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Congress gets $700 billion financial bailout plan (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 5:53 pm Congress gets $700 billion financial bailout planWASHINGTON (Reuters) - The Bush administration on Saturday sent a $700 billion financial markets rescue plan to Congress where Democrats immediately questioned its impact not only on Wall Street, but on homeowners and taxpayers as well.Source: Reuters: Business News | 20 Sep 2008 | 5:52 pm Financial rescue plan taking shape on Capitol HillU.S. lawmakers have begun hammering out legislative authority for the Bush administration to undertake a sweeping, $700 billion rescue of the American financial system.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 5:33 pm Blast rocks Islamabad hotelA truck laden with explosives caused a huge explosion outside Islamabad's Marriott Hotel killing at least 50 people, according to Pakistani rescue workers and the policeSource: FT.com - US homepage | 20 Sep 2008 | 5:30 pm Berlusconi warns Alitalia now risks bankruptcyROME (Reuters) - Alitalia remained airborne on Saturday but Prime Minister Silvio Berlusconi ruled out any last-minute rescue by a foreign airline and said Italy's flag carrier could be headed for bankruptcy.Source: Reuters: Business News | 20 Sep 2008 | 5:20 pm GM draws on $4.5 billion revolving credit facilityLOS ANGELES (Reuters) - General Motors Corp said on Friday it plans to draw down the remaining $3.9 billion of its $4.5 billion secured revolving credit facility to maintain a high level of financial flexibility for its ongoing restructuring in the face of uncertain capital markets.Source: Reuters: Business News | 20 Sep 2008 | 4:55 pm Proposed Wall St bailout to cost $700bnThe Bush administration sought congressional support for a $700bn bailout for US financial institutions to quell the turmoil in financial marketsSource: FT.com - US homepage | 20 Sep 2008 | 4:49 pm SIPC: Lehman Brothers Inc. Liquidation Proceeding Paves Way for Asset Purchase Agreement by BarclaysWASHINGTON, Sept. 20 /PRNewswire-USNewswire/ -- The Securities Investor Protection Corporation (SIPC), which maintains a special reserve fund authorized by Congress to...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 4:44 pm Morgan Stanley still in deal talksNEW YORK (Reuters) - Morgan Stanley's talks with Wachovia Corp , China Investment Corp and other institutions continue, though the rebound in its securities gives the investment bank more...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 4:43 pm Morgan Stanley still in deal talksNEW YORK (Reuters) - Morgan Stanley's talks with Wachovia Corp , China Investment Corp and other institutions continue, though the rebound in its securities gives the investment bank more time to consider its options, a person familiar with the matter said Friday.Source: Reuters: Business News | 20 Sep 2008 | 4:43 pm Pentagon, Lockheed rebut F-35 fighter jet criticsWASHINGTON (Reuters) - The Pentagon and Lockheed Martin Corp , its largest supplier, sought on Friday to shoot down criticism of their $299 billion F-35 Joint Strike Fighter program, the costliest planned U.S. arms buy ever.Source: Reuters: Business News | 20 Sep 2008 | 4:42 pm Apple runs short of entry-level iPhonesBy Friday night, only 36 of Apple's 197 U.S. retail outlets still had 8 GB iPhones in stock.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 4:38 pm Analysts: Taxpayers will learn to play the bluesThe historic proposal to have the government take the toxic waste off of the balance sheets of U.S. financial institution will balloon the federal deficit and alter the economic landscape, analysts say.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 4:32 pm Details of $700 billion financial rescue proposal_Give the treasury secretary broad authority to buy up to $700 billion in mortgage-related assets from any financial institution in the United States. _Raise the $10.6 trillion statutorySource: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 4:26 pm Gen Y facing up to debtProspects for the Kiwi economy are looking weak as the global financial crisis deepens, yet a quarter of the population has, until now, known only sustained economic growth. The oldest members of Generation Y, loosely defined as...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Chasing the best rewardsWith share prices tumbling, the world's financial markets in turmoil and even the bluest of blue-chip banks in trouble, many people may be considering mattresses as the safest option for keeping their hard-earned money safe. But...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Bernard Hickey : Mortgage costs feel the crunchThe latest instalment of the credit crunch will affect New Zealanders, but not in the way many might assume. I reckon it will push house prices lower and keep interest rates higher for longer. It will probably also extend our recession...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm How safe is your bank?Financial experts say New Zealand banks are well-placed to survive the events of the past week with minimal damage. Our banks are stronger, better regulated, simpler and cleaner than the US investment institutions that collapsed...