Goldman Raises $5 Billion to Repay TARP; Cost Cutting Will Save Royal Phillips $664 Million; Johnson & Johnson Earnings Saved By Cost Cuts; Singapore Forecasts 6%-9% 2009 Decline; Discover to Cut 500 Jobs; LIBOR Rate Dropping Fast; Coal Prices to Stay Low in 2009; Madoff Firm Files Bankruptcy

The unemployment picture took on an even more ominous tone this week as new layoffs emphatically underscored a worsening global economy.  Now, fear is rising that the losses represent a major restructuring in the business world and that some, if not most, of the jobs are gone forever.