financial crisis

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AIG Posts Record Loss, Gets 4th Lifeline of $30B

Insurer loses $62 billion in Q4 and may break up

(Newser) - AIG posted a quarterly loss of $62 billion today—the largest in American history—following news that Washington will provide an additional $30 billion in cash to the insurer and loosen the terms on previous loans. The Treasury and Fed have now intervened four times to prop up AIG, reports...

Money Guru: None of Us Really Knows What to Do
Money Guru: None of Us Really Knows What to Do
OPINION
Mar 1, 2009 2:45 PM CST

Money Guru: None of Us Really Knows What to Do

Pundits should hedge their bets and speak with caution

(Newser) - Financial pundits don’t know everything, and don't trust those who act like they do, Joel Lovell writes in the Washington Post. The GQ money expert acknowledges anxiety over dispensing information that may not be true at all. “It makes me feel like a bit of a fraud,”...

US to Take 36% Stake in Citi
 US to Take 36% Stake in Citi 
UPDATED
Feb 27, 2009 6:57 AM CST

US to Take 36% Stake in Citi

Treasury will take up to 40% of bank in return for boardroom overhaul

(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of...

Foreclosure-Relief Bill Stalls Before House Vote

(Newser) - Legislation that would allow bankruptcy judges to reduce the principal on mortgages of homes in danger of foreclosure will not come up for its scheduled House vote today because Democratic infighting has broken out, endangering its passage, CQ Politics reports. The “cramdown” provision was a red flag for fiscal...

Germans Exalt Grocery Clerk Sacked Over $2

She's become a symbol of recession-time class struggles

(Newser) - A grocery clerk fired from her job of 31 years after allegedly stealing $1.66 has turned into a recession-time hero in Germany. While financial fat cats walk away with billions despite triggering a worldwide economic crisis, the sacking of a 50-year-old mother seems unfair, her supporters tell Der Spiegel....

'Insourcing' Is Recession's DIY Buzzword

From hairdressing to gardening, 'insourcing' is hot

(Newser) - The recession is prompting Americans to forgo luxuries—and that means doing for themselves what they would once have paid someone else to do, the Washington Post reports. Starter sewing-kit sales have soared 30%; landscapers are losing business; customers are forsaking salons to dye their own hair. The trend is...

Obama Unveils Budget, Slams 'Dishonest Accounting'

(Newser) - Barack Obama rolled out his ambitious 2010 budget proposal today, promising a break from the “dishonest accounting” of the past. “For too long, our budget has not told the whole truth,” the president said. “Large sums have been left off the books, including the true cost...

RBS Posts $34B Loss, Biggest in UK History, Gets 2nd Bailout

British taxpayer may soon own 95% of bank

(Newser) - The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,...

Golf Looks for a Tiger Bailout
 Golf Looks for a Tiger Bailout 
Feb 25, 2009 12:37 PM CST

Golf Looks for a Tiger Bailout

Sport struggles economically without its biggest star

(Newser) - Professional golf is looking to Tiger Woods’ return today as a stimulus package for the sport, which has seen recession undermine sponsorship deals and Woods’ 8-month absence siphon off fans, USA Today reports. Even fellow competitors are juiced ahead of the Match Play Championship outside Tucson, Ariz. “He’s...

Recession May Kill Pricey Death Penalty

Worried about legal costs, states consider abolition

(Newser) - Death and taxes may always be with us, but that doesn’t mean we can’t fiddle with them. Specifically, as the recession decreases tax revenue for states, some are considering abolishing the death penalty, which can cost millions. “And we can’t afford that, when there are better...

Eye on Banks, Stocks Sink Early
 Eye on Banks, Stocks Sink Early 
MARKETS
Feb 25, 2009 8:50 AM CST

Eye on Banks, Stocks Sink Early

Dow drops 30 points after bell

(Newser) - Stocks sank after the opening bell this morning, with traders’ eyes still on troubled banks, which face regulators’ stress tests starting today, the Wall Street Journal reports. The Dow quickly plunged 30 points; the S&P slipped 0.5% with a 2.2% drop in financials; and the Nasdaq tumbled...

Gap Narrows Between Mortgage Payments, Rents

Housing slump prompts shift

(Newser) - During the housing boom, mortgage payments held steady, consistently topping rent levels; now, with the market cratering, they’re returning to historical levels, the Wall Street Journal reports. After-tax mortgage payments averaged about 26% more than rent over the past 18 years; during the boom that figure surged to 66%....

Economy Can't Spoil Mardi Gras
 Economy Can't Spoil Mardi Gras
Feb 24, 2009 2:34 PM CST

Economy Can't Spoil Mardi Gras

Revelers enter final day of festivities

(Newser) - Partiers in New Orleans are taking one last chance to eat, drink, and be merry today before Lent. Tourism officials don't believe the economic downturn has dampened the mood at this year's Mardi Gras celebrations and say big crowds over the weekend and nearly full hotels bode well for the...

Schumer to GOP: Stimulus Is All or Nothing

Governors can't cherry-pick favorite parts, senator argues

(Newser) - Chuck Schumer thinks governors ought to have one choice when it comes to the stimulus: Take it or leave it. The New York senator is fed up with Republicans like Bobby Jindal and Mark Sanford, who want to grab some federal cash while refusing the rest on ideological grounds. “...

Fiscal Summit Not Exactly a Hot Ticket
 Fiscal Summit 
 Not Exactly a Hot Ticket 
OPINION
Feb 24, 2009 10:20 AM CST

Fiscal Summit Not Exactly a Hot Ticket

(Newser) - When President Obama announced his fiscal responsibility summit, it sounded like a momentous occasion. Turns out it was so momentous no one bothered to show up, Dana Milbank writes in the Washington Post. Administration big-wigs like Paul Volcker and Leon Panetta skipped out on the panels they were supposed to...

Bernanke: Recession Should End This Year

2010 will be 'year of recovery'

(Newser) - If the government’s plans work, the recession will be over by the end of this year, Ben Bernanke told senators today, making 2010 a “year of recovery.” But, the Wall Street Journal reports, the Federal Reserve chief pointed to continuing storm clouds, saying the US is undergoing...

Citi CEO Drops by White House, Sparking Chatter

Parsons' meeting ratchets up rumors of bank nationalization

(Newser) - Citigroup’s new chief, Richard Parsons, dropped by the White House last night, Politico reports, visiting Valerie Jarrett, an adviser and longtime confidante to President Obama. “He was here to meet with Valerie—something she often does with business leaders,” explained an official. Still, the visit fueled more...

Japan May Buy Stocks to Rescue Tanking Market

Government prepares to act as indexes hit 26-year low

(Newser) - The Japanese government said today that it might intervene to prop up the stock market, as the country's two main indexes approached their lowest levels in 26 years. The continued decline of the Nikkei and Topix—down 18% this year alone—has endangered Japan's banks, which hold a substantial amount...

Cash-Poor Collectors Turn to Haute Pawnshops

'Private art banks' exchange paintings for cash

(Newser) - With loans hard to come by, some rich Americans are turning to their art collections for quick cash. Rather than sell in a depressed market, collectors turn to a lightly regulated corner of the marketplace that provides capital in exchange for temporary ownership of artwork. While they may look like...

AIG Negotiating Yet Another Bailout

3rd rescue could see government acquire parts of insurer

(Newser) - AIG is seeking yet another bailout from the federal government, the Financial Times reports, as the troubled insurer prepares to post a quarterly loss the Wall Street Journal expects to exceed $60 billion. The new package would see the government swap its previous $60 billion loan for equity and acquire...

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