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In fresh efforts to stem persisting turmoil in the credit markets, the US Treasury Department is considering partial nationalization of numerous U.S. banks. Insurance giant A.I.G. will also receive a further injection of $37.8 billion.
The administrators of Lehman Brothers' European division have cut 750 jobs at the firm with immediate effect.
An angry mob gathered around a train station, passing out photocopied flyers and shouting protests against an unjust company. Scrappy stickers were slapped on billboards, directing passers-by to a crudely designed website. The company they were railing against was a frequent target of grassroots activism: Nike. And the group running this guerilla-style anti-advertising campaign? None other than Nike itself.
About a quarter of the nation's banks lost a combined $10 to $15 billion in the wake of the federal government's takeover of Fannie Mae and Freddie Mac. The losses are galling to small bankers because they took pains to avoid the exotic loans and loose underwriting standards that have hobbled Wall Street titans and some huge banks.
American International Group Inc., Goldman Sachs Group Inc., Lehman Brothers Holdings Inc., Morgan Stanley, Washington Mutual Inc. and Merrill Lynch & Co. are part of a U.S. Securities and Exchange Commission investigation into potential abuse in relation to the current financial markets meltdown.
Former UnitedHealth Group Inc. Chief Executive William McGuire agreed to pay $30 million and forfeit 3.7 million stock options to settle shareholder claims related to options backdating, adding to what was already one of the largest executive-pay givebacks in history.
Sending shockwaves through the Swiss financial industry, banking giant UBS is facing accusations from a former senior banker in US courts of massive fraud and corruption. UBS is alleged to have engaged in routine activities aimed at helping its high net worth clients evade hundreds of millions of dollars in taxes, among other matters.
The world's leading ozone destroyer takes credit for leadership in ozone protection. A major agrichemical manufacturer trades in a pesticide so hazardous it has been banned in many countries, while implying it is helping feed the hungry.
Countrywide Financial made risky loans to tens of thousands of Americans, helping set off a chain of events that has the economy staggering. So it may come as a surprise that a dozen former top Countrywide executives now stand to make millions from the home mortgage mess, buying up delinquent home mortgages that the government took over, sometimes for pennies on the dollar, at newly-formed PennyMac.
The rescue of Bear Stearns faced further scrutiny in Congress on Tuesday as a powerful Democratic lawmaker demanded more information on the selection of BlackRock as investment manager for $30bn in the bank's mortgage assets.
There's something peculiar in the report on
financial market regulation issued March 31 by Treasury Secretary Henry
Paulson. The plan, touted by some as a bold expansion of federal
control over capital markets and dismissed by others as a mere
rearranging of the deck chairs on the financial Titanic, includes an
incongruous section on the insurance industry.