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- 'Black Swan' Shuns Public Life Because of Bernanke
- Look Ahead: Markets Count Down to US Jobs Report
- FHA to Toughen Mortgage Rules in Lenders Crackdown
- Obama to Send More Troops; Seeks Afghanistan Exit
- GM Removes CEO Henderson; Whitacre is Interim Chief
- Who Were the Biggest Winners And Losers This Year?
- GE, Comcast Complete Deal Over NBC Universal: Source
- Case Closed but Woods Scrutiny Continues
- Super Fantasy Christmas Gifts of 2009
- Unemployment to Peak at 10.5%: Moody's Economist
- 8 Stocks to Gain on Obama's Afghan Plan: Analysts
- BofA On Proposed Changes In The Housing Bailout Program
- The Future of The Media Landscape
- November Auto Sales Muddle Along
- Busch: What Obama Won't Say Tonight
- Stick with Equities—Avoid Emerging Markets: Laszlo Birinyi
- Pfizer Chomps On A Carrot
- Predictions 2010: Technology
MOST SHARED
- Keeping America Great
- Cisco Has 84% of Tandberg, Won't Extend Bid
- Kohlberg Kravis Bidding for Morgan Stanley's CICC Stake
- GE, Comcast Complete Deal Over NBC Universal: Source
- Australia Regulator Opposes Caltex-Exxon Deal
- UK Economy Turned, Inflation to Spike: BoE Economist
- Case Closed but Woods Scrutiny Continues
- Australia Parliament Rejects Carbon Trade Laws
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
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] 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.
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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
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] and Freddie Mac [FRE
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]. (Why? Watch full Gross interview—and debate with Jim Cramer—below.)
What You Were Reading:
- Gasparino: Bear Failure Could've Sunk Lehman, Merrill
- The Palin Effect: Insiders Grade McCain's VP Pick
- Chartology: Are Banks Still Broken?
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
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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. |
- Will the Fed raise rates? Will the dollar continue its slide? CNBC experts weigh in on the year ahead.
- What may make this decade stand out are the extremes. After one of the worst global recessions ever, we take a look back.
- Goldman Sachs has forbidden employees from gathering in private holiday parties of 12 or more.
- Do you have what it takes to run your own business? Ask yourself these questions.
- Heavily armed pirates in Somalia have set up a sort of stock exhange to fund their hijackings.
- Since its launch in 1998, Google has become a primary force on the Internet. How much do you know about the company?













