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NEWS ABOUT: financial meltdown

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Financing Deals Make AIG a Drag on Transit Agencies

With AIG sinking, banks are calling loans to transit agencies

(Newser) - Transit agencies nationwide are facing the prospect of unexpectedly having to repay billions in loans to large banks under financing deals made years ago, the Washington Post reports. Because AIG guaranteed many of the agreements, the insurance behemoth's woes could potentially affect millions of public transit riders as banks worldwide... More »

AIG Has Already Spent Most of $123B Bailout

Ailing insurance giant warns it may need more help

(Newser) - Struggling insurance giant AIG, recipient of the largest government bailout in history, has burned through three-quarters of its $123 billion financial lifeline, the Washington Post reports. As of yesterday, AIG has withdrawn $90.3 billion from the Federal Reserve’s credit line, mostly to pay off bad bets insuring toxic... More »

Starbucks Helped Brew Meltdown—Just Check a Map

Coffee empire's rise tracked (and fueled) housing's, and store locator mirrors trouble spots

(Newser) - A simple tool could hold the key to predicting where the financial crisis will strike next, Daniel Gross writes on Slate: Starbucks’ Internet store locator. “Having a significant Starbucks presence is a pretty significant indicator of the degree of connectedness to the form of highly caffeinated, free-spending capitalism that... More »

China Blames Crisis in Latest GDP Slide

Growth at solid 9%, but down for 5th quarter in row as exports shrink

(Newser) - The dragon isn’t sick yet, but it’s definitely catching cold: China’s gross domestic product grew by an enviable 9% in the third quarter, but still failed to match last quarter’s result of 10.1%, the Guardian reports. The data mark the first time China’s GDP... More »

World Narrows Eyes at Exec Pay

Germany's bailout plan imposes broader curbs than US version

(Newser) - As governments worldwide implement bailouts for ailing financial institutions, the movement to curb executive compensation at those firms, and others, is gathering steam. Golden parachutes and pay practices that encourage excessive risk-taking are extremely unpopular in the public eye, the Wall Street Journal reports, and governments are finding restrictions necessary,... More »

Clinton Housing Chief Paved the Way for Risky Loans

How American Dream Became Economic Nightmare

(Newser) - The top housing chief of the Clinton administration helped launch a major financing wave that transformed the American dream of homeownership into reality for thousands of people—whether they could afford it or not, reports the New York Times. From his post, Henry Cisneros loosened mortgage restrictions for first-time buyers,... More »

In Financial Crisis, Europe Leads the Way (for a Change)

Investment in banks proved better strategy than mortgage bailout

(Newser) - The US has long considered Europe to be the economic equivalent of a doddering old uncle, but this week it was oldster leading whippersnapper America by the hand through the most serious crisis since the Depression. Europe, seeing the need for a sturdier fix than the mortgage-bailout Band-aid Washington proposed,... More »

Bush, Paulson Outline Plan to Buy $250B Stake in Banks

(AP) - President Bush this morning confirmed the government's $250 billion plan to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession. Speaking from the Rose Garden after an early-morning meeting with economic advisers, Bush said the move will... More »

Paulson Can't Sack AIG Execs

(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos... More »

Feds Consider Insuring All Bank Deposits

(Newser) - Under the shadow of the deteriorating global economy, the US is considering two more steps to assuage markets, the Wall Street Journal reports: guaranteeing billions in bank debt and insuring all US bank deposits. Either move is an aggressive step, and in tandem they would mark Wasington's largest intervention yet... More »

No More Bling? Even the Jet Set Feels the Pinch

Luxury execs are sitting tight for the most part, while jet set wonders what's appropriate

(Newser) - Not even the super-rich are immune to the present crisis, prompting Christina Binkley to wonder in the Wall Street Journal: "Is this the end of bling?" In a word, maybe. The world, of course, will always have rich people, but they may not want to flaunt it as much... More »

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