financial crisis

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Stocks Jump on Citi Rescue
 Stocks Jump on Citi Rescue 
MARKET Open
Nov 24, 2008 8:58 AM CST

Stocks Jump on Citi Rescue

Dow makes triple-digit move in the right direction

(Newser) - Stocks kept Friday’s good mojo going this morning, after the government announced a massive plan to prop up Citigroup. The Dow rose 145 points at the open, as Citi shares leaped 57%, and pulled the rest of the sector with them. Bank of America rose 13%, while Morgan Stanley...

Bill Ford Driving a Green Future

Ford's chairman sees auto industry getting leaner and greener in recovery

(Newser) - While General Motors, Chrysler, and Congress are haggling over what strings to tie to a federal bailout, Ford chairman Bill Ford Jr is working behind the scenes to further his company's move toward greener, more fuel-efficient vehicles. The automaker, with enough cash on hand to get through 2009, isn’t...

Feds OK Massive $20B Citigroup Bailout

Taxpayers will also back $300 billion in shaky debt

(Newser) - The US will bail out Citigroup with $20 billion in fresh capital and a guarantee to mop up $306 billion in toxic assets, the Wall Street Journal reports. The deal, announced late last night, marks a turning point in the financial crisis: In addition to injecting nearly $300 billion into...

Feds, Citigroup Close In on Rescue Deal

Government could take over losses for troubled financial giant

(Newser) - Citigroup is closer to getting a new round of financial help from the feds, the New York Times reports. Regulators are discussing a plan today for the US to take on losses at the bank if they exceed certain levels. In effect, the plan would create a "bad bank"...

Detroit Should Look at the History of Steel
Detroit Should Look at the History of Steel
Analysis
Nov 23, 2008 2:09 PM CST

Detroit Should Look at the History of Steel

Bankruptcy saved that industry, but auto isn't exactly the same

(Newser) - When the steel industry was floundering, many people thought the worst possible outcome would be to allow the big, old companies to go bankrupt. But it took that failure to pare down the industry to a workable size and inject new life into it, David Streitfeld writes in the New ...

Learn to Live With Less
 Learn to Live With Less 
OPINION
Nov 23, 2008 12:44 PM CST

Learn to Live With Less

Couple pledged to buy only necessities for 12 months

(Newser) - Light wallets may seem particularly woeful around the holidays, when cheer often comes with a retail pricetag. But shopping binges, while they may be satisfying, ultimately just add to overconsumption problems worldwide, Judith Levine writes in the Washington Post. So she and her partner tried something new: They went a...

'Public Sick of Partisanship': Lieberman
'Public Sick of Partisanship':
Lieberman
talk show roundup
Nov 23, 2008 12:00 PM CST

'Public Sick of Partisanship': Lieberman

Joe says Obama never called back; politicos talk bailouts on TV

(Newser) - Joe Lieberman told Meet the Press today that he regrets "some things I said in the heat of the campaign that I wish I'd said more clearly," and hopes Barack Obama will put, er, "country first" by leading in a bipartisan fashion. Lieberman said he called...

Even Santa's Getting the Old Heave-Ho-Ho-Ho

Gigs cut, pay slashed, big elf not so jolly

(Newser) - St. Nick is already doing some serious belt-tightening in New York City as cash-strapped stores and malls head into the not-so-jolly season, thanks to the economy. Far fewer jobs and slashed pay rates are leaving wanna-be Santas with little clause to celebrate.

We Need New Leadership, Now
 We Need New Leadership, Now 
OPINION
Nov 23, 2008 6:32 AM CST

We Need New Leadership, Now

Washington's following 'business as usual' amid crisis

(Newser) - Washington is carrying out “business as usual in the most unusual economic moment of our lifetimes,” writes Thomas Friedman in the New York Times. It’s time for our leaders to wake up to the enormity of the financial crisis, the real "weapon of mass destruction,"...

Hedge Funds Bleed Assets as Investors Flee Risk

By March, 40% of assets withdrawn

(Newser) - Hedge Funds have never had a year this bad, and it's getting worse. Investors are pulling so much money from the once-prized investment vehicles, the Wall Street Journal reports, that redemptions are expected to claim 25% to 40% of hedge fund assets by March 2009. Add investment losses, and assets...

