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July 25, 2008 6:38:28 PM CDT

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Stories related to: credit crisis

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Stories 41 - 60 of 137

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  • April 2008

    • Vulture Investors Circle Wall Street

      newser  |  New York Times  |  Apr 4, 08 12:58 PM CDT

      Vulture Investors Circle Wall Street

      Like shoppers stalking deals at Filene’s Basement, savvy Wall Street vulture investors are swooping in to find deals among the carcasses of companies and investments felled by the subprime contagion, reports the New York Times . They're betting big—Blackstone Group just raised $10.9 billion from investors to buy distressed real estate—that many companies had to unload good investments in all the chaos. More »

      Tags

      credit crisis  • Wall Street  • subprime crisis  • investing  • credit market chaos

    • Rogue Trader to Sue SocGen

      newser  |  Times (UK)  |  Apr 3, 08 8:49 AM CDT

      Rogue Trader to Sue SocGen

      The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers. More »

      Tags

      France  • credit crisis  • Jérôme Kerviel  • bank fraud  • rogue trader  • Societe Generale  • SocGen

  • March 2008

    • Agents Use 'Cash for Keys' to Stem Owner Vandalism

      newser  |  Wall Street Journal  |  Mar 28, 08 10:23 AM CDT

      Agents Use 'Cash for Keys' to Stem Owner Vandalism

      Banks and mortgage companies are hoping a “cash for keys” policy will stem a growing problem for lenders taking possession of foreclosed homes: dispossessed homeowners trashing their houses on the way out the door. Cheaper and faster than eviction proceedings, the policy is "win-win for both parties," an agent who handles foreclosures tells the Wall Street Journal . More »

      Tags

      credit crisis  • housing market  • subprime crisis  • foreclosure  • repossessions

    • GDP Growth Weakest Since '02

      newser  |  MarketWatch  |  Mar 27, 08 12:46 PM CDT

      GDP Growth Weakest Since '02

      The US economy sputtered—as expected—in the fourth quarter of 2007, growing at the slowest rate since 2002, MarketWatch reports. Estimated growth of the US gross domestic product was 0.6% for the last three months of 2007, matching economists' forecasts. Consumer spending grew 2.3%, and exports increased 6.5%, both beating the Commerce Department’s predictions. More »

    • Feds Must Ward Off Stagnation, Clinton Says

      newser  |  Wall Street Journal  |  Mar 27, 08 11:15 AM CDT

      Feds Must Ward Off Stagnation, Clinton Says

      The government should step into the mortgage mess on a broader scale, Hillary Clinton told the Wall Street Journal yesterday, suggesting monetary policy alone can’t ignite a recovery and warning that procrastination could lead to stagnation similar to Japan’s weary economy. Clinton said the Federal Housing Administration should buy troubled mortgages in combination with a program to auction defaulted loans. More »

    • Bankrupt Lender's Audit Lapses 'Mind Boggling'

      newser  |  New York Times  |  Mar 27, 08 8:23 AM CDT

      Bankrupt Lender's Audit Lapses 'Mind Boggling'

      Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored “significant improper and imprudent practices” in order to keep the company’s business, the New York Times reports. More »

      Tags

      credit crisis  • subprime crisis  • bankruptcy  • Justice Department  • Enron  • Arthur Anderson

    • Stocks Fall on Recession Fears

      newser  |  Bloomberg  |  Mar 26, 08 3:39 PM CDT

      Stocks Fall on Recession Fears

      Stocks fell today amid a new wave of recession concerns, Bloomberg reports. A big drop by Citigroup led financials to their worst plunge in almost two weeks, and oil prices jumped back up after inventory showed supply unchanged from last week. The Dow ended down 109.74 to 12,422.86, the Nasdaq off 16.69 to 2,324.36, and the S&P 11.86 to 1,341.13. More »

      Tags

      stock market  • oil price  • recession  • credit crisis  • Citigroup  • Clear Channel

    • Could the Credit Crunch Sink a Whole Country?

      newser  |  Financial Times (UK)  |  Mar 26, 08 9:10 AM CDT

      Could the Credit Crunch Sink a Whole Country?

