The Treasury is making the case that the financial industry needs $700 billion to take toxic assets off bank balance sheets. This should free up liquidity and ease credit problems. Treasury Secretary…
According to Reuters, Bush called an emergency meeting of Congressional leaders to push through bank bailout legislation. Reuters reports that Goldman Sachs (GS) and Morgan Stanley (MS) are preparing to take advantage…
Markets in Asia were slightly higher. The Nikkei was up .2% to 12,225. Nomura rose more than 5%. Mitsubishi UFJ Financial Group was up over 4% after buying a stake in Morgan…
Douglas A. McIntyre According to Reuters, Wilbur Ross say the bailout package does not address the core of problem which is mortgage payments. Reuters writes that the National Retail Federation says that this will be…
Goldman Sachs (GS) and Morgan Stanley (MS) today give up their vaunted status as investment banks, no longer being the top dogs of the financial world. In this ancient industry, there is…
According to Reuters, Goldman Sachs (GS) and Morgan Stanley (MS) will give up their investment banking status and become bank holding companies to have access to the government’s proposed $700 billion bailout…
Shares of major financial firms from Goldman Sachs (GS) to Morgan Stanley (MS) are up 25% to 35% in the pre-market. Washington Mutual’s (WM) stock is up more than 40% and AIG’s…
According to Reuters, Citigroup (C) is considering buying Washington Mutual (WM). Reuters reports that US markets rallied on word of a potential plan for the government to take over the toxic assets…
Genworth (GNW) Concerns that mortgage insurance company has too much exposure in housing disaster. Down to $3.51 from 52-week high of $32.33. State Street (STT) Concerns about exposure to AIG (AIG) and…
According to Reuters, Morgan Stanley (MS) is in merger talks with several firms. Reuters says HSBC (HBC) may be a possible buyer for Morgan Stanley. Reuters reports that Washington Mutual (WM) is…
The New York Times is reporting that Morgan Stanley (MS) has been approached by Wachovia (WB) about a buyout. According to the paper, the broker is also considering other options. Douglas A.…
Morgan Stanley (MS) tumbles on fears it will be the next victim of credit crisis. Shares falls to $16.08 from a 52-week high of $69.87. Goldman Sachs (GS) Even the premier US…
According to Reuters, the federal government bailed out AIG (AIG) The Fed will loan the insurance company $85 billion for two years in exchange for a 79.9% stake. Reuters says that Barclays…
By all accounts, Morgan Stanley (MS) was supposed to have a mediocre quarter. Wall St. was concerned it could be worse than that. Enough of the large financial companies had been damaged…
According to Reuters, the markets will now turn their attention to AIG (AIG) which is struggling to survive. Reuters report that the Fed will probably hold interest rates steady and signal a…
