Lehman Crash Triggers Global Market Tumble

(NEWSER) - Stocks were down in Europe and Asia today amid fears of a global recession despite the massive government bailout being arranged in the US. Europe's Dow Jones Stoxx 600 Index dipped for a second day, falling 1.8% in early trading, Bloomberg reports. Barclays fell 3.6% and Australia's Macquarie Group Ltd.dipped 4.5%. The MSCI Asia Pacific Index dropped .6%, ending a two-day rally. "The problems aren't resolved," warned one analyst. More»

Euro hits $1.60 as banks lead declines

(NEWSER) - World stocks hit their lowest level since 2006 today as credit-market losses and weakening consumer confidence sent shares falling, reports Bloomberg. The big banks, from UBS in Europe to Cathay in Asia, led declines. The MSCI World Index, Morgan Stanley's indicator of global finance, has now slid into bear market territory, having lost 21% of its value since October. More»

Financial giants refuse to die, Steven Davidoff explains

(NEWSER) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and what's more, it's trying to get bigger. Courts are still trying to work through Lehman's bankruptcy, the biggest in history, and in the meantime Lehman's estate is trying to buy apartment firm Archstone-Smith. More»

Execs may land in court for disguising bad investments

(NEWSER) - Lehman Brothers tried to buy itself time by manipulating accounting gimmicks to disguise its bad investments, according to a court-ordered report on the firm's demise. The exhaustive, 2,200 page report found that execs, including former CEO Richard Fuld, could be held legally liable for the "materially misleading" attempt to disguise the state of its finances ahead of its collapse in 2008, the Guardian reports. More»

In surprise, government takes over Dubai World; bank stocks pounded

(NEWSER) - A move today by the government of Dubai to take over its flagship company, Dubai World, caused ripples of panic throughout the region, and translated into a selloff in bank stocks in Europe and Asia. The government also aims to delay payments on $60 billion in debt, a request that caused the price of insuring debt in emerging economies to soar, the Wall Street Journal reports. More»