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MOST SHARED
- Timeless and Time-Tested Warren Buffett Watch Predictions
- Governments Must Take Steps To Avoid More Dubais: El-Erian
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- Goldman Sachs Party Ban: No Gatherings of 12 or More
- US Shoppers Spent Less Over Black Friday: NRF
- US Senator Opposes Fed Chief Bernanke Renomination
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. |
- Ever wished your cab driver would stop chatting and just get to where you're going? Well, that moment is closer than ever.
- UPS is giving its customers the option to offset its carbon emissions when sending a package.
- Romania's presidential campaign has been rocked by a video that may show the president striking a 10-year-old boy.
- Raising alligators is hard work, and the fickle taste of rich consumers has just made it much harder, says the NY Times.
- A recent issue of ESPN Magazine was one of its top sellers ever, and it only took scantily clad athletes to make it happen.
- The continued real estate boom in China is partially fueled by a generational flood of newlyweds.













