Top 10 national stories
Published December 30, 2005
Here, according to editors polled by the Associated Press, are the top business stories of 2005:
1. ENERGY PRICES
Crude oil soared to $70 a barrel.
2. HURRICANE KATRINA
The huge storm shut down much of the Gulf Coast's energy infrastructure.
General Motors Corp. and Ford Motor Co. saw their debt downgraded, and auto parts maker Delphi Corp. filed for bankruptcy protection.
Delta Air Lines Inc. and Northwest Airlines Corp. took refuge in bankruptcy protection.
Scores of troubled companies turned over to the federal government retirement plans covering 235,000 workers and retirees.
The red-hot housing and real estate market finally shows some signs of cooling after a record run.
7. FEDERAL RESERVE
After 18 years at the helm of the Federal Reserve, Alan Greenspan is readying to step aside. Ben Bernanke has been nominated to replace him.
8. CORPORATE SCANDALS
Former WorldCom Inc. CEO Bernard Ebbers and onetime Tyco International Ltd. CEO L. Dennis Kozlowski were sentenced to lengthy prison terms.
9. ECONOMIC GROWTH
The economy showed surprising resilience, continuing to expand steadily despite soaring energy prices and hurricanes.
Courts saw a rush of activity, as weary consumers sought bankruptcy protection before October, when a new law took effect, tightening filing requirements.
[Last modified December 30, 2005, 00:56:10]
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