Skip navigation


Current DateTime: 11:29:41 25 Nov 2009
LinksList Documentid: 24355697
  • Runway Angels

      The superbowl of fashion shows, models walk down the runway at the 2009 Victoria's Secret Show.

  • Smartphone Guide

      Here's a need-to-know guide to nine devices, based on features, price, network and platform.

  • Wines for the Holidays

      Not quite sure what wine to pair with Turkey or Creme Brulee? Our experts do.

FEATURED QUIZZES


Current DateTime: 11:29:41 25 Nov 2009
LinksList Documentid: 33793611
  • How Well Do You Know Your Bird?

      Let's talk turkey. Test your turkey knowledge and perhaps pick up a bit of trivia to trot out at your holiday meal.

  • A Healthier & Wealthier You

      Take the following quiz and find out how much you know about the impact of obesity on the health of the U.S. economy.

  • The Billionaire BFF's

      Philanthropists. Bridge partners. Hockey players. Which responses are based on facts from Buffett's and Gates' real lives?


Current DateTime: 11:29:41 25 Nov 2009
LinksList Documentid: 24890560
  • Winterizing Your Portfolio

      If 2009 was the winter of our discontent, will 2010 be a winter wonderland for investors? A lot depends on the recovery—or lack thereof.

  • Investor's Guide to Real Estate

      Some even say the long-awaited recovery is here. Regardless, buyers and sellers alike can profit from our guide.

  • Alternative Investing

      Stocks and bonds? Sure. But it's a big world out there for investors.

powered by digg
The Financial Crisis: This Day—One Year Ago, Sept. 4
Published: Friday, 4 Sep 2009 | 4:20 AM ET
Text Size
By: CNBC.com

White knights are hard to nail down as the savvy start hedging their bets and bear season arrives on Wall Street.

Speculation over Lehman Brothers' [LEHMQ  Loading...      ()   ] future continues to mount, with many betting on HSBC as a possible bidder. The rumor-mongering, however, apparently goes too far, as Mitsubishi UFJ Financial Group rejects outright a media report that it's considering buying a stake in Lehman.

This Day 1 Year Ago - A CNBC Special Report - See Complete CoverageThis Day 1 Year Ago - A CNBC Special Report - See Complete Coverage
As Lehman twists in the wind, some in the markets call for government intervention in the marketplace.

Pimco founder and co-CIO Bill Gross declares that the US government must give the Treasury power to buy debt and other assets to stave off a financial crisis.

Gross warns that he and other big investors will avoid buying bank debt until Treasury Secretary Henry Paulson injects some $400 billion to $500 billion into the financial system.

But Gross tells CNBC that Pimco will still consider taking on debt from Fannie Mae [FNM  Loading...      ()   ] and Freddie Mac [FRE  Loading...      ()   ]. (Why? Watch full Gross interview—and debate with Jim Cramer—below.)

What You Were Reading:

Alaska Gov. Sarah Palin, named John McCain's presidential running mate, addresses the Republican National Convention on Sept. 3 and Rep. Adam Putnam (R-Fla.) tells CNBC why Palin has "a unique understanding of our energy needs" at a critical time. (See Putnam interview, below.)

The dollar hits its highest level against the euro this year—again—after the European Central Bank cut its outlook for euro-zone growth

The Crisis: 1 Year Later - A CNBC Special Report - See Complete CoverageThe Crisis: 1 Year Later - A CNBC Special Report - See Complete Coverage
Crude oil prices drop nearly $1.50, settling at $107.89 a barrel; oil has now fallen for five straight days and, losing 8.7 percent of its value in that time.

Investors ignore that positive factor and instead focus on glum weekly jobless claims data, showing a gain of 15,000 in the most recent week, snapping three-weeks of improvement.

The Dow tumbles 344.65, or 3 percent, to close at 11188.23. The S&P 500 also sheds 3 percent, while the tech-heavy Nasdaq loses 3.2 percent. All three major indexes are now more than 20 percent below their October 2007 highs:

 

What the Experts Were Saying:

Bill Gross, founder of Pimco, analyzes financials and debates the markets with Mad Money's Jim Cramer.

JPMorgan Chase faces issues with sales of credit default swaps and derivatives to local governments. Mary Thompson reports.

Rep. Adam Putnam (R-Fla.), Republican Conference Chairman, touts Sarah Palin's understanding of the energy industry and the U.S. economy's needs.

© 2009 CNBC.com
Add This share icon
Text Size
  • digg share

CNBC HIGHLIGHTS

  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
  • Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
  • Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
  • More shoppers than ever plan to comparison-shop this season. Who will benefit?
  • It may be the most unusual guide to business you'll read.
  • Cut Credit cards
  • How can you get out of debt and back on the road to recovery? Follow these ten steps.
ADD COMMENTS
Remaining characters


Current DateTime: 12:56:53 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 11:10:58 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 10:38:03 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters