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SEC, Fed aware of everything at Lehman: Fuld 

REUTERS

WASHINGTON (Reuters) - The disgraced head of Lehman Brothers Holdings Inc told Congress on Monday that U.S. banking regulators knew exactly how Lehman was pricing its distressed assets and about its liquidity in the months before its collapse.

Throughout 2008, the U.S. Securities and Exchange Commission and the Federal Reserve "actively conducted regular, and at times daily oversight of both our business and balance sheet," said Richard Fuld, chief executive of Lehman , in testimony to be delivered to a House Oversight and... Read more
Meme-It
Dow drops more than 200 in early trading 
ASSOCIATED PRESS
NEW YORK - Stock prices are sharply down in early trading, following the lead of other markets around the globe. The Dow Jones Industrial Average was down 218 points in today's early going. The Nasdaq Composite Index is off 48 points and the... Read more
Meme-It

As Suitors Fight Over Wachovia, Fed Tries for Deal 

THE WASHINGTON POST

A high-stakes battle over who will gain control of the nation's fourth-largest bank intensified over the weekend, with the Federal Reserve acting as a go-between in the pursuit of Wachovia by both... Read more
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Fed moves to broker deal for Wachovia: sources 

REUTERS

WASHINGTON/NEW YORK (Reuters) - The U.S. Federal Reserve is brokering discussions between Wells Fargo & Co and Citigroup Inc over which of the banks will buy Wachovia Corp's assets, people familiar... Read more
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EBay to cut 10 percent of jobs 

REUTERS

NEW YORK (Reuters) - EBay Inc plans to cut its work force 10 percent and sees third-quarter revenue hitting the low end of its forecast, though profit will exceed expectations, the online auction... Read more
Meme-It

Eli Lilly agrees to buy ImClone for $6.5 billion 

REUTERS

BOSTON (Reuters) - Eli Lilly and Co has agreed to acquire ImClone Systems Inc for $6.5 billion, potentially bringing to a close one of the most colorful corporate sagas in biotech history.The deal,... Read more
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Citi, Wells Fargo shares fall on Wachovia dispute 
REUTERS
NEW YORK (Reuters) - Wells Fargo & Co and Citigroup Inc , embroiled in a battle for Wachovia Corp , saw their shares fall on Monday as their dispute added to the woes of the sector.A Citigroup official said Monday the company might consider a bid... Read more
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Stocks tumble in global sell-off 

REUTERS

NEW YORK (Reuters) - Stocks fell on Monday, with the Dow diving 400 points to below 10,000 for the first time in four years, as investors feared the widening fallout from the credit crisis would... Read more
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EU pledges crisis action as U.S. urges coordination 

REUTERS

LONDON/WASHINGTON (Reuters) - The European Union pledged on Monday to protect people's savings and maintain financial stability while Washington urged a more coordinated approach to the worst... Read more
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BofA in $8.6 billion settlement over Countrywide loans 

REUTERS

NEW YORK (Reuters) - As part of a settlement with state attorneys general that could be worth as much as $8.6 billion, Bank of America Corp said on Monday it would cut interest rates and principal... Read more
Meme-It

Oil falls to 8-month low below $90 a barrel 

REUTERS

LONDON (Reuters) - Oil was near $90 a barrel on Monday after falling to its lowest in eight months earlier in the session, pressured by expectations the global credit crisis will bring a sharp drop... Read more
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Some Homeowners Should See Relief 

USA TODAY

Some homeowners at risk of foreclosure may benefit from provisions of the new law designed to cut their mortgage payments. Organizations such as the National Association of Realtors are pleased... Read more
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Fed to boost auctions, pay interest on reserves 

REUTERS

WASHINGTON (Reuters) - The Federal Reserve on Monday announced a series of steps to funnel massive amounts of liquidity through clogged credit markets, including boosting the sizes of cash auctions... Read more
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Paulson to name adviser to oversee U.S. bailout: report 

REUTERS

PHILADELPHIA (Reuters) - Treasury Secretary Henry Paulson is expected to name Neel Kashkari to oversee the $700 billion program to buy distressed assets from financial institutions, The Wall Street... Read more
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Libor reflects money market freeze; policy response eyed 

REUTERS

LONDON (Reuters) - A slight fall in London interbank offered rates for three-month dollars on Monday offered a faint glimmer of hope that money market strains might be easing, but conditions... Read more
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