financial crisis

Stories 1461 - 1480 | << Prev   Next >>

For Paulson, Toughest Part Lies Ahead

Treasury has just weeks to create asset-buying behemoth

(Newser) - The real work for the Treasury Department begins now that the bailout bill has passed, the New York Times writes. Secretary Henry Paulson has less than a month to get a massive asset management firm up and running, and to start pricing the toxic securities that have flummoxed experts. The...

Street Shrugs Off Bailout OK
 Street Shrugs Off Bailout OK 
MARKETS
Oct 3, 2008 3:35 PM CDT

Street Shrugs Off Bailout OK

Markets rack up more losses despite bill's passage

(Newser) - Investors were feeling finicky today, pushing stocks higher by 300 points after the House approved the revised $700 billion bailout, then reversing the gains and moving the major indices to sharp weekly losses, MarketWatch says. The Dow dropped 157.15 to 10,325.70. The Nasdaq lost 29.33, finishing...

Bush Moves Quickly, Signs Bailout Bill Into Law

Reps who switched vote already spinning change for constituents

(Newser) - Less than 2 hours after the House passed the $700 billion bailout bill, President Bush signed it this afternoon. With a stroke of a pen, he set in motion $110 million in tax cuts and sent the legislators on both sides of the 263-171 vote home to explain themselves to...

Revised Bailout Bill Easily Clears House, 263-171

(Newser) - The House passed the revised $700 billion buyout plan this afternoon, 263-171, raising hopes that the economy will be able to fend off a recession, reports the Washington Post. After 5 days of arm-twisting, 26 Republicans switched their no votes; a total of 91 joined 172 Democrats in backing the...

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

(Newser) - Citigroup is seeking to nullify the Wells Fargo takeover of Wachovia announced this morning, Bloomberg reports. Citi claims the $15.4 billion deal violates an exclusivity agreement it had worked out with Wachovia early this week. "Citi has substantial legal rights regarding Wachovia and this transaction,'' the bank...

French Economy Enters Recession

After Ireland, it's the second EU nation in economic trouble

(Newser) - France has entered a recession. The national statistics agency projects that the economy will contract by 0.1% in the third and fourth quarters of 2008, meeting the generally accepted definition. Finance Minister Christine Lagarde blamed the troubles on high oil prices, the strength of the euro earlier this year,...

Stocks Rise on Opening Bell
 Stocks Rise on Opening Bell 
MARKETS
Oct 3, 2008 8:48 AM CDT

Stocks Rise on Opening Bell

New Wachovia deal boosts optimism

(Newser) - Stocks climbed higher today, buoyed by Wells Fargo’s deal to snatch Wachovia from Citigroup. The Dow is up more than 100 points in early trading, while the Nasdaq and S&P rose 1.7% and 1.5%, respectively. Seemingly ignored was a worse-than-expected employment report, which showed the sharpest...

California, Out of Cash, Begs for $7B From Treasury

Cash-starved Calif, credit markets, may need bailout of its own

(Newser) - California is almost out of cash, Gov. Arnold Schwarzenegger warned the Treasury Department yesterday, and may need an emergency loan of up to $7 billion from the federal government, the Los Angeles Times reports. California is the largest of several states locked out of the bond market by the credit...

Wells Fargo Buys Wachovia for $15.4B, Trumps Citigroup

After initial no, Bay Area bank buys out troubled lender

(Newser) - Wells Fargo will buy struggling bank Wachovia in a $15.4 billion takeover, reports the Wall Street Journal. The deal was announced today and comes just days after Wachovia had reached an agreement to sell its banking operations to Citigroup. The Wells Fargo purchase requires no government assistance, and the...

House Steels for High Noon Bailout Vote

Efforts to sway votes move into overdrive as second effort looms

(Newser) - Leaders and lobbyists are scrambling to marshal support for the revamped bailout bill before it returns to the House at midday today, the Washington Post reports. Democratic and GOP chiefs believe they can sway enough votes to swing it—although only a few have switched so far. Some Republicans who...

'Silent Run' Doomed Wachovia
 'Silent Run' Doomed Wachovia 
Oct 2, 2008 4:32 PM CDT

'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

(Newser) - Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally insured limit.

