Skip to: Content
Skip to: Site Navigation
Skip to: Search

November 23, 2008 2:35:43 CST

Learn about Newser Points »

« Back to the grid | Next story »

National City Close to $6B Cash Infusion

Posted Apr 21, 08 7:06 CDT in Business 

(Newser) – Battered National City—which has seen shares plummet 78% as it's been overwhelmed by the subprime fiasco—is close to a $6 billion bailout funded by some of its largest shareholders and private equity firm Corsair Capital, reports the Wall Street Journal. The infusion for the Cleveland-based bank would be the third rescue package this month for a struggling bank that offers discounted shares to raise capital.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Out of $3.6B Writedown, JPMorgan Pulls a Q3 Profit

    Oct 15, 08 8:36 CDT
    Out of $3.6B Writedown, JPMorgan Pulls a Q3 Profit JPMorgan Chase surprised analysts and brought some partly sunny news to a mostly gloomy Wall Street, reporting net income of $527 million, or 11 cents a share, despite mortgage-related writedowns of $3.6 billion and $640 million in losses from its takeover of Washington Mutual, reports the Wall Street Journal. Analysts had expected losses of 29 cents a share.
    More »

  • Fannie Misses Estimates, Slashes Dividend

    Aug 8, 08 8:37 CDT
    Fannie Misses Estimates, Slashes Dividend Fannie Mae reported its fourth straight losing quarter today, Bloomberg reports, coming in $2.3 billion in the red and slashing its dividend. The $2.51-per-share loss far exceeded the 72-cent average predicted by analysts, much as Freddie Mac surprised investors two days ago. “Neither of these companies have properly provisioned for what we're heading into,” said one analyst. “This thing is going to get worse and last longer and deeper than they originally thought.” More »

  • Wall Street May Scoop Up Troubled Pension Plans

    Aug 6, 08 11:05 CDT
    Wall Street May Scoop Up Troubled Pension Plans Though still smarting from the subprime debacle, some of the Wall Street’s biggest players are lobbying the government to be allowed to buy up and manage some of the $2.3 trillion in US corporate pension funds, BusinessWeek reports. Many businesses, eager to get the plans off their books, are backing the movement—but consumer advocates have reservations. More »

  • Freddie Has 4th-Straight Loss as 2nd Quarter Charges Rise

    Aug 6, 08 7:15 CDT
    Freddie Has 4th-Straight Loss as 2nd Quarter Charges Rise Rising delinquencies and a still-skidding home market combined to make Freddie Mac’s second quarter losses three times worse than analysts predicted, reports Bloomberg. The government-backed mortgage enterprise lost $821 million, or $1.63, in the quarter, prompting it to also announce a third quarter slash in dividends from 25 cents to 5 cents a share.
    More »

  • A Believer in Hands-Off Now a Defender of Hands-On

    Jul 25, 08 1:15 PM CDT
    A Believer in Hands-Off Now a Defender of Hands-On Treasury Secretary Henry Paulson is in the midst of a reluctant about-face of his economic principles. The Los Angeles Times looks at how Paulson—a former chief executive at Goldman Sachs with a long history of faith in laissez-faire capitalism—has had to become the point man for the Bush administration's decidedly hands-on approach to fixing the nation's economic troubles. More »

Graphic shows stock price of National City Corp.   (AP Photo)
A home is advertised for sale at a foreclosure auction in Pasadena, Calif.   (AP Photo/Reed Saxon, file)
A home in foreclosure is seen in Pasadena, Calif.   (AP Photo/Nick Ut)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 3)

Tags

Financial Crisis • subprime crisis • JPMorgan Chase • corporate earnings • credit market chaos • National City • Fifth Third


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »