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September 2008
- Computer Crash Paralyzes London Trading
  
  Times (UK) | Sep 9, 08 1:55 AM CDT
  
  (Newser) - A catastrophic computer crash shut out dismayed London traders from the market yesterday as stocks soared around the world in the wake of the US bailout of Freddie Mac and Fannie Mae, the Times of London reports. The seven-hour systems failure at the London Stock Exchange is estimated to have cost traders millions of dollars on what would have been one of the most profitable trading days of the year. More »
August 2008
- SEC Wants US Firms to Switch to International Accounting
  
  Wall Street Journal | Aug 27, 08 4:42 PM CDT
  
  (Newser) - The Securities and Exchange Commission is planning to require US companies to switch to international accounting rules, the Wall Street Journal reports. The body voted today to seek public comment on a plan for the transition, which would stagger requirements. Large multinational firms would be expected to voluntarily switch in 2010, prompting an SEC vote in 2011 on making the switch nationwide. More »
- 3 More Wall Street Firms Agree to Buy Back Securities
  
  Financial Times (UK) | Aug 22, 08 2:23 AM CDT
  
  (Newser) - Merrill Lynch, Goldman Sachs and Deutsche Bank have agreed to a settlement with New York's attorney general and other state regulators to buy back $14.5 billion of now worthless auction-rate securities. The brokerages will also pay $162 million in fines to settle charges that they misled investors into thinking the securities were as liquid as cash, reports the Financial Times . More »
- Asia Stocks Hit 2-Year Low, Europe Tumbles
  
  Reuters | Aug 19, 08 5:11 AM CDT
  
  (Newser) - Asian stocks hit a two-year low today and European markets opened lower amid fears that the US will be forced to bail out Fannie Mae and Freddie Mac. In Tokyo the Nikkei tumbled 2.3%, leading declines across the region. Stocks of big European banks such as Barclays and Société Générale were sliding. More »
- Farms Fuel Boom in US Exports
  
  New York Times | Aug 18, 08 9:21 AM CDT
  
  (Newser) - Worldwide demand for grain and a weak US dollar helped drive exports up 7.1% in the first half of the year, providing a respite from the barrage of negative economic news. But experts warn the commodity-driven rise could be brief, reports the New York Times. Export surges of agricultural products “tend to go away pretty quickly,” said one analyst. More »
- Morgan Stanley, JPMorgan on Auction-Rate Probe Hot Seat
  
  Wall Street Journal | Aug 12, 08 9:46 AM CDT
  
  (Newser) - As New York AG Andrew Cuomo's office continues applying heat, banks are scrambling to react to the auction-rate securities crisis, the Wall Street Journal reports. Morgan Stanley said yesterday it will buy back about $4.5 billion of the illiquid securities—but a Cuomo spokesman called the move “too little, too late.” JPMorgan Chase and Wachovia are the latest institutions under new scrutiny. More »
- UBS Agrees to $19.4B Auction-Rate Bond Buy-Back
  
  Boston Globe | Aug 8, 08 10:56 AM CDT
  
  (Newser) - UBS, pressured by state and federal authorities, has agreed to buy back $19.4 billion in risky auction-rate securities that were widely sold as cash-like and safe, the Boston Globe reports. The market for the securities, which are a type of bond sold by non-profits, art institutions and local governments, collapsed in February. The Swiss bank will also pay $150 milion in fines, split between New York and Massachusetts. More »
- Even Hedge Funds Start to Feel the Crunch
  
  Wall Street Journal | Aug 4, 08 1:30 PM CDT
  
  (Newser) - Hedge funds, usually known for beating the wider market, are taking a hit in the general financial slump, the Wall Street Journal reports. Though they're still outperforming the market for the year, early data suggest that trend might have reversed last month: One study of 60 funds shows them off 2.8%, worse than the S&P 500’s 1% July fall. More »
July 2008
- Demonizing Shorters Won't Save the Likes of Lehman
  
  New York | Jul 19, 08 9:34 AM CDT
  
  (Newser) - Short-sellers have the power to utterly crush Lehman Brothers, as they did Bear Stearns, writes James Cramer in New York , but it's largely Lehman's own fault. Lehman shares much of the "mismanagement, arrogance and recklessness" that brought down Bear, Cramer opines in a piece that says excoriating short-selling hedge funds for running down Lehman stock, and accusing them of manipulation, misses the point. More »
- Mixed Note Caps Big Week
  
  MarketWatch | Jul 18, 08 3:23 PM CDT
  
  (Newser) - The markets were mixed today as poor results across the tech sector and from Merrill Lynch put the brakes on a two-day rally, MarketWatch reports. Good news from Citigroup kept the Dow buoyant, and it closed up 49.91, at 11,496.57. The tech-heavy Nasdaq took a 29.52-point dive, settling at 2,282.78, while the S&P 500 gained 0.36 to1,260.68. More »