According to Reuters, Congress is ready to vote on a $700 billion financial bailout package. Reuters reports that Belgian-Dutch group Fortis was nationalized Reuters reports that British mortgage lender Bradford & Bingley will have…
Asia markets fell on concerns that the US federal bailout may be too little, too late. The Nikkei was off 1.3% to 11,744. Toyota (TM) fell over 3% on concerns about a recession. Mizuho…
Two European financial firms fell apart during the last 24 hours. The U.K. government said that mortgage bank Bradford & Bingley is being nationalized after investors and lenders lost confidence in the group. B&B’s…
Banks and investment banks who watched Bear Stearns, Washington Mutual, and Lehman go down in flames have learned a lesson. Bank of America (BAC) moved too fast to buy Merrill Lynch (MER). If it…
The perverse view of Google (GOOG) as a "recession proof" company has already been given lie by the firm’s share price. Last week, the stock got as low as $421, near its 52-week low…
According to The Times of London, the Treasury is poised today to nationalize Bradford & Bingley, the troubled mortgage bank. The Times also reports that hedge funds and institutions could be forced this week…
Apple (AAPL) has begun the process of "unlocking" its new 3G iPhone, a move that caused controversy with the earlier version of the handset. The unlocked phone can be used on any wireless network.…
The bailout may be done. According to The Wall Street Journal, "U.S. lawmakers said a tentative deal has been reached to bailout the troubled financial system. Treasury Secretary Henry Paulson said bailout deal legislation…
The carnage and fallout from the Washington Mutual (NYSE: WM) failure on Friday was broad-based and very ruthless in the banking sector. Most companies had no news, yet speculation of exposure and related counterparty…
Research in Motion Ltd. (NASDAQ: RIMM) had a really bad week. In fact, the huge drop seen Friday broke so far under the prior 52-week low of $80.20 that you would have thought the…
The rumor mill and the deal-making mill might not be dead. The New York Times’ DealBook noted that Citigroup Inc. (NYSE:C) and Wachovia Corporation (NYSE: WB) were in early merger talks. Citi shares closed…
Washington Mutual (WM) Shut down by feds. Drops to $.148 from 52-week high of $26.47. Smithfield Foods (SFD) Credit concerns. Sells down to $13.95 from 52-week high of $32.26. Sun (JAVA) Company shares continue…
Fortress Investment Group, LLC (NYSE: FIG) has filed a shelf registration to offer as much as $1 billion in mixed securities. It lists Class A shares, preferred shares, depository shares, warrants, subscription rights, purchase…
There was an announcement this morning from Lexington Insurance Company, a unit of American International Group (NYSE: AIG). The unit has said that effective September 15, 2008 it has arranged a Contingent Property Reinsurance…
The ups and downs of the government’s attempts to get a bailout package for financial institutions is leading the major players in the oil patch to remain really quiet. Given the yelping not so…