      The global credit crisis has spelled disaster for banks and hedge funds, but now worry is mounting that an entire country could go under. Yesterday the central bank of Iceland was forced to raise its interest rate 1.25 percentage points to 15% at an emergency meeting, reports the Financial Times . The surprise move was a desperate effort to curb runaway inflation and prop up the krona, a currency in free fall. More »

      Tags

      credit crisis  • inflation  • interest rate cut  • Iceland

    • The Great Depression It's Not

      newser  |  Reuters  |  Mar 25, 08 11:21 AM CDT

      The Great Depression It's Not

      Certainly, the 8-month-old credit crisis is serious, but the market turmoil is unlikely to kick off the next Great Depression, financial markets editor Mike Dolan writes for Reuters. "You could be forgiven for thinking we will all soon be hoarding food and reverting to a barter economy," he snipes, but the real issue is psychological: "The problem is lack of confidence." More »

      Tags

      stock market  • Federal Reserve  • recession  • credit crisis  • housing market

    • Bad Credit News Means Good Tidings for Analysts

      newser  |  Guardian (UK)  |  Mar 24, 08 5:01 PM CDT

      Bad Credit News Means Good Tidings for Analysts

      The Bear Stearns crisis was bad news for many, but it was good news—or at least good business—for financial analysts at London-based Breaking Views. The credit crunch is increasing demand for the company’s financial insights, offered online and, through various partnerships, in print. Breaking Views is seizing the moment, courting more newspapers and offering free online columns, the Guardian reports. More »

      Tags

      credit crisis  • subprime crisis  • economy  • Bear Stearns  • Wall Street Journal  • finance  • online news  • Financial Times  • Economist

    • 'Regulation' No Longer a Dirty Word in DC

      newser  |  Wall Street Journal  |  Mar 24, 08 11:38 AM CDT

      'Regulation' No Longer a Dirty Word in DC

      "Regulation" is becoming less of a dirty word in Washington in the wake of the mortgage meltdown, woes on Wall Street, and scares over tainted food and toys. Many Democrats and even some Republicans want a shift from voluntary industry standards in vogue since the Reagan administration. "We're in for a potentially significant regulatory response," one economist tells the Wall Street Journal . More »

    • Wall Street Sneezes; Heartland Catches Cold

      newser  |  New York Times  |  Mar 21, 08 11:36 AM CDT

      Wall Street Sneezes; Heartland Catches Cold

      The high-profile economic woes plaguing Wall Street and previously hot housing markets are spreading, raising the possibility of the worst recession Americans have faced in years. The New York Times crisscrosses the country, assembling anecdotal evidence—suddenly thrifty brides, unsold construction equipment, sinking earnings at FedEx—that suggests the slowdown could drag into 2009. More »

      Tags

      recession  • credit crisis  • inflation  • economy  • unemployment  • consumer confidence  • home sales

    • Japan Faces Credit Crisis With No Central Bank Governor

      newser  |  AFP  |  Mar 21, 08 9:58 AM CDT

      Japan Faces Credit Crisis With No Central Bank Governor

      When markets are in chaos and currencies are fluctuating wildly, central bankers jump in to try to provide stability, as Ben Bernanke has done at the Fed. But in Tokyo a political standoff has left the Bank of Japan without a leader at the worst possible moment, reports the AFP. If MPs can't agree on a BoJ governor soon, the world's second-largest economy could face a serious crisis. More »

      Tags

      Japan  • credit crisis  • Yasuo Fukuda  • Tokyo  • Japanese economy  • Bank of Japan

    • Northern Rock: Post Mortem of a Spectacular Fall

      newser  |  Bloomberg  |  Mar 20, 08 1:49 PM CDT

      Northern Rock: Post Mortem of a Spectacular Fall

      The collapse of Northern Rock, Britains third-largest lender, was "the messiest banking crisis in the Western world resulting from the global credit crunch,'' a UK lawmaker tells Bloomberg in a post mortem of the disaster. “They really screwed it up,” said one analyst of the bank’s hard-charging and ambitious management team. "They should have had other levers to pull." Unable to save itself or attract a buyer, the bank sarcastically called Northern Wreck was taken over by the government last month. More »

