This Week in Finance: Friday, August 28, 2009

Here is a recap of important finance news from around the world.

Summary: Sen. Ted Kennedy passes away from brain cancer, Australia to create a program for its auto financiers, Sen. Chris Dodd chosen to replace Kennedy, Texas bullish in recession, Pittsburgh’s pension fund is in trouble and more financial layoffs are expected.

Ted Kennedy Dies of Brain Cancer at 77
The country mourns as America loses one of its great senators, Edward M. Kennedy, who in his last days pushed for a health care reform.

Australia’s Cash for Clunkers for Auto Lenders
Australian Treasurer Wayne Swan says the government create a special fund to provide liquidity to four of the country’s top auto financiers. The program will provide up to $1.66 billion dollars starting September 1, 2009.

Christopher J. Dodd Takes Over for Ted Kennedy
Following the death of his close friend Ted Kennedy, Sen. Dodd has been given the White House’s approval to take over the Senate health committee.

Texas Proves Recession-Proof
Texas has one of the lowest unemployment rates in the nation at 7.9%, and jobs are actually being added as finance firms recruit more talent for their commodities teams.

Finance Job Layoffs
Lloyds Banking, Friends First life assurance company, and the Federal Reserve are all eliminating jobs.

Pittsburgh Pension Liabilities to Top $1 Billion
According to its finance director, Pittsburgh’s pension fund could be headed for major trouble, and may actually be worse than previously expected. The Pennsylvania Municipal Retirement System is looking to take control over the declining pension fund under the state’s new laws.