Dow Up 494 on Geithner Pick
 Dow Up 494 on Geithner Pick 
MARKETS
Nov 21, 2008 3:23 PM CST

Dow Up 494 on Geithner Pick

Index gets back over 8,000, but lose for the week

(Newser) - News that Barack Obama’s will nominate Timothy Geithner, head of the New York Fed, as Treasury Secretary buoyed stocks today, although the major indices all lost value for the week, MarketWatch reports. The Dow closed up 494.13 at 8,046.42. The Nasdaq gained 68.23 to settle...

Oprah's Newest Favorite Thing: Thrift

Talk-show host's holiday goodie bag will be unusually downscale this year

(Newser) - Oprah’s favorite things this year are cheap, cheap, cheap, Us Magazine reports. The TV host, who usually gives away pricey items on an annual holiday show, will bow to the economy and push affordable stocking-stuffers instead. The Nov. 26 airing also includes DIY tips, with viewers meeting “a...

Putin Promises to Help Sliding Russian Economy

With many paychecks weeks behind, crisis reminds nation of '90s collapse

(Newser) - Vladimir Putin proposed steps yesterday to stabilize the Russian economy as layoffs and deferred wages cause rising insecurity about the nation’s finances, the Wall Street Journal reports. Russian firms now owe $145 million in delayed wages to 300,000 people, and those figures may actually be higher—a fifth...

GM Shrinks Fleet of Corporate Jets
GM Shrinks
Fleet of Corporate Jets
Nov 21, 2008 1:38 PM CST

GM Shrinks Fleet of Corporate Jets

Automaker, pilloried on Capitol Hill, is retiring two of five planes

(Newser) - After facing turbulence on Capitol Hill over its corporate jets, General Motors is cutting two aircraft from the ranks, the Detroit News reports. “This is strictly the result of drastic cutbacks in travel around the globe,” said a spokesman. The automaker, which began this year with seven jets,...

Ailing Biotech Firms Need Shot in the Arm

Flatlining economy threatens breakthrough medical research

(Newser) - For the first time in years, the biotech industry is in desperate need of a lifeline, Bloomberg reports, as the economic crisis threatens to shove companies into bankruptcy and derail the development of potentially life-saving drugs. “I’m looking down the barrel of a gun,” admitted one CEO....

Economy's Tanking Too Fast to Wait for Obama: Krugman

The downtime before inaguration could make things grimmer yet

(Newser) - The state of the economy right now reminds Paul Krugman a lot of the start of the Great Depression, including a lame-duck administration that seems to have no credibility, hence no influence on the markets, the columnist writes in the New York Times. Drastic damage was done to the country...

As Museums Struggle, LA's MOCA Seeks Merger

MoCA holds talks with other institutions as endowment dries up

(Newser) - The Museum of Contemporary Art in Los Angeles, one of the nation's leading modern art galleries, is holding talks with other LA institutions about a possible merger. MoCA has already announced a 10% cut in staff and the temporary closure of 50% of its exhibition space. For the New York ...

Frantic Citigroup Considers Sell-Off

Merger or sale become options as bank scrambles to stop the drop

(Newser) - Citigroup is keeping all its options on the table as its share price plunges—including selling itself, insiders tell the Wall Street Journal.  The battered giant's share price plummeted another 26% yesterday—its worst one-day hit ever—chalking up an 83% dive for the year. Directors plan crisis talks...

Fannie, Freddie Will Stop Foreclosures Over Holidays

Some 16K affected by pause

(Newser) - Homeowners facing foreclosure got a morsel of good news today: Fannie Mae and Freddie Mac won’t give them the boot over the holidays. The companies will suspend foreclosures of occupied houses from Nov. 26-Jan. 9 while they work out a loan-reform plan with lenders, MarketWatch reports. The six-week suspension...

Big Three Worse Than Somali Pirates
 Big Three Worse 
 Than Somali Pirates 
OPINION
Nov 20, 2008 1:37 PM CST

Big Three Worse Than Somali Pirates

Extortion done right in Detroit

(Newser) - Detroit’s pleas for a bailout sound an awful lot like blackmail to Bloomberg’s Mark Gilbert. Let GM fail, CEO Rick Wagoner told Congress, and the “level of economic devastation would far exceed” what Detroit is asking for. In other words, give us what we want, or the...

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