      Tags

      credit crisis  • subprime crisis  • Northern Rock  • Bank of England  • bank failure  • CDO  • Adam Applegarth

    • Rogue Traders Bag $200M in Credit Hysteria

      newser  |  Daily Telegraph (UK)  |  Mar 20, 08 7:46 AM CDT

      Rogue Traders Bag $200M in Credit Hysteria

      The UK's financial regulator is probing whether malicious traders attacked the share price of the country's largest mortgage lender yesterday by spreading rumors it faced a major liquidity crisis. The Telegraph reports that HBOS saw its shares plunge 20% as an email circulated suggesting the firm was facing trouble. The hunt is on for at least one rogue trader who shorted HBOS and made $200 million. More »

      Tags

      Great Britain  • credit crisis  • Northern Rock  • Bank of England  • London Stock Exchange

    • Bear Stearns Hires Trauma Counselors

      newser  |  ABC News  |  Mar 19, 08 5:15 PM CDT

      Bear Stearns Hires Trauma Counselors

      Bear Stearns will provide grief counseling for employees facing decimated stock holdings, and the possible loss of their jobs, after the bank's sale to JP Morgan, ABC News reports. "Anything that effects human behavior or emotions at work are the areas where we focus," says one such professional. An average Bear employee who had $200,00 in company stock now has only $2,000. More »

      Tags

      credit crisis  • Bear Stearns  • JPMorgan Chase

    • Crisis Is More of Confidence Than Credit

      newser  |  New York Times  |  Mar 19, 08 11:39 AM CDT

      Crisis Is More of Confidence Than Credit

      The credit crisis that’s roiled financial markets has its genesis in the housing boom that began in 1998, David Leonhardt writes in the New York Times . The boom led lenders to create new financing options—including subprime loans—as investors saw potential for huge returns. Low interest rates encouraged investors, and homeowners, to stretch themselves too thin—and the seeds of crisis were planted. More »

      Tags

      subprime mortgages  • credit crisis  • Ben Bernanke  • Bear Stearns  • home loans  • home sales

    • Interest Soars Sky-High in Visa's $18B IPO

      newser  |  San Francisco Chronicle  |  Mar 19, 08 8:43 AM CDT

      Interest Soars Sky-High in Visa's $18B IPO

      Visa pulled in almost $18 billion in its initial public offering yesterday, the San Francisco Chronicle reports. The credit card company's IPO was the biggest by far in US history and the second biggest ever. The $44-per-share price investors paid was $2 higher than the company's highest estimate, and the price is expected to rise steeply when the shares hit the New York Stock Exchange this morning. More »

      Tags

      stock market  • credit crisis  • IPO  • credit card  • New York Stock Exchange  • Visa

    • Bear Stearns Jumps on Hope for Higher JPMorgan Bid

      newser  |  Bloomberg  |  Mar 18, 08 5:03 PM CDT

      Bear Stearns Jumps on Hope for Higher JPMorgan Bid

      Bear Stearns shares jumped 23% today on hopes that stockholders will reject JPMorgan's bailout offer in favor of a higher offer, Bloomberg reports. The surge moved the price to nearly three times the current value of the fire-sale bid, which one major stockholder termed "derisory." "There's every incentive for shareholders to vote 'no' the first time," said one analyst. More »

      Tags

      credit crisis  • Bear Stearns  • JPMorgan Chase  • shareholders  • shares

    • Credit Crunch Slows Spending

      newser  |  Washington Post  |  Mar 18, 08 11:10 AM CDT

      Credit Crunch Slows Spending

      Fewer credit card offers, tougher mortgage requirements, and a slowdown in business expansion all are likely because of the worsening credit crisis, reports the Washington Post. Banks are looking to limit exposure to high-risk customers and restore their own bottom lines. And that’s tough medicine for an economy that’s grown on the back of cheap money. More »

      Tags

      Federal Reserve  • credit crisis  • interest rate  • consumer spending  • banking  • credit card

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