- AIG, Ex-CEO Greenberg Reach Pact to Settle Disputes
- Bank of America CEO Search May Extend Into 2010
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Jobless Claims Below 500,000, Durable Orders Slip
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
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- Garlic Price Rises Surpass Gold, Stocks in China
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- S&P Stocks Trading at New 52-Week Highs
- Where Do Pardoned Turkeys Go?
- The Executive Job Search
- Judge Erases Couple's $525,000 Mortgage Payment
- Salvation Army's Kettles Now Credit Card-Ready
- US Plans to Reduce Emissions By 17% Within Next Ten Years
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Consumer Mood Improves, But Anxiety Over Personal Finances
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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. |
- 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.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes