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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: credit crisis

credit crisis stories: 354 news summaries

41 - 60 of 354 Stories | << Prev 1 2 3 4 5 6 7 ... 18 Next >>

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(Newser) - Former Merrill Lynch CEO John Thain, who became a top exec at Bank of America when the firms merged last year, will resign from his position, CNBC reports. The move comes a week after Bank of America posted its first quarterly loss in 17 years, widely attributed to poor information... More »

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Wall Street • Bank of America • CEO • Merrill Lynch • credit crisis • John Thain • bailout • Ken Lewis

OPINION

Create a Good
'Bad Bank' to
Ease Crisis

Institutions must write down toxic assets to ease larger woes

Jan 22, 09 8:44 AM CST
(Newser) - The world’s banking crisis is entering its endgame, and it’s time to shore up the most troubled institutions using a strategy that worked in Sweden in the 1990s, writes David Roche in the Wall Street Journal. It won't be easy, he warns: "A good bad... More »

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nationalization • credit crisis • banking industry • financial crisis • toxic assets

Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will
be chair of ailing bank

Jan 21, 09 7:57 PM CST
(AP) - Former Time Warner CEO Richard Parsons—an economic adviser on Barack Obama's transition team—will become the new chairman of Citigroup next month. The ailing bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis.... More »

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Citigroup • Richard Parsons • CEO • credit crisis • banking industry

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses... More »

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bankruptcy • credit crisis • financial sector • writedowns • losses • oil prices • banking industry • insolvent

NYT Courts Investment From Mexican Billionaire

Telecom magnate may get preferred stock in arrangement for battered newspaper

Jan 18, 09 10:27 AM CST
(Newser) - The New York Times is in talks with Mexican telecom billionaire and current shareholder Carlos Slim about making a significant investment in the beleaguered newspaper, reports the Wall Street Journal. One possibility under discussion is a preferred-stock arrangement, which would be similar to a loan. Slim's investment would earn him... More »

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New York Times • Carlos Slim • investment • credit crisis

Circuit City Liquidation Sales Will Begin Tomorrow

Consumer-electronics chain has $1.3B in inventory to get rid of

Jan 16, 09 4:35 PM CST
(Newser) - Circuit City will begin the liquidation of $1.3 billion in inventory across 567 stores in special sales tomorrow, Reuters reports. The company hasn’t said anything specific on the discounts it might offer, but markdowns are likely to be deep. Gift cards from the chain will be redeemable at... More »

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retail • bankruptcy • credit crisis • consumer electronics • Best Buy • Circuit City • financial crisis

 Senate Releases TARP Funds  


Jan 15, 09 5:14 PM CST
(Newser) - The Senate agreed to let loose the remaining TARP funds today by a relatively slim margin, the Hill reports. The 52-42 vote means Obama should have access to the $350 billion about a week after he takes office. The House hasn't voted yet, but the TARP legislation requires only one... More »

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Barack Obama • Congress • Senate • Harry Reid • House of Representatives • credit crisis • Wall Street bailout • President Obama • TARP

Spielberg Pays Bills for Ailing DreamWorks

Credit crunch forces director into personal bailout for studio

Jan 15, 09 10:51 AM CST
(Newser) - Perhaps for the first time, Steven Spielberg is using personal funds to pay half of a $26.5 million bill his company, DreamWorks, owes ex-partner Paramount so it can keep 17 film projects under its wing. Due to cash shortages, the studio has already lost the rights to as many... More »

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Hollywood • Steven Spielberg • recession • DreamWorks • credit crisis • Paramount • Hollywood producers • JPMorgan Chase • financing • financial crisis • Reliance

(Newser) - The feds will have to pony up billions of dollars more to help Bank of America close its deal to purchase Merrill Lynch, the Wall Street Journal reports. BoA already has received $25 billion, but Merrill's massive fourth-quarter losses have thrown a wrench in the acquisition. Henry Paulson is a... More »

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Bank of America • Merrill Lynch • credit crisis • bailout • banking industry

Pickens, Facing Headwinds, Pushes Energy Plan in DC

Falling oil prices, stock market have taken alternative-energy push along for ride

Jan 13, 09 8:27 AM CST
(Newser) - Billionaire T. Boone Pickens is in Washington today to push lawmakers to breathe new life into his scheme for weaning America off foreign oil—which has suffered setbacks in recent months, the Wall Street Journal reports, not least of which are the energy and stock markets. A $100 decline in... More »

