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Citigroup and Wells Fargo were locked Sunday in a bidding war over a possible emergency takeover of Wachovia, the New York Times reported.
Lawmakers geared up to vote Monday on creating a $700 billion government fund to buy bad debt and alleviate the financial crisis while European regulators scrambled to save two struggling banks.
ABSTRACT / DEK GOES HERE
The state of the financial markets' bailout and the credit crunch are dual concerns for investors in the week ahead.
For the week ending Friday, September 26, 2008, the major U.S. Indices tumbled for the week as uncertainty lingered over the Congressional $700B bailout package. We also witnessed a historic bank failure, unsatisfying housing data, a continued rise in jobless claims, and a record one-day gain in the price of crude. The S&P 500 and NASDAQ Composite shed more than 3% for the week. The NASDAQ had the worst weekly performance amongst the three major indices, losing 3.98%, followed by S&P 500 which lost 3.3%, marking their biggest weekly drops since the start of Sept. for the NASDAQ & since mid May for the S&P.
A government audit obtained by CNBC blasts the Securities and Exchange Commission's handling of the investment banking crisis. In response, the SEC says it is scrapping the way it regulates big investment banks.
Markets may test new lows as the US bailout plan is delayed.
Wall Street's wild ride promises to continue as Congress wrangles over details of a financial markets bailout, and investors assess the government-brokered deal for Washington Mutual.
Cramer lays out who he thinks are the biggest beneficiaries of this massive $700 billion bailout.
Traders are passing around this document which purportedly lifts the ban on short selling in Russia. Those who are adamantly opposed to a blanket ban on short selling are claiming this makes Russia more of a capitalist country than we are.
Cash is king is no longer just a cliché, it has become a mantra for markets in times of high uncertainty.
Treasury Secretary Henry Paulson has spent a good part of the last two days on Capitol Hill arguing that the government should not demand a stake in any Wall Street firms it bails out. Demanding such a stake, Mr. Paulson says, could scare away many of those firms from participating in the bailout, leaving the credit markets as hobbled as they are now, the New York Times reported.
It's never pretty on Wall Street when the action in Washington rules the markets. That's certainly been the case this week, while Congress wrestles with the merit and shape of the $700 billion financial markets rescue package, proposed by Treasury Secretary Hank Paulson
Warren Buffett makes a surprise $5 billion endorsement to Goldman Sachs spacer, while Treasury Secretary Paulson agreed that a proposed $700 billion financial bailout be modified to put some limits on executive pay. Following are today's top videos:
Unusual action in Goldman's share price is raising eyebrows on Wall Street.
There’s no time for the Treasury secretary to take a much-needed marketing course. So Cramer broke down the bailout so we could see just how imperative it really is.
For a second day officials urged Congress to swiftly act on a Wall Street bailout or risk "serious consequences" for the economy and financial markets...
Maria Bartiromo discusses Wednesday's top business and financial stories, and looks ahead to tomorrow's events.
Stocks got an early boost from Buffett's vote of confidence in Wall Street but the meandering hearings on the bailout sucked the air out of the trading floor. By the closing bell, financials had fallen and only techs were left carrying the torch of hope.
Stocks made a modest advance Wednesday, boosted by Buffett's investment in Goldman Sachs and optimism that a bailout could boost tech spending.