credit market chaos

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GE CEO Parries Critics —Including Predecessor

Despite missing earnings forecasts, Immelt says he'll stay the course

(Newser) - General Electric CEO Jeffrey Immelt faced the music yesterday, as his predecessor, Jack Welch, raked him over the coals on his own cable TV network for missing first-quarter earnings forecasts. Immelt admitted GE “let people down” in downgrading its outlook for 2008, the Wall Street Journal reports. But he...

Vulture Investors Circle Wall Street

Many hope to cash in on the chaos of the credit crunch

(Newser) - Like shoppers stalking deals at Filene’s Basement, savvy Wall Street vulture investors are swooping in to find deals among the carcasses of companies and investments felled by the subprime contagion, reports the New York Times. They're betting big—Blackstone Group just raised $10.9 billion from investors to buy...

UBS Girds for Battle With Group Led by Ex-President

Investors tell ailing Swiss banking giant its time to cut dead weight, sell businesses

(Newser) - UBS, one of the banks hardest hit by the subprime collapse with $37.7 billion in writedowns, is under attack from an investor group led by one of its former presidents, reports the Wall Street Journal. The group wants the Swiss banking giant to spin off its investment bank, blaming...

Banks Need to 'Fess Up on Risk: G7 Panel

Forum of regulators says transparency needed to end crisis

(Newser) - Top financial regulators today challenged banks to come clean about risks they face, the Wall Street Journal reports. The Financial Stability Forum, a worldwide team of financial honchos—including several central bank chiefs—concluded that “hording of liquidity” was leading to “severe strains” in the lending market. Only...

Investors Urge Reluctant Fed to Buy Mortgage Debt

Critics say plan would put too much risk on taxpayers

(Newser) - The best way for the Fed to help reverse the sagging economy is for it to buy some of the $6 trillion in outstanding mortgage-backed securities that have Wall Street so nervous, investors say. The move would ease the credit crunch but put taxpayers at risk. It’s an option...

JPMorgan in Talks to Boost Bear Stearns Bid

Attempt to mollify furious Bear stockholders

(Newser) - JPMorgan Chase was in negotiations last night to quintuple its bid for Bear Stearns following a storm of angry protests by Bear shareholders over the initial bargain-basement deal for the investment banking giant, reports the New York Times. Under the new deal, JPMorgan Chase would pay $1 billion—$10 a...

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