Drastic Steps...
JAPANESE STAND READY TO BAIL OUT STRICKEN U.S. FIRMS...
Study warns USA may lose financial leadership...
Asian Stock Markets Plunge...
ECB warns crashing dollar may stop Fed cuts: Rumours of an emergency rate cut over coming days by the US Federal Reserve have swept the global markets, setting off a fresh plunge in the dollar.
Citi Loses Almost $10B, Slashes Dividend: Citigroup Inc. lost almost $10 billion in last year's final three months, the largest quarterly deficit in its 196-year history, and slashed its dividend and 4,200 jobs as it recorded a mammoth write-down for bad bets on the mortgage industry.
Citigroup, Merrill Receive $21 Billion From Investors: Wall Street banks have now raised $59 billion, mostly from investors in the Middle East and Asia, to shore up balance sheets battered by more than $100 billion of writedowns from the declining values of mortgage-related assets
Subprime lender to file for bankruptcy: First NLC Financial Services, will file for bankruptcy protection and plans to liquidate because demand among investors for home loans has vanished, the investment bank said Monday.
Whole prices up by 6.3 percent last year: Wholesale inflation shot up in 2007 by the largest amount in 26 years even though falling gasoline costs allowed price pressures to moderate in December.
Greenspan Sees U.S. as Likely In Recession, or Soon to Be: The U.S. is probably in or about to enter a recession, former Federal Reserve Chairman Alan Greenspan said.
Greenspan Goes Over the Hedge Blamed by some for subprime woes, he joins fund that profited in the crisis.
US subprime lenders targeted blacks, poor: report: US mortgage lenders targeted minorities and people with low incomes in recent years as the "best candidates" for subprime home loans, with devastating economic consequences, a report claimed Tuesday.
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