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NEWS ABOUT: financial sector

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Market Now Runs on Politics, Not Economics

Krauthammer: In bailout era, Democrat fiats are dangerous

(Newser) - Once upon a time, “if you wanted to get rich, you did it the Warren Buffett way,” writes Charles Krauthammer in the Washington Post. “You learned to read balance sheets.” That changed with the Bear Stearns rescue. Today, political maneuvering is what moves the markets, and... More »

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... More »

Financial Industry May Shed 350K Jobs

So far, 170,000 positions have been cut worldwide

(Newser) - Job cuts in the financial services sector could hit 350,000 worldwide by the middle of 2009, double the number so far, Bloomberg reports. "This is the financial equivalent of World War II," says the CEO of a major headhunting firm. If he's right, by summer, the industry... More »

CEOs Took Billions Off the Table Before Bust

15 financial, home building bosses made over $100M

(Newser) - Investors have lost some $9 trillion since last year’s stock market peak, but at the center of the maelstrom, CEOs of some of the worst-performing companies are sitting pretty. Fifteen financial services and homebuilding CEOs have accumulated more than $100 million each in the past 5 years in cash... More »

Citibank to Cut 50,000 Jobs

(Newser) - Citigroup plans to slash more than 50,000 jobs, roughly 14% of its workforce, the company announced today, in an effort to shed expenses during the economic downturn. The cuts are in addition to the 23,000 heads that have already rolled this year, Bloomberg reports. Citi stock fell 19%... More »

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... More »

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "... More »

Senate to Tweak Bailout —But not Much

Dissenting Dems, GOP want different changes

(Newser) - Senators are scrambling to revive legislation for the financial bailout after its surprise failure in the House yesterday, but must strike the right balance to attract new House votes without driving away initial supporters, Bloomberg reports. House Republicans want an expanded role for the FDIC in the bailout and for... More »

New Rescue Hopes Lift Stocks

Bargain hunters out en masse

(Newser) - Stocks rose at the open today, as traders bet on a new rescue plan and picked over the wreckage of yesterday’s record-setting drop. The Dow rose almost 218 points, while the Nasdaq and S&P were up 2.5% and 2.6% respectively. “After the absolute carnage we... More »

Charlotte Booms Amid Bust

City is second-largest financial center in US, with $2 trillion in assets

(Newser) - As the rest of the nation struggles through the mortgage bust, Charlotte, NC, is experiencing a boom, Time reports. The pro-business Southern city—home of Bank of America and eight other Fortune 500 firms—manages $2 trillion in assets, making it the second-largest financial center in the US behind New... More »

Stocks Sink; Bush Pledges Deal

Dow falls over 100 points at open

(Newser) - Socks plummeted today as confidence in the federal bailout program evaporated and investors absorbed the collapse of Washington Mutual. The Dow fell 140 points after the opening bell, while the Nasdaq dropped 2.2% and the S&P fell 1.7%, the Wall Street Journal reports. President Bush gave a... More »

Raise Your Hand if You Want Part of the Bailout

Lobbying intense as Wall Street firms jockey to profit from rescue

(Newser) - Where there’s $700 billion of government money, there are lobbyists. Financial institutions are jockeying for their piece of the massive bailout bill that’s being rushed through Congress, the New York Times reports, with everyone from insurers to mortgage lenders looking to profit by unloading assets under the most... More »

Cheer Up! Total Financial Market Meltdown Isn't All Bad

Five reasons to fiddle while Wall Street burns

(Newser) - For a dedicated silver-lining hunter like Michael Lewis, there are plenty of upsides to the total collapse of the US financial system. “A lot of attractive office space seems to be opening up in midtown Manhattan, for instance,” he writes in Bloomberg. Here are five other reasons to... More »

WaMu Gets OK to Raise Capital as It Seeks Sale

Investor OKs share dilution as beleaguered bank looks for suitors

(Newser) - Washington Mutual is attempting to raise capital or sell itself, the Wall Street Journal reports, and it got a big boost in that effort yesterday from TPG. The private equity firm, which sunk $7 billion into WaMu in April, waived a clause that would have effectively prevented the thrift from... More »

Dow Plunges 449 Points

SEC moves to restrict short selling

(Newser) - Stocks plummeted again today as insecurity about the financial system gripped the markets, the Wall Street Journal reports. The AIG bailout proved to be of little comfort to traders, who quickly began betting on the next big firm to fall. The Dow closed down 449.36 points to 10,609.... More »

Stocks Dive at Open on AIG Save, Weak Housing Starts

Financials drive decline

(Newser) - Stocks took a nosedive at the opening bell, with the Dow falling 190.28 points within minutes, as the market absorbs an AIG bailout that prevented a body blow to the economy but was none too friendly to shareholders, the Wall Street Journal reports. The insurer fell 21% at the... More »

After Big Drop, Stocks Hold

Dow takes 300-point tumble early, but market remaining stable

(Newser) - Stocks have taken a beating today, with the Dow off more than 300 points early, the Wall Street Journal reports, but there’s been a noticeable lack of panic among traders. If the current loss holds steady, it will represent just the sixth-worst day this year, despite the massive upheaval... More »

Lehman to Lay Off Another 1,500

Wall Street quakes as ax falls again and again

(Newser) - Lehman Brothers is about to lay off another 1,500 employees—6% of its workforce—in its fourth round of cuts this year, an insider told the New York Times. The struggling financial services giant has already shed over 6,000 jobs since last summer. A total of some 101,... More »

Housing, AIG Spur Losses

AIG is the troubled financial firm du jour

(Newser) - Stocks fell today as bad news from the housing and financial sectors diminished hopes that the economic slump will lift soon, the Wall Street Journal reports. The Dow fell 241.81 points to 11,386.25, led by a 5.5% loss at beleaguered insurer AIG. The Nasdaq fell 49.... More »

Merrill Panic May Mark Bottom of Stock Market

Once regaled for cavalier confidence, CEO's chief cuts losses

(Newser) - Merrill Lynch CEO John Thain has seen better days, Floyd Norris writes in the New York Times. He's gone from “cockiness to capitulation. Distinction to desperation.” Thain recently unloaded a bundle of his company’s securities for 22 cents on the dollar and raised $8.5 billion from... More »

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