credit market chaos

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How to Protect Your Money
 How to Protect Your Money 
Sep 30, 2008 2:56 AM CDT

How to Protect Your Money

Insured accounts best bet as Wall Street tumbles

(Newser) - After the biggest single-day's loss in Wall Street's history, even Americans whose sole investment is a bank account are nervously scratching their heads. Here are some guidelines to the failed-bailout crisis from the New York Times:
  • What happens next? The market's deep dive may scare Congress into passing the bailout
...

Where US Consumers Can Turn Now
Where US Consumers
Can Turn Now 
Sep 29, 2008 5:39 PM CDT

Where US Consumers Can Turn Now

(Newser) - The failure of the bailout bill to clear the House has American consumers checking their retirement accounts, their wallets, and even their mattresses as they grapple with the implications of the worsening financial situation. With falling oil prices seemingly the only silver lining for the average consumer, MSNBC offers some...

Hedge-Fund Exodus May Add to Woes
 Hedge-Fund Exodus 
 May Add to Woes 
ANALYSIS
Sep 29, 2008 9:43 AM CDT

Hedge-Fund Exodus May Add to Woes

Deadline looms tomorrow for investors to bail from already-struggling market

(Newser) - Hedge funds are bracing for a major test of wills tomorrow, the deadline for investors to withdraw from the funds for the rest of the year, the New York Times reports. A spate of withdrawals could cause a cascade of flight from the $2 trillion industry, which has seen its...

Banking Jitters Send European Shares Down

Experts remain skeptical a $700 billion US bailout will ease credit woes

(Newser) - Investors drove share prices down across Europe and Asia as bank emergencies multiplied  and news of the $700-billion US bailout deal failed to loosen up frozen credit markets, reports Bloomberg. British mortgage lender Bradford & Bingley was taken over by regulators and a trio of European governments jumped in to...

Bailout Deal Fades After Tense White House Meeting

(Newser) - The bailout deal that seemed within reach this afternoon appears to have veered off course. Today's White House meeting turned unexpectedly contentious and broke up without any sign of agreement, the Washington Post reports. One participant, Sen. Chris Dodd, blamed John McCain and Republicans for floating a new plan out...

Tentative Deal Emerges; Could Be in Place by Monday

(Newser) - Senate Democrats say they struck a tentative deal with Henry Paulson this evening that could lead to bailout bill tomorrow, debate over the weekend, and approval by the time markets open on Monday, the Hill reports. Senators emphasize the framework could easily fall apart, but they say that Paulson agreed...

Conservative Pundits Rail Against Bailout
Conservative Pundits Rail Against Bailout
OPINION
Sep 22, 2008 1:28 PM CDT

Conservative Pundits Rail Against Bailout

Even right wing doesn't like administration's rescue plan

(Newser) - The Bush administration’s $700 billion financial bailout plan seems destined to make it through Congress, but even conservative pundits are bashing the desperate move:
  • If a Democratic administration were proposing this plan, a Republican Congress would shoot it down, writes Newt Gingrich in the National Review. "Congress was
...

European Central Bank Puts $40B More Into Market

With money markets still moribund, the ECB acts to stimulate lending

(Newser) - The European Central Bank is promising another $40 billion influx of cash to help shore up fluttering money markets among banks on the continent, reports the AP. The ECB said it will announce its lending rate and the number of bidders later today.

US Zeroes In on Sweeping Rescue Plan

(Newser) - The nation's top finance officials briefed members of Congress tonight on an unprecedented plan in the works to keep troubled institutions afloat, the Wall Street Journal reports. Treasury chief Henry Paulson and Fed chief Ben Bernanke said they would work through the weekend to get something to lawmakers for a...

Short-Sellers, False Rumors Under Scrutiny
Short-Sellers, False Rumors Under Scrutiny
updated
Sep 18, 2008 8:00 PM CDT

Short-Sellers, False Rumors Under Scrutiny

(Newser) - They may not be the most glamorous of villains, but so-called short-sellers are coming under growing scrutiny for their role in the market chaos, Bloomberg reports. New York Attorney General Andrew Cuomo said today he's investigating whether short-sellers spread false rumors about firms such as AIG and Lehman Brothers so...

