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…
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…
According to Reuters, talks over a US bailout of banks broke down and will begin again today. Reuters reports that Washington Mutual (WM) became the largest bank failure in US history. Many…
There had been hopes that Hank Greenberg was going to come with his own plan to save American International Group (NYSE: AIG). That was removed yesterday after the company agreed to the…
Douglas A. McIntyre 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…
The FBI has started to look into the collapse of Fannie Mae (FNM), Freddie Mac (FRE), Lehman, and AIG (AIG). The agency is looking for fraud, the kind that was part of…
Douglas A. McIntyre According to Reuters, Warren Buffett invested $5 billion in Goldman Sachs (GS). Reuters says that the Paulson bailout plan is being attacked in Congress. Reuters reports that Japanese banks, in trouble a…
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…
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…
Earlier this week in the midst of the American International Group (NYSE: AIG) meltdown we brought up the issue that AIG was about to lose its standing as a member of the…
Most Americans think that closing the markets for a day or two is the action of socialists and not an appropriate way to deal with the current credit debacle. Nevertheless, the Russians…
Douglas A. McIntyre The Fed and a number of other large central banks will put $180 billion into the markets to improve liquidity. Policy makers “continue to work together closely and will take appropriate steps…
Douglas A. McIntyre Leaving aside the fact that the federal government has a nearly endless supply of money, especially if the Chinese continue to buy its bonds, the capital being pushed into the market is…
Douglas A. McIntyre 