McCain Changes Tune on Moderator Pick

Choice of Ifill, like Obama's poll bump, shows 'life isn't fair'

(Newser) - Lamenting that "life isn't fair," John McCain said today he’s less than happy with the selection of Gwen Ifill to host tonight's VP debate. “I wish they had picked a moderator that isn’t writing a book favorable to Barack Obama,” McCain said on Fox ...

Crisis Leaves Goldman Nearly Unruffled
Crisis Leaves Goldman Nearly Unruffled
OPINION
Oct 2, 2008 4:08 PM CDT

Crisis Leaves Goldman Nearly Unruffled

Being ahead of curve, having friends in high places pays dividends

(Newser) - With the US financial inferno taking down most of the big investment banks, Goldman Sachs is set to emerge “essentially the same institution,” David Weidner writes in MarketWatch, stronger than it was before and with the same powerful array of friends in high places who, intentionally or otherwise,...

Dow Reels on Economic Fears
 Dow Reels on Economic Fears   
MARKETS
Oct 2, 2008 3:43 PM CDT

Dow Reels on Economic Fears

Bailout progress fails to inspire confidence in equities

(Newser) - Stocks fell sharply today as political progress on the bailout failed to encourage traders who were absorbing poor jobs and manufacturing data, MarketWatch reports. The Dow lost 348.22 and closed at 10,482.85, the Nasdaq shed 92.68 to 1,976.72, and the S&P 500 fell...

Bloomberg: I Don't Want to Walk Away

'Unprecedented challenges' push NYC mayor to seek 3rd term

(Newser) - Michael Bloomberg is officially seeking a third term to rescue New York from "meltdown" in the financial crisis, the Daily News reports. “I don’t want to walk away,” the mayor said in explaining why he intends to rewrite city rules despite thinking “term limits is...

Bill's New Baubles Persuade Some, May Scare Others

Adding pet projects could cost support of conservative Blue Dog Dems

(Newser) - The Senate’s version of the bailout bill is loaded with provisions specifically designed to sweeten the pot for House dissenters, Politico reports, including $3.3 billion for rural schools, equal health coverage for the mentally ill, and a suspension of the Alternative Minimum Tax. These changes may win over...

FDIC May Need Its Own Bailout
FDIC May Need Its Own Bailout
ANALYSIS
Oct 2, 2008 1:49 PM CDT

FDIC May Need Its Own Bailout

Agency lacks funds to insure present level, much less proposed raise to $250K

(Newser) - The Federal Deposit Insurance Corporation has quietly and effectively done its job safeguarding Americans’ money since 1933, but the financial crisis will thrust the agency into the spotlight, reports Big Money, Slate’s financial offshoot. The bailout bill increases the amount the FDIC insures, from $100,000 to $250,000,...

Forget Term Limits: NYC Needs Mike
Forget Term Limits: NYC Needs Mike
OPINION
Oct 2, 2008 1:27 PM CDT

Forget Term Limits: NYC Needs Mike

Bloomberg essential with Wall Street in crisis: Lauder

(Newser) - Term limits have been great for New York City, but it’s time to make an exception, billionaire philanthropist Ronald Lauder writes in the Times. Lauder believes Michael Bloomberg is the man to steer New York through the current economic disaster, preventing a repeat of the 1970s crisis that ruined...

Pressure Shifts Back to Pelosi
 Pressure Shifts Back to Pelosi 
ANALYSIS
Oct 2, 2008 12:46 PM CDT

Pressure Shifts Back to Pelosi

Speaker, derided for partisan remarks ahead of first vote, gets another crack at bailout bill

(Newser) - After Republicans blamed partisan remarks for dooming Monday’s bailout vote, Speaker Nancy Pelosi is firmly in the crosshairs with a second chance coming tomorrow, the Sacramento Bee reports. But the Democrat isn’t backing off, a rep says. “Part of being able to deal with this crisis is...

Bush Gambles Left US Broke; McCain's Could Kill Us

Palin choice shows Mac is just as willing to roll dice—but now's not the time for that

(Newser) - With Wall Street unraveling, Roger Cohen writes in the New York Times, we should remember who taught America all about incautious betting: President Bush, “the first person to reprice risk on the basis it no longer existed.” The Iraq war was a gamble with US lives and money,...

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