financial meltdown

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Canada's New Money Melting

'Indestructible' bills can't take the heat

(Newser) - The Canadian dollar is melting. No, it's not sinking in value again, it's physically melting. Canada switched to "indestructible" polymer $50 and $100 bills a few months ago, but it turns out that both are prone to melting and curling in intense heat "like bacon in... More »

Why Obama Won't Nail Wall Street 'Crooks'

Even Eric Holder is linked to elite financial world

(Newser) - With President Obama's campaign officially underway , two journalists examine why his promise to end "business as usual" on Wall Street has amounted to more, well, business as usual on Wall Street. "Casting Romney as a plutocrat will be easy enough," write Peter Boyer and Peter Schweizer... More »

Iceland's Ex-PM Guilty on 1 Count in Banking Crisis

Geir Haarde cleared on four other charges

(Newser) - A special court today found a former Iceland prime minister guilty of one charge related to the nation's banking crisis but cleared him of four other charges. Geir Haarde will face no punishment, and the state will pay his expenses in defending the case. Haarde, who led the government... More »

Ex-World Leader Indicted Over Financial Crisis

Iceland's Geir Haarde says charge 'borders on political persecution'

(Newser) - Iceland’s legislature has decided to file charges against the country’s ex-prime minister over his role in the financial crisis. After a contentious vote yesterday, lawmakers voted 33-30 to refer charges against Geir Haarde to a special court, the AP reports. That’ll make Haarde the first world leader... More »

Blankfein Will Deny Goldman Bet Against Clients

Goldman Sachs CEO plans to strike apologetic tone in Senate testimony

(Newser) - The CEO of Goldman Sachs will tell a Senate panel tomorrow he understands Americans' distrust of the bank, but its "functions are important to economic growth and job creation." Lloyd Blankfein's remarks, released ahead of the eagerly awaited hearing, are his most accommodating yet, reports the New York ... More »

Goldman Withers in SEC Spotlight

Fraud charges kneecap stock price; observers play wait-and-see

(Newser) - The SEC's civil suit against Goldman Sachs is hardly a slam-dunk, experts agree, but the scrutiny is certainly not doing the firm any good . Some reactions:
  • This "is explosive stuff," Felix Salmon blogs for Reuters . "Goldman Sachs has lost more than $10 billion in market capitalization today,
... More »

SEC Charges Goldman Sachs With Fraud

Says firm misled investors on subprime mortgages

(Newser) - The government is accusing Wall Street powerhouse Goldman Sachs of defrauding investors by failing to disclose conflicts of interest in mortgage investments it sold as the housing market was faltering. The SEC today announced civil fraud charges against Goldman and one of its vice presidents. The agency alleges Goldman failed... More »

Stocks Close In on Big 2009 Gains

Dow up 61% since the low point in March

(Newser) - Stocks have rebounded mightily since the dark days of March, though analysts warn the dazzling recovery could make for a lackluster 2010, or even auger a double-dip recession or '30s-style yo-yoing markets. The good news first: Barring a disastrous close today, the Dow will be up around 61% since March... More »

Michael Moore Wants to 'Save Our CEOs'

Teaser trailer is actually stunt for new movie

(Newser) - Let the viral marketing begin. Michael Moore pulled a fast one on New York moviegoers Friday night when, instead of a conventional trailer for his new film, he appeared onscreen Will Rogers-style asking for donations to “save our CEOs,” the New York Daily News reports. Audience reactions were... More »

Krugman in 'Despair' Over Toxic Asset Plan

Dressing up Paulson's failed solution is no solution at all

(Newser) - Paul Krugman has been downbeat for weeks on the Obama efforts to rescue the economy, but today he hits a new low. “This is more than disappointing. In fact, it fills me with a sense of despair,” writes Krugman in the New York Times of the White House... More »

Frank Targets Fannie, Freddie Execs' Bonuses

(Newser) - Executives at government-owned mortgage giants Fannie Mae and Freddie Mac are scheduled to receive six-figure retention bonuses, but Barney Frank wants the payments canceled, MarketWatch reports. “In this troubled economy, and in this job market, it is difficult to imagine that the companies would not be able to find... More »

'Viking Bankers' Pillaged Iceland

How Iceland went from fishing to finance to ruin

(Newser) - The bankers who ruined Iceland’s economy possessed the mentality of its fishermen—daring, aggressive, and devoted to the “lucky catch," Michael Lewis writes in Vanity Fair. It's no surprise—after all, they were the sons of fishermen whose massive profits helped modernize Iceland in the 1970s. But... More »

Bjork Banks on Girl Power to Save Iceland

Singer promotes venture-capital fund run by women

(Newser) - Quirky Icelandic singer Bjork is promoting a venture-capital fund run by women that will invest in socially and environmentally sustainable companies and, she hopes, help rebuild her economically stricken country. "Instead of talking about the problems we have, she is on a mission to build a sustainable Iceland that's... More »

2008 Inflation Slowest in 50 Years on Oil Prices, Economy

Slow spending, sliding energy costs lead to 0.1% CPI increase last year

(Newser) - In 2008, consumer prices crept up at the slowest rate since 1954, climbing just 0.1% for the year and missing the Fed’s preference of 1.5% to 2% by a wide margin, the Wall Street Journal reports. Just months after inflation hit 17-year highs, a 75% drop in... More »

Vindicated in 2008, Some Experts Foresee Gloomy '09

A few who called last year's calamities correctly see grim days ahead

(Newser) - Labeled overly pessimistic for years, a few Wall Street prognosticators became the oracles of 2008 by correctly predicting the unwinding of the global economy, the Wall Street Journal reports. The doomsayers correctly anticipated bank failures, stock market declines, and the housing market collapse of the second half of 2008. As... More »

Recession Shutters Famed Yale Club

Mory's has closed until further notice

(Newser) - Mory's, a legendary Yale University eating and drinking club that traces its roots to the Civil War—and whose membership includes two presidents named Bush—is the latest victim of the recession. A list of patrons that has included the likes of Al Pacino, Tom Hanks, and Jodie Foster hasn't... More »

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

(Newser) - How did a chilly nation of cod fishermen play a key role in the world's crumbling financial markets? Seeking to avoid the boom-and-bust of fish catch, Iceland started by privatizing banks in the mid-1990s. It built a colossal banking system on a puny currency and attracted international deposits with high... More »

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would... More »

White House Slams NYT Story as 'Gross Negligence'

Perino: Shoddy 'reporting' behind housing crisis story

(Newser) - The White House accused the New York Times of “gross negligence” today in response to a page one story that largely places the housing and financial messes at the feet of Bush policies, Politico reports. “The Times’ ‘reporting’ in this story amounted to finding selected quotes to... More »

Madoff Fraud Will Hit Hedge Funds Hard

$50B Ponzi scheme will stagger funds, send investors to exits

(Newser) - Even as hedge funds face their worst yearly returns ever, they may take another collective $10 billion hit on money invested in Bernard Madoff’s namesake firm, which was revealed to be a giant Ponzi scheme yesterday, Bloomberg reports. Madoff was arrested and charged with fraud after admitting that his... More »

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