Tuesday morning headlines

Stocks open flat: The Dow is hovering around the line in early trading.

Banks to repay TARP money: JPMorgan, Goldman Sachs and American Express are among the 10 majors that will be allowed to repay $68 billion in government bailout funds. From the WSJ:

Many banks have been eager to repay TARP in part to show investors they are healthy enough not to need government assistance. But many are uncomfortable with the restrictions that come with the government's investment, including on pay, dividends and stock buybacks.

B of A settle claims: California will get $9.7 million as part of the bank's agreement to pay $50 million in penalties after a multi-state probe of the auction-rate-securities market. The company previously agreed to repurchase billion of dollars in ARS, the market that seized up in February 2008. (Dow Jones)

Minimizing Chrysler stay: Sure, there is the potential that the reorganization plan could be delayed for months if the high court listens to oral arguments, but Troy D. Cahill, counsel in Akin Gump's Supreme Court and appellate practice, downplays yesterday's temporary stay. From Scotusblog:

In the Chrysler case, Justice Ginsburg was faced with a definitive deadline (4 p.m. today) by which she or the Court needed to act or else the Indiana benefit funds and other applicants would be irreparably harmed. Given that the last response brief was not filed until Monday morning, given the significance of the underlying challenge to the government's power to deal with the economic crisis, and given that Justice Ginsburg may have wanted to allow the applicants a reasonable opportunity to reply to the arguments made in response to their stay application, it is not surprising that Justice Ginsburg issued a temporary stay to permit herself additional time to consider the arguments and determine whether to refer the matter to the full court and whether to vote to grant or deny the stay request.

Life after Chrysler: Star Chrysler Jeep in Glendale shuts down today, one of the 789 dealerships nationwide to lose their franchises. But the dealership will reopen as Star Pre-Owned Super Center, focusing on the used-car market. From the Daily News:

Fifty-five people work at the 20-year-old dealership, general manager Doug Swaim said, and just about every one is keeping his or her job. "We don't anticipate a huge need to eliminate that many people," Swaim said during an interview Monday.

Bids for Saab: Three groups have submitted offers, the FT reports, and GM is expected to make a preference by the end of the week. Whoever wins out, it will be an unusual deal: GM will be contributing assets and cash worth $500 million to finance Saab's spin-off as a separate company.

Weiss district projects: A bunch of high-profile developments in the soon-to-be-departed councilman's Westside district are about to be voted on by full chamber - and some maintain that the process is being rushed. From the LAT:

When it comes to real estate development, the 15-member council typically relies on the "Rule of 15," which suggests that members not interfere with projects in other council colleagues' districts. That concept was briefly ignored last week, when council members demanded and obtained new concessions from the developer of La Brea Gateway. Weiss advised his colleagues that they should rely on the expertise of the council's three-member Planning and Land Use Management Committee, on which he sits. Councilman Bill Rosendahl disagreed, saying that he was willing to make changes to projects in Weiss' district if he saw a need.

Protest over gay event at Disney parks: A Florida-based family organization takes issue with "Gay Days," which is held at Disney World and Disneyland (though it is not sponsored by Disney). From the OC Register:

Those events have prompted David Caton, president of the Florida Family Association, to call for "mainstream American to stay away during those events" and for his supporters to write letters to Disney officials expressing their concerns. Caton told the Register's AroundDisney.com that other "specialty events" at Disney parks, including Christian-themed events, are held after park hours. That should also be the case with Gay Days, he said. "We have witnessed this first-hand and we don't believe it's right for a family expecting a normal day at Disney to walk in and see thousands of same-sex couples holding hands, hugging and wearing T-shirts promoting their lifestyle," Caton said.

Lacter on radio: This morning's business chat with KPCC's Steve Julian covers the higher price of gasoline and a new study on the state's technology sector.