US summons banks to meeting on rescue plan
The Bush administration summoned executives from leading financial firms to a meeting Monday to work out details of the $700 billion plan aimed at thawing frozen bank lending that is stifling the economy.
People:Silvio Berlusconi Gordon Brown Henry Paulson Ben Bernanke Activities:2008 U.S. Financial Rescue Bush Admin.
2008-10-13
US moves to get $700B bank rescue effort started
The Bush administration said Monday it is moving quickly to implement a $700 billion rescue program, including consulting with private law firms on how to buy ownership shares in banks to help thaw frozen lending and get the economy moving again.
Nations:India Brazil France Mexico People:Gordon Brown Henry Paulson Ben Bernanke Activities:2007 Global Credit Crunch
2008-10-13
British banks to get cash infusion from government
The British government injected an unprecedented 37 billion pounds ($63 billion) into the country's leading banks Monday to avoid a full-scale collapse of the sector.
Nations:U.K. People:Gordon Brown Activities:2007 Global Credit Crunch Source:(AP)
2008-10-13
European markets recover lost ground
European markets on Thursday recovered some of Wednesday's hefty losses after a relatively steady performance in Asia overnight, with British banking stocks in particular enjoying a strong rally in the wake of the government's 500 billion pound ($865 billion) rescue plan.
Nations:U.K. Germany France South Korea Iceland Luxembourg Activities:European Markets 2007 Global Credit Crunch Source:(AP)
2008-10-09
Fed, central banks cut rates to aid world economy
In a rare coordinated move, the Federal Reserve and other major central banks from around the world slashed interest rates Wednesday to prevent a mushrooming financial crisis from becoming a global economic meltdown.
Nations:Switzerland Germany Sweden Japan France Canada People:Ben Bernanke Barack Obama John McCain Activities:2007 Global Credit Crunch
2008-10-08
Fed orders emergency rate cut to 1.5 percent
The Federal Reserve, acting in coordination with other global central banking authorities, cut a key U.S. interest rate by half a percentage point Wednesday to steady an economy teetering on a collapse reminiscent of the 1929 stock market crash.
People:Ben Bernanke Activities:2007 Global Credit Crunch
2008-10-08
Europeans scramble to save failing banks
STOCKHOLM, Sweden - Germany joined Ireland and Greece on Sunday in guaranteeing all private bank accounts, putting Europe's biggest economy at odds with calls for a unified European response to the global financial meltdown.
Nations:Germany France Iceland U.K. Sweden Ireland People:Nicolas Sarkozy Angela Merkel Activities:2007 Global Credit Crunch
2008-10-05
Paul Newman, actor who personified cool, dies
WESTPORT, Conn. - Paul Newman, the Oscar-winning superstar who personified cool as the anti-hero of such films as "Hud," "Cool Hand Luke" and "The Color of Money" -- followed by a second act as an activist, race car driver and popcorn impresario -- has died. He was 83.
Nations:U.S. People:Paul Newman Jackie Gleason John Huston Lauren Bacall Sally Field Robert Altman Activities:Cannes Film Festival Sundance Film Festival
2008-09-27
Radical bailout plan has a jawdropping price tag
WASHINGTON - Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions.
Nations:U.S. People:John Boehner Henry Paulson Harry Reid Nancy Pelosi Ben Bernanke Barack Obama Activities:2008 U.S. Financial Rescue Bush Admin.
2008-09-19
Fed, central banks move to boost global confidence
NEW YORK - The Federal Reserve, working with central banks in Europe, Canada and Asia, pumped as much as $180 billion into money markets on Thursday to combat a seizing up of lending between banks that is intensifying global financial crisis.
Nations:Canada U.S. Activities:2008 AIG Crisis U.S. Markets
2008-09-18
Barclays to buy Lehman banking divisions for $250M
NEW YORK - Two days after walking away from a deal to purchase all of Lehman Brothers, Barclays PLC said Tuesday it had agreed to acquire Lehman's North American investment banking and capital markets businesses for $250 million in cash.
Nations:U.S. Activities:Lehman Brothers Bankruptcy Source:(AP)
2008-09-16
Stocks tumble amid new Wall Street landscape
NEW YORK - A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials sliding 500 points in their worst point drop since the September 2001 terrorist attacks. Investors reacted badly to a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co.
Nations:Germany France People:Henry Paulson Activities:2008 AIG Crisis Merrill Lynch Sales Lehman Brothers Bankruptcy U.S. Markets
2008-09-15
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