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Kenny's working card to crack Kiwi marketReversing the trend of Kiwi retailers launching across the ditch, an Australian card and gift retail chain has opened the first of its stores in New Zealand and has plans for a nationwide network. Kenny's Cardiology has five stores...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm NewsWatch: Paulson sends mortgage plan to CongressTreasury Secretary Henry Paulson presents his historic mortgage rescue plan to Congress and the two sides will meet throughout the day on on the details.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 4:00 pm Top tips: On wealth protection through trustsKevin Peacock, manager of private wealth management at Guardian Trust,on wealth protection through trusts. Why would I need to set up a trust? Depending on your life circumstances and financial situation, a trust can be...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Fonterra offerFonterra has offered to send special supplies of milk powder or infant formula from New Zealand to help Chinese parents safely feed their babies. The offer comes as the contaminated dairy scandal in China widens to embroil 22 manufacturers,...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Martin Hawes : Don't let the bear scare youInvestment markets work on two predominant emotions - fear and greed - and at the moment it is fear that is dominating most investors' thoughts. With the sub-prime crisis carrying on unabated and property and share markets in disarray,...Source: New Zealand Herald - Business | 20 Sep 2008 | 4:00 pm Morgan Stanley board to meet over weekend: reportCHICAGO (Reuters) - Morgan Stanley's board was expected to meet over the weekend to discuss a merger with Wachovia Corp, the Wall Street Journal reported on Saturday.Source: Reuters: Business News | 20 Sep 2008 | 3:50 pm Morgan Stanley board to meet over weekend: report (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 3:49 pm Judge approves Lehman, Barclays pactNEW YORK (Reuters) - A U.S. bankruptcy judge approved a revised version of British bank Barclays Plc's deal to purchase the core U.S. business of Lehman Brothers Holdings Inc.Source: Reuters: Business News | 20 Sep 2008 | 3:46 pm U.S. readies massive toxic-debt planNEW YORK (Reuters) - The U.S. government is preparing to mop up hundreds of billions of dollars in bad mortgage debt, after curbing short-selling and guaranteeing mutual funds in an effort to stabilize financial markets.Source: Reuters: Business News | 20 Sep 2008 | 3:35 pm Judge clears way for Barclays deal with LehmanA bankruptcy judge today decided that Lehman Brothers can sell its investment banking and trading businesses to Barclays, the first major step to wind down America's fourth-largest investment bank.Source: Latest Business News from Times Online | 20 Sep 2008 | 3:28 pm Beleaguered Mbeki to stand downThabo Mbeki, South Africa's beleaguered president, agreed to stand down after a midnight putsch by the leaders of the ruling African National CongressSource: FT.com - US homepage | 20 Sep 2008 | 3:22 pm $700-billion Wall Street rescue plan sent to CongressThe bill would grant the Treasury secretary new power to buy worthless mortgage assets, and would raise the government's debt ceiling to $11.3 trillion. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 3:20 pm $700-billion Wall Street rescue plan sent to CongressThe bill would grant the Treasury secretary new power to buy loss-ridden mortgage assets, and would raise the government's debt ceiling to $11.3 trillion.WASHINGTON -- The Bush administration this morning formally asked Congress to grant sweeping new powers to the Treasury secretary to buy as much as $700 billion in loss-ridden mortgage-related assets as part of a herculean effort to clean up Wall Street's financial crisis. Source: L.A. Times - Business | 20 Sep 2008 | 3:20 pm EADS could freeze A400M production amid late-delivery rowAerospace giant EADS has threatened to freeze production of its Airbus subsidiary's flagship military airlifter if clients do not drop penalty clauses for late delivery, a German news...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 2:50 pm $700 billion limit set on the big US bail-out$America's "bail-out" bill is expected to set a $700 billion limit on the amount of government funds used to buy up sub-prime mortgages and related instruments.$Source: Latest Business News from Times Online | 20 Sep 2008 | 2:25 pm Bush defends US debt rescue planUS President George W Bush defends a rescue package to tackle the worst financial markets crisis for decades.Source: BBC News | Business | World Edition | 20 Sep 2008 | 2:21 pm Rescue plan seeks $700B to buy bad mortgagesThe Bush administration is asking Congress to let the government buy $700 billion in toxic mortgages in the largest financial bailout since the Great Depression, according to a draft of theSource: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 2:06 pm Radio Address by President Bush to the NationWASHINGTON, Sept. 20 /PRNewswire-USNewswire/ -- The following is a transcript of Radio Address by President Bush to the Nation: THE PRESIDENT: Good morning. ThisSource: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 2:06 pm Bush Asks For $700 BillionAccording to The Associated Press, The plan would give the government broad power to buy the bad debt of any U.S. financial institutions for the next two years. It also would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion -- making room for the massive rescue. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Sep 2008 | 2:04 pm Bush asks Congress for $700 billion for bailoutThe Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. The plan would...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 1:30 pm Government asks Congress for $700B for bailoutThe Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression. The plan would...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 1:22 pm Paulson's Bail-Out: No New Jobs
