AIG knew of potential problems in valuing swaps: report
NEW YORK (Reuters) - Top executives at American International Group Inc knew of potential problems in valuing derivatives contracts, known as credit default swaps, long before questions about the risky transactions caused its stock to plummet, the Wall Street Journal said, citing documents released by congressional investigators.
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AIG knew of potential problems in valuing swaps: report
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European leaders ready bank support plan
PARIS (Reuters) - European governments are ready to help banks weather the financial crisis by guaranteeing some of their lending and other measures, according to a document being discussed by leaders trying to stem panic on markets.
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Draft statement: Europe would guarantee bank debt
Countries that use the euro will temporarily guarantee future bank debt to encourage lending and ease the credit crunch, according to a draft statement under discussion by European leaders Sunday. The declaration says the governments would guarantee “for an…
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Highlights of Paulson statement at World Bank
Highlights of Treasury Secretary Henry Paulson’s statement Sunday to a meeting of the World Bank’s development committee, as provided by the Treasury Department: We meet at a time when the global economic environment is undergoing the most serious stresses in…
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European summit works on “ambitious” crisis plan
PARIS (Reuters) - European leaders raced against the clock on Sunday to clinch a rescue strategy for banks battered by the worst financial crisis since the 1930s, under intense pressure to throw them a lifeline before world markets reopen.
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Palin has mixed record as fiscal conservative
Alaska Gov. Sarah Palin, the Republican nominee for vice president, bills herself as a fiscal conservative. But that can be a relative term when you’re governor of a state gushing with oil money. When Palin signed an operating budget this spring authorizing…
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Paulson: Protectionist policies won’t solve crisis
Appealing for global unity in a time of crisis, Treasury Secretary Henry Paulson said Sunday that isolationism and protectionism do not offer a way to contain the spreading damage. “Although we in the United States are taking many extraordinary measures to…
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Wall St Week Ahead: For stocks, high anxiety still rules
NEW YORK (Reuters) - High anxiety on Wall Street won’t subside this week as the deepening credit crunch pushes the global economy into recession, and corporate profits increasingly become an afterthought as investors scramble to raise enough cash to weather the credit crisis.
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Leader hopeful on coordinated Euro crisis response
President Nicolas Sarkozy said he expects a meeting of 15 European leaders Sunday to produce an ambitious, coordinated plan to battle the effects of the global financial crisis. Decisions taken by the heads of countries where the euro currency is used will be…
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Iran: Merchants in main Tehran market stage strike
Merchants in Tehran’s main market have closed their shops in protest of a new sales tax despite the government’s announcement that it would suspend the measure for two months. Gold, carpet and textile merchants participated in Sunday’s strike against the 3…
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Financial markets near complete freeze
LONDON (Reuters) - Investors will be seeing this week whether policymakers found a way to pull markets away from a deeper collapse as global capital markets faced complete freeze-up.
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Bailout managers may be buying own securities
The government’s plan to make sure private managers of a $700 billion bailout plan are free of conflicts of interest is weak, according to some critics, and allows too much room for abuse. The Treasury Department is in the process of hiring financial experts…
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Somali region raids 1 of many hijacked ships
Somali forces raided one of the many ships hijacked off the country’s coast Sunday as a deadline loomed in a standoff aboard another, arms-laden vessel, officials said. Troops in northern Somalia’s semiautonomous Puntland region unsuccessfully tried to take…
Somali region raids 1 of many hijacked ships
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Bankruptcy financing gets pricier and more elusive
NEW YORK (Reuters) - Financing is getting pricier and more elusive for companies that file for bankruptcy.
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Hyundai may make small car in U.S. :officials
SEOUL (Reuters) - Hyundai Motor Co , South Korea’s top automaker, is considering making a small car in the United States as the financial crisis has lifted demand for such models, officials at the company and a car parts maker said on Sunday.
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