financial crisis

Stories 1441 - 1460 | << Prev   Next >>

Russia Drops $5.4B on Iceland's Imploding Economy

Nordic nation pegs exchange rates, nationalizes another bank

(Newser) - Iceland is in talks to receive a $5.43 billion loan from Russia to stave off economic collapse, as the tiny Nordic country nationalized yet another bank and fixed its currency's to the euro. An oversized banking system has left Iceland dangerously exposed to market gyrations, and the prime minister...

Wells, Citigroup Call Truce in Wachovia Battle

Fed brokers cool-off, banks may be working out carve-up deal

(Newser) - Citigroup and Wells Fargo have agreed to back off from their legal tug-of-war over Wachovia until tomorrow, reports the San Francisco Chronicle. The Fed-brokered agreement comes after days of furious legal wrangling and a $60 billion lawsuit filed by Citigroup against both Wells and Wachovia yesterday. Insiders say Citigroup and...

Sell Those Stocks! Banks Are Better: Cramer
Sell Those Stocks! Banks
Are Better: Cramer
opinion
Oct 6, 2008 8:30 PM CDT

Sell Those Stocks! Banks Are Better: Cramer

(Newser) - The stock market is no place to keep a dollar these days, warned hollering financial guru Jim Cramer today on Mad Money. Another depression is possible and energy woes are likely, he said, so the smart investor will free up money needed in the next 5 years by selling stock....

Reeling Dow Closes Below 10K
 Reeling Dow Closes Below 10K 
MARKETS
Oct 6, 2008 3:44 PM CDT

Reeling Dow Closes Below 10K

Bailout doesn't provide quick relief for stocks

(Newser) - Stocks saw heavy losses today as investors lost faith in the bailout’s ability to quickly reverse the slumping economy, MarketWatch reports. The Dow closed below 10,000 for the first time since 2004 after managing to claw back from an 800-point intraday loss. The final tick was down 369....

Bailout Won't Bail Out Bernanke
 Bailout Won't 
 Bail Out Bernanke 
OPINION
Oct 6, 2008 2:42 PM CDT

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense...

Congress Gets Ugly Portrait of Lehman's Last Days

Investment giant knew of liquidity concerns, gave out $5B in bonuses

(Newser) - Lehman Brothers’ departing executives were negotiating millions in bonuses while the bank begged for taxpayer money to avoid bankruptcy, a House committee finds after reviewing documents. At a hearing today on Capitol Hill—the first on the financial crisis—the investment firm was painted as one run by irresponsible leaders...

Dow Down 700, Hits 4-Year Low
 Dow Down 700, Hits 4-Year Low 
UPDATED
Oct 6, 2008 1:58 PM CDT

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

(Newser) - Stocks continued downward today, with the Dow falling a record 782 points, the Wall Street Journal reports, and settling mid-afternoon around 9,571, below 10,000 for the first time since October 2004. “This is just about fear right now, and whether stocks are going to close down 200...

In Crisis, Buffett Is Modern JP Morgan

'Oracle of Omaha' offers financial, psychological help to stressed America

(Newser) - Amid the financial panic of 1907, financier JP Morgan stepped in to play the role of central bank, crafting an economic rescue plan and using his personality to offer worried Americans a psychological boost. Today, Warren Buffett’s financial aid to Wall Street and calming influence on Main Street are...

Citigroup Sues Wells, Wachovia for $60B

Deal would award $225M in severance, Citi charges—a bailout no-no

(Newser) - Citigroup has sued Wells Fargo and Wachovia for $60 billion in damages, alleging the latter breached an exclusivity agreement in agreeing to its sale to Wells. Wells is also charged with violating Citi's right to purchase some of Wachovia's assets under a previous deal, reports Bloomberg. The Wells agreement would...

Paulson Picks Goldman Alum to Oversee Bailout Fund

35-year-old to keep seat warm until Jan.

(Newser) - Treasury Secretary Henry Paulson will name former Goldman Sachs banker Neel Kashkari to oversee the $700 billion bailout fund approved last week, reports the Wall Street Journal. The appointment is an interim one for Kashkari, 35, currently an assistant Treasury secretary; a new administration would almost certainly appoint its own...

Feds Work to Cement Wachovia Deal
Feds Work
to Cement Wachovia Deal
Oct 6, 2008 6:52 AM CDT

Feds Work to Cement Wachovia Deal

Citi and Wells Fargo would each get a piece of the struggling bank

(Newser) - Federal Reserve officials are pushing Citigroup and Wells Fargo to agree to a compromise giving each a piece of struggling Wachovia, with the Charlotte-based bank's 3,346 branches divided along geographic lines and Wells Fargo acquiring its investment units, reports the Wall Street Journal. The new deal, still being negotiated...

Europe Scrambles to Save Banks

Governments rescue troubled institutions, pledge to back deposits

(Newser) - Barely a day after rejecting the need for a massive unified rescue plan, European leaders are wading into two substantial bailouts and vowing to save banks, Bloomberg reports. France’s BNP Paribas will take over Fortis in Belgium and Luxembourg, while Germany’s government and banks bail out Hypo Real...

Banks Lead Europe Market Plunge

EU leaders' disagreements sow fear

(Newser) - Financial stocks led sharp declines across European markets this morning after the continent's finance ministers failed to agree on a joint effort to stem the crisis. By 10 a.m. in London the FTSE was down 5.2%, with troubled banking giant HBOS plummeting 15%. In Frankfurt the Dax was...

Economic Crisis Is Too Advanced for Rescue

Layoffs just part of the problem, as states, consumers cut back

(Newser) - September's spike in US unemployment numbers was the latest indication of a faltering economy, but the country's problems certainly aren't limited to layoffs. Unfortunately, the $700 billion bailout plan won't make things much better, analysts tell the Los Angeles Times. From consumer activity to state governments, the economic signs are...

Europe Agrees to Take It One Financial Crisis at a Time

Sarkozy's hopes dashed amid other leaders' opposition

(Newser) - Leaders of Europe’s four biggest economies did not settle on a unified plan for tackling the financial crisis, the Washington Post reports. Instead, each country will deal with banking problems as they crop up. While France’s Nicolas Sarkozy hoped for a Europe-wide plan, British and German leaders were...

Dire Economy Boosts Obama in Swing States

GOP has hard time making case to worried voters for 4 more years

(Newser) - As voters turn green over the shaky economy, the electoral map is turning blue, according to a New York Times tally. Barack Obama is hitting hard in nine states that George Bush took in 2004 and weren’t expected to be tossups this close to November—forcing John McCain to...

Citi Suit Blocks Wells' Wachovia Deal

Court order says bank must only deal with Citigroup, for now

(Newser) - In a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US...

Paulson Lost Some Cred
 Paulson Lost Some Cred 
ANALYSIS
Oct 4, 2008 5:01 PM CDT

Paulson Lost Some Cred

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(Newser) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his...

Socialists: Rescue Plan's Not Our Bag

Far left thinks $700B bailout is just capitalism remixed

(Newser) - Some on the right are decrying the $700 billion rescue plan as a step toward American socialism, but the real socialists beg to differ, the Wall Street Journal reports. “Bailing out the biggest financial corporations in the country is a far cry from what we have in mind when...

Citi May Seek to Recover Wachovia Deal

Bank could make a better offer; may sue Wells Fargo

(Newser) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that...

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