Economists, even those with Ph.Ds in mathematics or Noble Prizes, have not been able to articulate whether the deliverance of the American system of capitalism will work. Financial companies who are not bailed out will need to sell assets to stay in business and will race one another to the bottom in an effort to maintain some liquidity. Banks will have to write-off the difference between what the government will pay them for their toilet paper and what they have carried it for on their books for. Unless the Congress is willing to suspend the GAAP rules which have controlled financial reporting for decades, banks will have to raise more capital. No one outside an asylum will put up that cash. Some Congressmen will roil debate with the festering question of how people who cannot make their mortgage payments will get on the dole. If the government is to provide relief for hundreds of thousands of homeowners, the salvation program might cost $2 trillion. There is nothing in Paulson's plan which creates a single new American job. If the base of taxpayers continues to fall the burden on each person who remains employed rises sharply. The Fed can bring in extra printing presses to push more dollars into the pockets of consumers. Inflation follows. Consumer spending moves into a moribund state. The economy dies from the ground up. Paulson's plan seems vast in comparison to anything that the government has had to do to right the financial system since the 1930s, but it may turn out to be less than vast enough. Douglas A. McIntyre Source: 24/7 Wall St. | 20 Sep 2008 | 1:19 pm Gas prices sink for third dayGas prices fell for their third-straight day Saturday after climbing for more than a week on the heels of hurricanes that shut down much of the nation's refineries, according to a nationwide survey of credit card swipes at gasoline stations.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 1:06 pm NewsWatch: Stocks end week of drama virtually unchanged from week agoU.S. stocks rocket higher, with the major stock indexes wiping out a week of shattering losses, as Wall Street cheered the government’s moves to kick-start credit markets as well as plans to move against short sellers.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 1:00 pm Washington rushes to negotiate financial rescueA half-trillion dollar bailout that the Bush administration and Congress are negotiating this weekend for faltering financial institutions could unload their bad debt on the government, andSource: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 12:58 pm Judge OKs Lehman unit sale to BarclaysRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 12:51 pm Berlusconi warns Alitalia now risks bankruptcyROME (Reuters) - Alitalia remained airborne on Saturday but Prime Minister Silvio Berlusconi ruled out any last-minute rescue by a foreign airline and said Italy's flag carrier...Source: Infocious RSS raw feed - channel BNewsBusiness | 20 Sep 2008 | 12:26 pm U.S. readies massive toxic-debt plan (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 12:01 pm U.S. readies massive toxic-debt plan (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 12:01 pm Personal Finance Daily: The week's 10 best Personal Finance stories: Sept. 15-19In case you missed them, here are the top 10 Personal Finance stories from MarketWatch for the week of Sept. 15-19:Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 12:01 pm 4 Fannie Mae senior execs resignRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 11:43 am Auto Review: 2009 Acura TSX: Good clean funTalk about "if it ain't broke, don't fix it!" Acura gave its TSX model a makeover for 2009 but left alone all the things we liked about the previous model -- quality, great handling and a rev-happy little four that returned 26 miles a gallon during our week-long test.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 10:00 am Judge approves $1.3bn Lehman dealA US judge backs UK bank Barclays' plan to buy the core business of collapsed investment bank Lehman Brothers.Source: BBC News | Business | World Edition | 20 Sep 2008 | 7:47 am East West Bancorp stock gets boost from SEC's ban on short sellingEast West Bancorp Chief Executive Dominic Ng will tell you that his Pasadena bank is in about the same financial condition as two months ago: some loan problems, but a high net worth and a solid base of...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Treasury, Fed leaders make decisions that will affect millionsGovernment response to the economic crisis has been guided by a trio of senior officials: Henry Paulson, Ben S. Bernanke and Timothy F. Geithner. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am DreamWorks gains financing from Reliance of IndiaSteven Spielberg raised $1.3 billion to reestablish DreamWorks SKG as an independent film studio and break away from Viacom Inc.'s Paramount Pictures, people familiar with the director's efforts said...