Financial Crisis: Who’s to Blame?

Originally from Businessweek Tune in to Anderson Cooper on CNN and watch as he counts down the “10 Most Wanted Culprits of the Collapse.” Pick up the New York Post and read about FBI investigations of top financial firms under the headline “Fraud Street.” With a bewildering and frightening financial crisis in full swing, the new [...]

Wells Fargo agrees to buy Wachovia, Citi objects

By SARA LEPRO NEW YORK – A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $14.8 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi’s earlier and lower-priced takeover offer go forward. The surprise announcement that Wachovia Corp. agreed to be acquired by San Francisco-based Wells Fargo [...]

Historic bailout bill passes Congress; Bush signs

By JULIE HIRSCHFELD DAVIS, Associated Press Writer Julie Hirschfeld Davis WASHINGTON – With the economy on the brink of meltdown and elections looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government [...]

Stocks decline on unemployment, factory reports

By JOE BEL BRUNO, AP Business Writer Pessimism about a protracted economic downturn washed over the financial markets Thursday, sending stocks plunging and further tightening the credit markets. News of declining factory orders and a seven-year high in jobless claims stoked fears that the government’s financial rescue plan won’t ward off a recession, and the Dow [...]

Congress leaders optimistic on revived bailout

The Senate moved toward passage Wednesday of a $700 billion financial industry bailout as opposition to the package among House Republican conservatives appeared to be softening, thanks partly to a provision increasing insurance for people’s deposits. Congressional leaders from both parties said they were hopeful that a new version of the rescue plan could be cleared [...]

Stocks little changed after snapback rally

Financial markets uneasily awaited a Senate vote on the government’s banking sector bailout Wednesday, with stock prices fluctuating and credit markets still extremely tight. The Dow Jones industrials, down more than 200 points in early trading, recovered to show a moderate decline. After stocks suffered a steep drop Monday and rebounded part-way Tuesday, investors were reluctant [...]

Can wild CEO pay be tamed? Probably not

The guys who ran the recently collapsed Lehman Bros., Merrill Lynch, Bear Stearns, Fannie Mae and Freddie Mac all prove one thing. You don’t always get what you pay for. Big paychecks for jobs not well done: Lehman Bros.’ Richard Fuld, $40 million. Merrill Lynch’s Stanley O’Neal, $46 million. Bear Stearns’ James Cayne, $40 million. Freddie Mac’s Richard Syron, just shy [...]

Bailout plan rejected

NEW YORK (CNNMoney.com) — The fate of the Bush administration’s $700 billion financial bailout plan was abruptly thrown in doubt Monday as the House vote turned against the controversial measure. Supporters were scrambling to put the bill up for another vote. Rep. John Boehner, the lead Republican in the House, said another vote would not be [...]

U.S. lawmakers seem near deal on bailout

WASHINGTON: Lawmakers indicated Thursday that they were close to hashing out an agreement on a proposed $700 billion bailout of the financial system, hours before a high-stakes meeting at the White House to finalize the deal. Article Images Article After congressional staff members worked through the night to hammer out the details of the remarkable rescue effort, Senate and House [...]

Housing costs gobbling up paychecks

MIAMI, Florida (AP) — Al Ray is so strapped for cash, the only time he eats out is Wednesday or Sunday, when the local McDonald’s sells hamburgers for 49 cents. Ray lost his engineering job in November and has been working as high school tutor, scratching out about $1,000 a month — if he’s lucky. [...]

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