to return to their homes to see what horror the flames had wrought. In total, 842 homes burned and more than 100 were damaged. The Los Angeles Times tells a now-familiar story of homeowners returning to find out what possessions they have left.
For sale: two million barrels of oil, plus one giant tanker … Somali pirates anchored the Sirius Star, a giant Saudi oil tanker with cargo worth $100 million, in friendly waters off the Somali port village of Eyl on Tuesday, after boarding and hijacking the tanker over the weekend. Pirates currently have control of at least 12 ships and more than 250 kidnapped crew. The pirates have no way of unloading the oil from the tanker, so they will likely hold the ship for ransom. Two million barrels of oil makes up one quarter of a day’s production of oil in Saudi Arabia. The Saudis are predictably displeased.
Goodbye, Jerry. Yahoo’s CEO and founder Jerry Yang said Monday he would step down from leading the company once a replacement was found. Speculation immediately began again that Yang’s departure would clear the way for Microsoft to buy the search company and Internet portal. Microsoft offered $33 per share to buy Yahoo in May; its stock closed at $10.63 on Monday.
OK, 400 lawsuits is enough. Jarek Molski reached the end of the road Monday, when the Supreme Court declined to hear his appeal. He has sued over 400 businesses for violations to the Americans with Disabilities Act, But in 2004 a federal judge barred Molski from future litigation. Molski was injured in a motorcycle accident and has used a wheelchair for decades.