Crisis 'Going to Last a Lot Longer'
 Crisis 'Going to 
 Last a Lot Longer' 
ANALYSIS
Sep 18, 2008 7:19 AM CDT

Crisis 'Going to Last a Lot Longer'

The ills of the banking sector are spreading to industries previously thought resistant

(Newser) - The “worst financial crisis since the Great Depression” is spiraling downward and we may not have hit bottom yet, reports the Wall Street Journal in a look at how the subprime contagion has spread beyond its banking hosts, infiltrating sectors previously thought to be immune. “I think it’...

Morgan Stanley, Wachovia Explore Possible Merger

(Newser) - Morgan Stanley, one of the two big investment banks left standing in the economic rubble, is exploring a merger with Wachovia or another bank, the Wall Street Journal reports. Morgan Stanley officials have had preliminary talks with the other institutions as they scramble to shore up the company's plunging stock...

Fed to Bail Out AIG With $85B Loan

(Newser) - The Federal Reserve is poised to rescue insurance giant AIG with an $85 billion loan, MSNBC reports. In return, the Fed will take an 80% stake in the company, which is one of the world's biggest insurers. The move is a reversal for the US government, but federal officials determined...

Bank of America in Talks to Buy Lehman Bros.

Investment bank looking for buyers to save it from collapse

(Newser) - Bank of America is in preliminary talks to acquire struggling investment bank Lehman Brothers, the Wall Street Journal reports. Lehman has been shopping itself around in a bid to stave off collapse, but potential suitors are wary. Many want Washington to assist with a sale of the bank, whose shares...

Lehman Doomed by Market Schadenfreude, Bear Bailout

Everyone's enjoying watching giant fall, Lewis writes

(Newser) - All it took was a single anonymously sourced report Tuesday to send Lehman Brothers down about 50% in 15 minutes. This proves two things, writes Michael Lewis: The market is jittery, and “Lehman Brothers is doomed.” The big bank’s fate is sealed in part “because it...

US Must Strike Fine Balance on Mortgage Bailout
US Must Strike Fine Balance on Mortgage Bailout
Analysis
Sep 8, 2008 11:34 AM CDT

US Must Strike Fine Balance on Mortgage Bailout

Deficit makes coordinated response economically, psychologically crucial

(Newser) - A global storm continues to threaten the world’s economies, and the US government takeover of Fannie Mae and Freddie Mac is just one step, albeit a major one, toward recovery. Whether the latest attempt to right the ship succeeds "ultimately boils down to two big issues," writes...

Banks Cut Colleges Eligible for Student Loans

Students at 2-year, non-elite 4-year schools left in the lurch

(Newser) - Students at 2-year and some less competitive 4-year colleges will be having a tougher time finding loans as banks trim the list of colleges they serve, reports the New York Times. In a move that potentially shuts out some of the neediest students, Citibank, JPMorgan, PNC, and SunTrust all say...

JPMorgan Leads Hunt to Place Bear Workers

Firm pitches in to help 5K employees laid off after takeover

(Newser) - JP Morgan hopes to find jobs for 5,000 Bear Stearns employees cut when it acquired the brokerage in March, the Financial Times reports. CEO Jamie Dimon is sending letters to rivals and clients, and the company has contacted 1,800 firms urging them to consider former Bear workers. The...

'Monster' Markets Brought World to Edge: German Prez

Köhler, former head of IMF, rips lust for profit, calls for tightened regulaion

(Newser) - Germany's president, a former head of the International Monetary Fund, blasted the system of financial markets responsible for the global credit crisis as a “monster," Der Speigel reports today. Horst Köhler said the world “came close to a collapse of the global financial markets" as the...

National City Close to $6B Cash Infusion

US's 10th-largest bank has been decimated by the mortgage crisis

(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...

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