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Europeans on left and right ridicule U.S. money meltdownThey list greed and Greenspan among the culprits, and there are comparisons to . . . Albania. But amid the gloating, there is fear for financial systems in Britain, Spain, Italy and elsewhere. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Economic bailout plan takes shapeOfficials want a federal insurance program for money market mutual funds and a ban on some short sales. Federal...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am California unemployment rate soars to 7.7% in AugustThe jump from 7.4% in July puts the state in a tie with Mississippi for the third-highest jobless rate in the U.S. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am 8 indicted over hiring during Ralphs lockoutCurrent and former executives and managers of the supermarket chain are accused of illegally rehiring locked-out workers during the 2003-04 dispute to undermine efforts by the grocery workers union. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Dow closes 368 points higher after U.S. comes to the rescueMarket ends the day up 3.4% after Treasury Secretary Paulson outlines a plan to shore up the financial system. Financial shares get an especially big boost. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Text of Bush's statementText of President Bush's statement today on the economy:Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am Treasury, Fed leaders make decisions that will affect millionsGovernment response to the economic crisis has been guided by a trio of senior officials: Henry Paulson, Ben S. Bernanke and Timothy F. Geithner.The response to the gravest financial crisis in generations has been engineered to a remarkable degree by a committee of three. Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am 'Short sellers' may be just an easy targetThe SEC faced overwhelming pressure to do something. But it's a dangerous move to halt a legitimate investment strategy. ...Source: Infocious RSS raw feed - channel BNPaperBusiness | 20 Sep 2008 | 7:00 am Europeans on left and right ridicule U.S. money meltdownThey list greed and Greenspan among the culprits, and there are comparisons to . . . Albania. But amid the gloating, there is fear for financial systems in Britain, Spain, Italy and elsewhere.It's a rare day when finance officials, leftist intellectuals and ordinary salespeople can agree on something. But the economic meltdown that wrought its wrath from Rome to Madrid to Berlin this week brought Europeans together in a harsh chorus of condemnation of the excess and disarray on Wall Street. Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am Text of Paulson's news conferenceText of Treasury Secretary Henry Paulson's news conferences today:Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am 'Short sellers' may be just an easy targetThe SEC faced overwhelming pressure to do something. But it's a dangerous move to halt a legitimate investment strategy.After the collapse of Enron Corp. in 2001, Wall Street "short sellers" were hailed as heroes for helping to expose the company's massive accounting fraud. Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am Economic bailout plan takes shapeOfficials want a federal insurance program for money market mutual funds and a ban on some short sales.Federal regulators rolled out the first pieces of their sweeping plan to end the nation's financial crisis Friday, moving to insure up to $2 trillion in money market mutual funds and temporarily barring investors from betting on the decline of financial company stocks. Source: L.A. Times - Business | 20 Sep 2008 | 7:00 am Judge approves Lehman, Barclays pact (Reuters)
Source: Yahoo! News: Business | 20 Sep 2008 | 6:12 am Bush hails financial rescue planPresident Bush promises "unprecedented action" to tackle the financial crisis, with a fund reportedly worth up to $800bn.Source: BBC News | Business | World Edition | 20 Sep 2008 | 4:35 am Market Snapshot: Stocks brighten, but what about the credit crisis?Investors are putting behind them one of Wall Street's most tumultuous weeks in the hope that government plans to take the bad assets of ailing financial firms off of their balance sheets will help stem the year-long credit crisis.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 4:01 am Extraordinary rescue effort spurs Wall Street rallyNEW YORK (Reuters) - Sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred a huge relief rally in stocks on Friday, ending a week when the financial landscape underwent the most dramatic reshaping since the Great Depression.Source: Reuters: Business News | 20 Sep 2008 | 1:46 am U.S. joins worldwide crackdown on short sellersWASHINGTON/NEW YORK (Reuters) - Regulators around the world curbed short-selling of financial shares on Friday, igniting a huge rally in a sector that had been targeted by sellers as the credit crisis deepened.Source: Reuters: Business News | 20 Sep 2008 | 1:24 am Stocks to Watch: Stocks in focus for MondayAmong the companies whose shares are expected to see active trade in Monday's session are 3Com, AutoZone, and CarMax.