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Nancy Pelosi • credit crisis • natural gas • T. Boone Pickens • wind power • energy independence • oil prices

ANALYSIS

$173B Later, Taxpayers
Still Can't Get a Loan

Consumer credit remains frozen, even at banks flush with bailout funds

Jan 6, 09 10:09 AM CST
(Newser) - Though US taxpayers own $172.5 billion of shares and warrants in 208 financial institutions, most of them still can’t get a loan. Interbank lending rates have fallen since TARP funds have been paid out, but consumer lending remains tight and average credit card rates are virtually unchanged from... More »

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credit card • Treasury Department • credit crisis • bailout • consumer credit • financial crisis • TARP

Vindicated in 2008, Some Experts Foresee Gloomy '09

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

Jan 2, 09 10:52 AM CST
(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 »

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stock market • global economy • bonds • credit crisis • housing crisis • housing bubble • financial crisis • financial meltdown

 Dumbest 
 Gaffes 
 on the 
 Economy 

Instead of predicting financial crisis, they hid it

Dec 31, 08 6:12 PM CST
(Newser) - The men who should have been warning us about the impending financial crisis were a wee bit off the mark at times. MSNBC rounds up some of the dumbest things said:
  • "Subprime market problems seem likely to be contained."—Ben Bernanke, March 28, 2007
  • "The
... More »

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John McCain • Ben Bernanke • recession • US economy • credit crisis • John Thain • George W. Bush • Alan Schwartz • financial crisis • recession depression

(Newser) - Pawn shops are turning from the shady realm of the lower class to a place for rich people to get loans, the Wall Street Journal reports. The typical household income of a pawn shop customer is $29,000, but new middle- and upper-class clients are surging. One such client pawned... More »

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loans • recession • credit crisis • jewelry • weakening economy • economy • financial crisis • pawn shop

ANALYSIS

How Iceland Went From Codfish to Meltdown

Country built a huge financial bubble based on a vulnerable currency

Dec 27, 08 11:18 AM CST
(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 »

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Iceland • credit crisis • banking • bank failure • krona • financial crisis • financial meltdown

 NYT Ready to Sell BoSox Stake 

As newspapers tank, company offloads non-core assets

Dec 24, 08 5:25 PM CST
(Newser) - With revenues plummeting and advertisers and readers fleeing, the cash-starved New York Times Co is looking to offload a once-sacrosanct asset—its 17.5% stake in the Boston Red Sox and Fenway Park, the Wall Street Journal reports. Revenues at the Times Co arm that includes the Grey Lady and... More »

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New York Times • Boston Red Sox • Fenway Park • shares • credit crisis • New York Times Company • Boston Globe • newspaper industry

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

Dec 22, 08 10:33 AM CST
(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 »

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Russia • Oleg Deripaska • Roman Abramovich • global economy • credit crisis • bailout • economy • financial crisis • financial meltdown • Dmitry Pumpyansky • Alexander Lebedev

ANALYSIS

 4 Financial Doomsday Scenarios 


Dec 17, 08 11:20 AM CST
(Newser) - James Rickards is far more pessimistic about the economic crisis and its global implications than most of his analyst colleagues, Politico reports. But he’s also well respected by US intelligence and defense services. Here are four of his nightmare scenarios.
  • Terrorism: Al-Qaeda has long sought to disrupt the
... More »

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China • terrorism • depression • recession • national debt • euro • credit crisis • US dollar • financial crisis • economic downturn • recession depression

 Fed Cuts Rate to 0%-0.25% 

Target is record low as Reserve battles recession

Dec 16, 08 1:40 PM CST
(AP) - The Federal Reserve today cut its target for a key interest rate to the lowest level on record and pledged to use "all available tools" to combat a severe financial crisis and prolonged recession. The central bank says it reduced the federal funds rate, the interest that banks charge... More »

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Ben Bernanke • Federal Reserve • recession • interest rate • credit crisis • Fed funds rate • interest rate cut • financial crisis

(Newser) - Barack Obama’s economic advisers are devising a new stimulus package that could top $1 trillion over 2 years, the Wall Street Journal reports. Insiders say the $500 billion plan considered last month is too cautious given America’s mounting economic woes. "Every day there's a new bad... More »

MORE ABOUT:
Barack Obama • credit crisis • transition • economic stimulus package • economic adviser • President Obama • economic downturn

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