Losses | featured news

David Stern says the NBA is projecting league-wide losses of about $400 million this season and has lost hundreds of millions in each previous year of the current collective bargaining agreement.

The embattled chief executive, under pressure over the disclosure of losses and bonuses at Merrill Lynch, told the board on Wednesday that he planned to retire, people briefed on the situation said.

Fannie Mae plans to tap $11 billion in new government aid after posting another massive quarterly loss as the taxpayer bill from the housing market bust keeps growing.

The post office says it lost $2.4 billion from April through June. That brings the year's losses so far to $4.7 billion. And the Postal Service expects to be $7 billion in the red when the fiscal year ends Sept. 30.