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 1:22 am Business Briefs - FridayApple to replace iPhone adapters. The electronics giant will replace power adapters for its new iPhone 3G cell phones after receiving reports that...Source: Investor's Business Daily: BUSINESS | 20 Sep 2008 | 1:03 am Diverse Stream Of Customers Keeps This Fluid Handler PumpedIt's been a tough year for any company to go public, and an even tougher one in the aftermarket.Source: Investor's Business Daily: BUSINESS | 20 Sep 2008 | 1:03 am Trends & Innovations - FridayWireless guide proposed for blindSource: Investor's Business Daily: BUSINESS | 20 Sep 2008 | 1:03 am Investors' Chemical AttractionEven amid a gloomy economy, specialty chemical makers continue to shine.Source: Investor's Business Daily: BUSINESS | 20 Sep 2008 | 1:03 am In Brief - FridayLDK Solar (LDK), a Chinese solar products maker, said it filed with the SEC to offer equity and debt securities and to issue $150 mil in...Source: Investor's Business Daily: BUSINESS | 20 Sep 2008 | 1:03 am GM to draw down $3.5B line of creditRead full story for latest details.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 12:59 am 12th bank failure of '08 announcedAmeribank Inc. was shut down on Friday by the Office of the Thrift Supervision, making it the 12th bank this year to go under.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 12:48 am Weekend Edition: Investors flying to safety, but not panicking -- yetIn the aftermath of this week's near meltdown in world financial markets, investors took cover anywhere they thought could offer shelter, sometimes seeking comfort in strange places.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 12:44 am Bush hails financial rescue planStruggling to stave off financial catastrophe, the Bush administration today laid out a radical bailout plan with a jawdropping price tag - a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held...Source: New Zealand Herald - Business | 20 Sep 2008 | 12:30 am Ameribank folds, the 12th bank closure this yearA tumultuous week for financial markets is capped with the closure of Northfork, W.Va.-based Ameribank, the 12th U.S. bank closure so far this year.Source: MarketWatch.com - Top Stories | 20 Sep 2008 | 12:19 am Stocks surge as Feds actStocks rallied Friday, with the Dow rising 369 points, as the government's plan to help rescue banks from toxic mortgage debt soothed investors at the end of a gut-churning week on Wall Street.Source: Business and financial news - CNNMoney.com | 20 Sep 2008 | 12:02 am CurrenciesCurrenciesSource: Telegraph Business | 20 Sep 2008 | 12:01 am AIG shareholders hope to retain controlSome of American International Group's shareholders want to help the company pay off the federal government's US$85 billion loan and avoid ceding a majority stake in the company, The Wall Street Journal reported today. The shareholders...Source: New Zealand Herald - Business | 20 Sep 2008 | 12:00 am Rescue plan slows Morgan-Wachovia talksMorgan Stanley and Wachovia have slowed down their talks over an all-stock merger and are reassessing the merits of a deal in light of the US government action to rescue the financial sectorSource: FT.com - US homepage | 19 Sep 2008 | 11:50 pm Understanding the woes on Wall StreetHost Tess Vigeland gets a final perspective on the week on Wall Street, this time from Marketplace's senior business correspondent and market guru Bob Moon.Source: Marketplace Money | 19 Sep 2008 | 11:33 pm Fixed mortgage rates to climb in response to turmoilHomeowners have been told to expect a sharp rise in fixed-rate mortgage rates next week as lenders react to the turmoil in the financial markets. Mortgage experts have pointed to soaring interbank lending rates for projections of increases of up to a quarter-point expected from the big lenders.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm John Lewis trades on the sunny side of the high streetThe John Lewis Partnership provided further evidence that it may not be so gloomy on the high street yesterday by reporting excellent trading since the start of the month.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Russian markets stop and start after state interventionRussia’s stock exchanges soared by more than 20 per cent yesterday in frenetic trading that was interrupted twice by suspensions imposed by regulators.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Shell poised to sign deal with Kazakhstan on oil joint ventureRoyal Dutch Shell was on the verge of sealing a deal with Kazakhstan yesterday that could lead to taking joint control of one of the world's biggest oilfields.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Need to know: AIG to repay $85bn ... Informa rejected ... Oil rises$EconomicsSource: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Lloyds TSB chided over £800m share placingLloyds TSB took advantage of yesterday’s rally in banking stocks to raise £800 million of fresh capital as consumers, shareholders and unions continued to criticise the bank’s rescue takeover of HBOS.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Forget short-sellers, Pollyanna creep could be the culpritThere is no shortage of villains being accused of igniting the financial brushfire raging across Wall Street: the housing bubble, misguided interest rate policy, poor regulation, numbskull credit ratings agencies, vicious short-sellers and out-of-control personal greed are a few suspects.