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October 12, 2008 11:00:09 PM CDT

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Stories related to: bank

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  • October 2008

    • US Will Buy Shares in American Banks

      Reuters  |  Oct 11, 08 5:43 AM CDT

      US Will Buy Shares in American Banks

      (Newser) - Treasury chief Henry Paulson has announced plans to buy up shares in America's troubled banks, Reuters reports. The government will purchase equity in banks "as soon as possible," using some of the $700 billion approved by Congress to rescue the economy, Paulson said yesterday after a crisis meeting with G7 finance ministers. More »

    • Credit Chill Spreads to Russia

      BusinessWeek  |  Oct 8, 08 4:31 PM CDT

      Credit Chill Spreads to Russia

      (Newser) - The credit crisis has officially reached Russia, revealing just how fragile the Russian economy is, BusinessWeek reports. Stocks fell so much this week that the government today suspended both exchanges to stem further loss. But the country's reliance on foreign cash—disappearing as investors flee—is bound to affect more than stock prices. "The flight of capital has exposed the complete dearth of domestic investment," says a Russian telecom company's director of investor relations. More »

      Tags

      Financial Crisis  • Russia  • credit crisis  • Georgia  • economy  • Vladimir Putin  • finance  • bank  • investment  • credit

    • UK Buys Up Bank Shares in Radical Bailout

      Wall Street Journal  |  Oct 8, 08 4:29 AM CDT

      UK Buys Up Bank Shares in Radical Bailout

      (Newser) - The British government will become part owner of the nation's biggest banks with a mammoth $88-billion rescue package for the troubled institutions, the Wall Street Journal reports. Under the plan, swiftly assembled after UK bank stocks plummeted in trading yesterday, the government will purchase non-voting shares in eight of the largest banks as a way to provide extra capital to the institutions. More »

      Tags

      Financial Crisis  • credit crisis  • bailout  • United Kingdom  • Gordon Brown  • bank  • Barclays  • Britain  • Alistair Darling

    • Sell Those Stocks! Banks Are Better: Cramer

      TheStreet  |  Oct 6, 08 8:30 PM CDT

      Sell Those Stocks! Banks Are Better: Cramer

      (Newser) - The stock market is no place to keep a dollar these days, warned hollering financial guru Jim Cramer today on Mad Money . Another depression is possible and energy woes are likely, he said, so the smart investor will free up money needed in the next 5 years by selling stock. Tuck that cash away in FDIC-insured banks accounts, and only keep the stocks that are still safe. More »

      Tags

      Financial Crisis  • stock market  • money  • bank  • Jim Cramer  • Mad Money

    • Citi May Seek to Recover Wachovia Deal

      Wall Street Journal  |  Oct 4, 08 9:05 AM CDT

      Citi May Seek to Recover Wachovia Deal

      (Newser) - Left hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec. More »

      Tags

      Financial Crisis  • lawsuit  • Citigroup  • merger  • bank  • Wachovia  • Wells Fargo

    • Raising Deposit Insurance May Save Bailout Package

      Wall Street Journal  |  Oct 1, 08 2:13 AM CDT

      Raising Deposit Insurance May Save Bailout Package

      (Newser) - A plan to boost deposit insurance for bank accounts is gaining traction in Washington and could help rescue the rescue package, the Wall Street Journal reports. Community bankers have been pushing hard for a hike from the current $100,000 limit to $250,000. The move, which would also ease fears of consumers and small businesses, may win over wavering politicians looking for something in the package to help Main Street. More »

      Tags

      Financial Crisis  • bailout  • bank  • FDIC  • small business  • deposit insurance

  • September 2008

    • Rumors Spark Wild Run on Asian Bank

      Financial Times (UK)  |  Sep 25, 08 6:24 AM CDT

      Rumors Spark Wild Run on Asian Bank

      (Newser) - Rumors that the Bank of East Asia was in trouble spread like wildfire through Hong Kong yesterday, causing a panicked mob to descend on the bank as thousands withdrew their life savings, the Financial Times reports. Police moved in to keep order as crowds demanded their money. BEA's tycoon chairman blamed "malicious rumors" for the panic and vowed to buy shares in the bank himself. More »

      Tags

      China  • Financial Crisis  • bank  • banking  • Hong Kong  • bank failure

    • Fed Loosens Reins on Private Funds Buying Into Banks

      Wall Street Journal  |  Sep 23, 08 5:51 AM CDT

      Fed Loosens Reins on Private Funds Buying Into Banks

      (Newser) - The Fed has loosened the rules that curtailed private investments in banks, the Wall Street Journal reports. The move may inject more cash into the financial system—if private equity chooses to invest—but will raise fears of profit-hungry investors snapping up stakes in banks to make quick cash with risky loans. More »

    • Japanese Firm Buys Lehman's Asian Assets

      Wall Street Journal  |  Sep 22, 08 4:02 AM CDT

      Japanese Firm Buys Lehman's Asian Assets

      (Newser) - Japan’s Nomura Holdings won an auction to buy bankrupt Lehman Brothers’ Asian assets for $225 million, the Wall Street Journal reports. Healthy Japanese firms like Nomura are pouncing on the Wall Street crisis as a means to expand. Lehman has 2,940 workers in the region, where the company collected revenues of $1.4 billion in the first half of 2008. More »

      Tags

      credit crisis  • Japan  • Lehman Brothers  • bank  • auction

    • Tweaked Bailout Bill Opens Aid to Foreign Banks

      Politico  |  Sep 21, 08 11:15 AM CDT

      Tweaked Bailout Bill Opens Aid to Foreign Banks

      (Newser) - The Treasury Department has amended its bailout bill to include foreign banks, Politico reports, abandoning an earlier requirement that banks be headquartered in the US to receive money. Now, the banks must have “significant operations in the US” or be approved by Henry Paulson—meaning Barclays, Credit Suisse, and others are eligible. More »

      Tags

      Financial Crisis  • bailout  • Henry Paulson  • mortgage crisis  • bank  • bill

    • UK's Largest Mortgage Lender in Buyout Talks

      Financial Times (UK)  |  Sep 17, 08 10:36 AM CDT

      UK's Largest Mortgage Lender in Buyout Talks

      (Newser) - Britain's biggest mortgage lender, HBOS, is in advanced discussions with Lloyds about a possible buyout, reports the Financial Times . Stock in the troubled lender has yo-yoed today, falling to less than a pound a share before rocketing up and then plummeting again. While a Lloyds purchase of HBOS could trigger monopoly concerns, several bankers close to the talks said the government was prepared to ignore competition issues in the short term. More »

      Tags

      bank  • buyout  • mortgage lender  • HBOS  • Lloyds of London

    • Lehman Bankruptcy Opened Door to Barclays Deal

      Wall Street Journal  |  Sep 16, 08 3:41 PM CDT

      Lehman Bankruptcy Opened Door to Barclays Deal

      (Newser) - Barclays will pick up the US capital-markets business of Lehman Bros. in a $2-billion deal worked out today that will go before a bankruptcy judge at 5pm and Lehman creditors shortly after that, the Wall Street Journal reports. Barclays backed away from buying all of Lehman over the weekend, but a deal was salvaged by Lehman's bankruptcy, which made it easier to leave "bad assets" at the holding company to be liquidated by the court. More »