Dennis Knizley looks out at an oil rig beached just off of Dauphin Island, Ala., Aug. 30, 2005. When drivers line up to pay $3 a gallon for gasoline and offshore oil rigs go missing, it's much more than an energy story. It's the story of the economy.
Even with eight airlines flying in bankruptcy and jet fuel prices still wrecking budgets, there is cautious hope that the worst may be over for the U.S. airline business. If oil prices continue their recent trend downward and no catastrophes occur, the industry could even return to profitability after five straight years of multibillion-dollar losses.
Former Tyco International CEO L. Dennis Kozlowski exits Manhattan State Supreme Court on Friday, May 27, 2005. The former Tyco chief whose $6,000 shower curtain and lavish parties made him almost a caricature of the boom-time CEO, will serve at least 8 1/3 years and perhaps as many as 25, after being convicted of stealing $600 million from the company.
Federal Reserve Board Chairman Alan Greenspan testifies on Capitol Hill Nov. 3, 2005. For a while, the business headlines of 2005 started sounding uncomfortably like those of the 1970s. Oilmen hadn't been looked upon with such scorn since the days of J.R. Ewing, as the outrageous price of gas was overshadowed only by the outrageous price of designer jeans.
Steam, generated by natural gas, escapes during processing at Tomah3 Products in Milton, Wis., on Monday, Nov. 21, 2005. The worst may be over in the near-term as far as soaring energy costs go, yet the price of gasoline and other fuels is expected to remain high in 2006, creating budgetary anxiety for many U.S. families and businesses.
Bernard Ebbers former CEO of WorldCom, exits Manhattan federal court with his wife, Kristie, on March 15, 2005, after being convicted on all counts in the trial in which he was accused of orchestrating an accounting scandal which bankrupted the once-giant telecommunications company.
Wal-Mart Stores Inc. hitched itself to country superstar Garth Brooks in 2005, but it could have adopted David Bowie's "Changes" as its anthem. Beset by negative headlines, well-organized critics, slowing growth and a stagnant share price, the world's largest retailer launched initiatives it hopes will make 2006 a more prosperous and peaceful year.
General Motors chairman and CEO Rick Wagoner waits to take the stage at a press conference Nov. 21, 2005, at GM World Headquarters in Detroit, Mich. Wagoner announced that GM will close nine assembly, stamping, and powertrain plants and will eliminate 30,000 hourly job positions.