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Lehman Brothers UK pension fund seeks bailoutFunds responsible for the pensions of 12.5 million people in the UK are to be tapped to help to meet pension promises made to staff at Lehman Brothers in Britain, The Times has learnt.Source: Latest Business News from Times Online | 19 Sep 2008 | 11:00 pm Apple recalls iPhone power adaptersSource: Business and financial news - CNNMoney.com | 19 Sep 2008 | 10:32 pm Liz Claiborne's high fashion stumbleFrom the get-go it was one of the odder pairings in the fashion world. One is a high-end designer famous for making Carolyn Bessette's wedding dress. The other is a mainstream apparel manufacturer that sells sportswear and career clothes. Now after just 16 months, Fortune has learned, Narciso Rodriguez and Liz Claiborne are taking steps to end their partnership.Source: Business and financial news - CNNMoney.com | 19 Sep 2008 | 10:30 pm Lehman asked to return $8bn to Europe armThe administrators to Lehman Brothers' European businesses have demanded the repatriation of more than $8bn transferred to the failed investment bank's US holding company before its collapseSource: FT.com - US homepage | 19 Sep 2008 | 10:30 pm Spielberg leaves Paramount for RelianceSteven Spielberg has completed his protracted exit from Paramount Pictures after sealing a $1.2bn deal with Reliance Big Entertainment of India to finance his future projectsSource: FT.com - US homepage | 19 Sep 2008 | 10:27 pm Morgan Stanley 'in merger talks'US investment bank Morgan Stanley is holding talks with possible suitors, including a Chinese bank, reports say.Source: BBC News | Business | World Edition | 19 Sep 2008 | 10:19 pm Little room for retraining workersMany of Michigan's former auto workers are turning to community colleges to train for a career shift, but the state's education system can't accommodate them all. Dustin Dwyer reports.Source: Marketplace | 19 Sep 2008 | 10:09 pm Soon we'll all answer to the 'Numerati'Writer and commentator Stephen Baker has been trying to figure out how to push his blog to the top of Google's rankings -- and he says he's learned a lot in the process.Source: Marketplace | 19 Sep 2008 | 10:09 pm The week's big story: MeltdownNeed some perspective after this week's collapse? Our senior business correspondent Bob Moon provides some. He discusses with host Tess Vigeland what we've been through and what's ahead.Source: Marketplace | 19 Sep 2008 | 10:09 pm How does financial crisis strike you?After all the screaming headlines and doom and gloom of the last few days, we got to wondering whether the government's bailout plans have made people feel better. Marketplace's Mitchell Hartman went to find out.Source: Marketplace | 19 Sep 2008 | 10:08 pm Money market funds not quite so safeThe Treasury Department says it's setting aside up to $50 billion to protect investors in money market mutual funds. Once considered virtually as safe as cash, we learned this week they aren't. Amy Scott reports.Source: Marketplace | 19 Sep 2008 | 10:08 pm Debate begins over new regulationsAs is now the case with short-selling of some 800 companies. It's ILLEGAL -- for the moment. By the way -- there's already talk that short sellers will sue. And this may be just the beginning. Marketplace's John Dimsdale tells us Washington... As usual... Is not short of ideas for new regulations.Source: Marketplace | 19 Sep 2008 | 10:08 pm Will rescue restore trust? We'll see.No matter how the final version of the federal bailout of banks is set up, one thing is for sure: We're all going to be holding that bad debt. For more on what that means, host Tess Vigeland talks with Robert Reich.Source: Marketplace | 19 Sep 2008 | 10:08 pm Putting the week in perspectiveHost Tess Vigeland asks John Bogle, founder of the Vanguard Group, for his take on all the week's dramatic financial news.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Political donations in the PAC ageWhen you make a political donation, where does the money really go? Host Tess Vigeland asks Marketplace's Steve Henn.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm The brokers are inYou might imagine that phone lines at stock brokerages are especially busy this week. We ask two brokers what their clients are worried about.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Day in the Work Life: Costume designerThere's more than fashion sense involved in making actors look their best on the screen, as we learn from costume designer Alexandra Welker on this week's "A Day in the Work Life."Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Now showing: Your homeWho owns all those houses you see in movies and TV shows? People just like you, mostly. Eve Troeh explains how to make your own house a star.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Getting PersonalChris Farrell and Tess Vigeland help listeners navigate the murky waters surrounding AIG, Lehman Brothers, Merrill Lynch and other ailing financial firms.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Money markets break the buckMoney market mutual funds looked to be losing their "good as cash" reputation, so the government stepped in to protect investors. Host Tess Vigeland asks Marketplace's Amy Scott if the move is enough.