Hushmail To Warn Users of Law Enforcement Backdoor: Hushmail, the web's leading provider of encrypted web mail, updated its explanation of its security model, confirming a THREAT LEVEL report that the company can and will eavesdrop on its users when presented with a court order, even if the targets uses the company's vaunted Java applet that does all the encryption and decryption in a browser.
Oil closes on $100 as Asia tumbles over US fears : The price of fuel has reached a record high while the Nikkei and Hang Seng indices plummet over the worsening US economy
Global stocks plummet on continued credit fears: Global stocks and the dollar plummeted on Wednesday while the yen and government bonds soared as concerns for the health of the U.S. economy stirred another massive wave of risk aversion.
European Stocks Drop to One-Year Low; Porsche, Philips Retreat : European stocks declined to the lowest in a year, paced by exporters and banks, after crude oil approached $100 a barrel and the Federal Reserve reduced its growth forecast for the world's biggest economy.
Hundreds of banks threatened by new subprime crisis: The reserves of hundreds of banks are at risk, including some major banks, after a little-noticed federal court decision signaled the crisis in securitized home mortgages could spell much more trouble for financial institutions than previously realized, even on Wall Street.
Goldman paints bleak picture for housing, financials: Goldman Sachs issued a gloomy report on the U.S. financial services sector, saying housing prices are likely to fall a lot further, write-downs will mount and some mortgage insurers and guarantors will be forced to raise capital just to survive.