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm Straight Story: Making it personalWhich of this week's big stories will have an impact on you? Economics editor Chris Farrell sets the story straight on how the current financial crisis translates from Wall Street to Main Street.Source: Marketplace Money | 19 Sep 2008 | 10:02 pm The Trouble with ZunesWhen Microsoft introduced the Zune portable music player almost two years ago, even people at the company made light of it. Microsofties called it "the brick." The Zune was larger thanApple's sleek iPod. It also came in white, black...and brown.Source: Business and financial news - CNNMoney.com | 19 Sep 2008 | 9:43 pm UK banks jump on short-selling banWorldwide curbs on short-selling and US's plan to mop up toxic mortgage debt provided the FTSE 100 with its sharpest one-day rise everSource: FT.com - US homepage | 19 Sep 2008 | 9:42 pm Shares surge on US bail-out planShares on Wall Street follow European and Asian markets higher as confidence is boosted by a US government plan to free US banks from bad debt.Source: BBC News | Business | World Edition | 19 Sep 2008 | 9:38 pm Wall Street Crisis, Government Intervention, Ryder CupSource: Bloomberg - All Podcasts | 19 Sep 2008 | 9:19 pm Banks await details of rescue planThe federal government is considering creating a new agency that would take on all the toxic debt that has overwhelmed the financial system -- hundreds of billions of taxpayer dollars. Where would it all go? Jeremy Hobson reports.Source: Marketplace | 19 Sep 2008 | 9:17 pm Extraordinary rescue effort spurs Wall Street rally (Reuters)
Source: Yahoo! News: Business | 19 Sep 2008 | 8:45 pm VIX Index of U.S. Stock Option Prices Retreats 3.1% to 32.07Source: Bloomberg - All Podcasts | 19 Sep 2008 | 8:37 pm Government Bailout Plan Sends ETFs Higher (Daily ETF Wrap-Up)Treasury Secretary's bailout plan sends stocks, ETFs higher for the week.Source: SmartMoney.com | 19 Sep 2008 | 8:32 pm Clearwire CFO Not Part of NewCo (CLWR, S)
So, it is not an immediate resignation. But it is a resignation, and many hate seeing CFO's or other key personnel leave a firm even if it is part of the transition period. He's also in his mid-40's, so he's far too young to go feed park pigeons and to walk into the sunset. Below is a list of the new proposed officer roster:
Barry West, President and Chief Architect
Jon C. Ogg Source: 24/7 Wall St. | 19 Sep 2008 | 8:31 pm Stocks Surge on Treasury PlanThe major indexes ended the week on a bullish run that lifted the Dow 7.3% in two days.Source: SmartMoney.com | 19 Sep 2008 | 8:19 pm The 52-Week Low Club 9/19/2008 (IHS)(DM)(OTTR)
IHS (IHS) Decision to buy Global Insight for $200 million drives shares down. Bottom at $45.66 from 52-week high of $72.19. Dolan Media (DM) No news, just a sell-off. Drops to $11.22 from 52-week high of $31.15. Otter Tail Power (OTTR) Market unhappy with company's plan to sell stock and with new guidance. Sells off to $29.71 from 52-week high of $46.15. Douglas A. McIntyre Source: 24/7 Wall St. | 19 Sep 2008 | 7:49 pm Economic Diary on U.S. GDP, Consumer Confidence, Home SalesSource: Bloomberg - All Podcasts | 19 Sep 2008 | 7:36 pm Gartman Says SEC Ban On Short Selling Goes `Way Too Far'Source: Bloomberg - All Podcasts | 19 Sep 2008 | 7:29 pm Malvey Says Financial `Risk Storm' Has Not SubsidedSource: Bloomberg - All Podcasts | 19 Sep 2008 | 7:28 pm Uncle Sam Earns Pat on Back for Market Rescue (Pundit Watch)Market watchers applaud the government's swift response to financial mayhem.Source: SmartMoney.com | 19 Sep 2008 | 7:19 pm 20 Funds That Bet Big on a Small Number of Stocks (Fund Screen)Managers of focused mutual funds bet big on a small number of stocks.Source: SmartMoney.com | 19 Sep 2008 | 7:10 pm Andy Hornby's £2.4 million windfall attacked by unionsAndy Hornby, the head of HBOS, was attacked by union leaders for the £2.4 million windfall that he will enjoy if the emergency merger with Lloyds goes ahead.Source: Telegraph Business | 19 Sep 2008 | 6:54 pm Short sellers face big losses amid backlash against banStock market speculators banned from "short-selling" claimed they had been made political scapegoats over the collapse of HBOS.Source: Telegraph Business | 19 Sep 2008 | 6:50 pm Hedge funds scramble on shorting banHedge funds were forced to scramble to unwind trading positions after a massive assault by global regulators on short selling aimed at calming the turmoil in global marketsSource: FT.com - US homepage | 19 Sep 2008 | 6:40 pm Rogoff Says U.S. May Spend $1.5 Trillion to End CrisisSource: Bloomberg - All Podcasts | 19 Sep 2008 | 6:37 pm Bove Says Bank Stabilization to Take a Couple of YearsSource: Bloomberg - All Podcasts | 19 Sep 2008 | 6:37 pm Martin Fridson Says Financial Woes Have `Long Way to Go'Source: Bloomberg - All Podcasts | 19 Sep 2008 | 6:36 pm SEC's Short-Selling Ban Mauls Prudent Hedgers (Ticked Off)The SEC's short-selling ban mauled prudent investors who tried to hedge bets.Source: SmartMoney.com | 19 Sep 2008 | 6:24 pm Rogoff Says U.S. May Spend $1.5 Trillion to End CrisisSource: Bloomberg - All Podcasts | 19 Sep 2008 | 6:15 pm Bove Says Bank Stabilization to Take a Couple of YearsSource: Bloomberg - All Podcasts | 19 Sep 2008 | 6:13 pm Companies Not On SEC Short Sale Ban, But Should BeFrankly, we think the ban on short sales is not the right way to run a free market. But it doesn't matter what we think. These are the new rules, but they do not always make sense. Consider the stocks listed below that have many of the same issues as the financial companies but did not make the SEC's list.
There are many others that could be included. We refrained from going into detail for the case on each of these, but if you see the companies are tied into the financial markets it should be fairly evident why they were named. There are also some on this list which didn't look like financial firms whose stocks were down because of targeted short selling. That's what makes a horse race. The SEC has referred to such companies as an "Included Financial Firm", and you can see the full list of them here from the SEC. It is possible that some of these companies have already been added to the list. We just haven't seen them.
Jon C. Ogg Source: 24/7 Wall St. | 19 Sep 2008 | 6:07 pm Analysis: Crisis put spotlight on Obama, McCain (AP)
Source: Yahoo! News: Business | 19 Sep 2008 | 5:42 pm Financial turmoil: What should private investors do with their money?With the stock market suffering one of its most turbulent weeks in history, we offer some advice to bruised and battered private shareholders.Source: Telegraph Business | 19 Sep 2008 | 5:40 pm With Oil Prices Down, Will Consumers See Breaks? (Deal of the Day)After reaching a peak of $147 in July, will today's prices offer consumers better deals?Source: SmartMoney.com | 19 Sep 2008 | 5:31 pm President Bush says bank bailout is necessary boost to financial systemTreasury Secretary Henry Paulson says the 'hundreds of billions' of taxpayer dollars that would go toward proposed relief program would pay off in market stability.The Bush administration, moving to restore deeply shaken confidence in the nation's economy, unveiled measures today to rescue banks from billions of dollars in bad debts, taking what the president called "unprecedented action" plunging the government deeply into the financial market place. Source: L.A. Times - Business | 19 Sep 2008 | 5:30 pm North Korea resumes work on nuclear plantNorth Korea has started reassembling its nuclear plant at Yongbyon in a move that further jeopardises a deal to denuclearise the Stalinist stateSource: FT.com - US homepage | 19 Sep 2008 | 5:21 pm Chinese parents panic over tainted milkAll over China anxious parents rush to overburdened hospitals to have their children's urine tested for indications of illnesses caused by ingesting melamineSource: FT.com - US homepage | 19 Sep 2008 | 5:00 pm Autos Next In Government Handouts? (GM, F)
Ford Motor Co. (NYSE: F) is only up about 4% at $5.49, but shares of rival General Motors Corp. (NYSE: GM) rose 29% to $12.81 late this morning. It seems that Wall Street might be buying into the notion that if Uncle Sam is willing to take over the burden of the mistakes by many large financial institutions to avoid systemic risk, then perhaps making some loan guarantees to the Big 3 might not be as far-fetched as some think. Earlier this month there were report that the auto sector was trying to get loan guarantees. Huffington Post noted a $50 billion program from auto allies in Congress to modernize plants and help automakers build more fuel efficient vehicles. 24/7 Wall St. has its own take on this this, but there are limits to corporate assistance. You can make the case that any sector needs help. S&P recently slammed GM's stock with a sell rating and $4.00 target. Their downgrade may have actually marked the bottom of the stock. There are 100,000 jobs in the U.S. at Chrysler (its website figure), GM employs about 266,000 workers globally (its website figure), and Ford employs about 229,000 workers globally (its website figure). If the auto industry can make even a fraction of the argument that the financial industry has been able to make, then maybe the government will listen. And what about the issue of all the delinquent loans that the automakers face? There will be consequences if the government starts bailing out or stabilizing every sector. The airlines have been bailed out before, and farming in the U.S. might not exist without subsidies or assistance programs. But where does it stop? Does the government bail out the truckers and the newspaper companies? Uncle Sam has let other industries rot on the vine like mining and steel production. Some assistance is one thing, but it is pretty evident where we stand on the total bailout picture.
Jon C. Ogg Source: 24/7 Wall St. | 19 Sep 2008 | 4:49 pm FTSE posts biggest one-day riseLeading UK shares rise in early Friday trading as investors welcome the City regulator's ban on short-selling.Source: BBC News | Business | World Edition | 19 Sep 2008 | 4:22 pm Is Your Money-Market Fund Safe? (Consumer Action)News that a money-market fund lost value has investors worrying about their cash.Source: SmartMoney.com | 19 Sep 2008 | 4:21 pm
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