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Today’s Top Finance News and Analysis
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Recession More Severe Than Thought: Fed's Rosengren
Reuters -
3 hours 53 minutes ago
By Kristina CookeWEST NEWTON, Massachusetts (Reuters) - The U.S. recession looks to be longer and more severe than originally thought, but there are signs that the economy will improve in the second half of 2009, a top Federal Reserve official said on Thursday."It appears the economy contracted quite significantly in...
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Citi Supports Mortgage Cram-Downs
Calculated Risk - 5 hours 24 minutes ago
From CNBC: Citi Supports Plan to Adjust Mortgages in BankruptcyCitigroup has agreed to a plan that would let bankruptcy judges alter mortgages in an effort to prevent more housing foreclosures. Until now, the banking industry has been ardently opposed to the proposal, which key Democratic lawmakers aim to attach to...
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Citi Backs Senate Mortgage Bankruptcy Reform: Senator
Reuters -
7 hours 22 minutes ago
By Kevin Drawbaugh and Patrick RuckerWASHINGTON (Reuters) - Financial giant Citigroup Inc has agreed to support a controversial rewrite of U.S. bankruptcy law aimed at helping troubled mortgage borrowers avoid foreclosure, lawmakers said on Thursday.Known as "cramdown," the rewrite would let bankruptcy court judges erase some mortgage debt to help...
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U.S. says Madoff had checks ready, seeks jail
Reuters -
10 hours 24 minutes ago
NEW YORK (Reuters) - A search of accused swindler Bernard Madoff's office desk revealed he had signed checks totaling more than $173 million ready to be sent, U.S. prosecutors said in court papers on Thursday asking a judge to jail him.
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KPS Nears Deal for Waterford Wedgwood Assets
New York Times - 10 hours 41 minutes ago
The administrators of Waterford Wedgwood said Thursday that they have tentatively agreed to sell some of the ceramics maker's assets to KPS Capital Partners, an American private equity firm. The administrators said in a statement that they might sell some assets of Waterford, Wedgwood and Royal Doulton to KPS, a...
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Could Warren Buffett Save Dow Chemical?
The Wall Street Journal - 11 hours 43 minutes ago
For Dow Chemical CEO Andrew Liveris, failure isn't an option. Liveris has a tough juggle ahead of him to complete his company's $15.3 billion acquisition of Rohm & Haas. So Deal Journal wanted to look at some ways that Dow could still save its deal...
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Kuwaiti investment bank in default
International Herald Tribune - 11 hours 54 minutes ago
Global Investment House was the first of several expected casualties among Kuwaiti financial companies because of the global credit crunch...
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Satyam CFO Quits as Scandal's Scope Widens
CFO - 12 hours 39 minutes ago
Giant list of U.S. clients turns to assessing damage. Satyam auditor PwC will be involved in the internal self-evaluation, although its role, too, is under review...
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Mega-sized DIP Fund Is Tapped
Lyondell Chemical wins a court OK to access the first $2 billion of an expected $8 billion in debtor-in-possession financing, plus a stop-gap loan so it can continue to operate...
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SEC Busts Another Ponzi!
Clusterstock - 13 hours 56 minutes ago
The SEC is on a roll, making its second Ponzi bust since the Bernie Madoff scandal. Ok, it's not $50 billion, try $50 million:The Securities and Exchange Commission has charged a Philadelphia-area investment fund manager and his firm for conducting a multi-million dollar Ponzi scheme, and has obtained an emergency...
- What To Do With Fannie and Freddie?
- Why the PennyMac-FDIC Home Mortgage Deal Is Important
- Financial Roundup: $15 Billion More to Banks, NY Fed Boosts Mortgages, MasterCard Buys Tech Firm, Nasdaq Sets Up Derivative Clearinghouse
- 5 Ways to Reform the Embattled SEC
- Financial Roundup: 3 Big Deals Official, ING Reorganizies, Citi Bosses Lose Out, the Skinny on Fannie Mae
- Financial Roundup: GMAC Bailout Breaks Limits, Credit Card Rule Speedup, UBS Unloads Chinese Bank Shares, “Mark to Market” Stays
- Why Banks Need to Clamber Aboard the Mobile Finance Bandwagon
- Who’s Complying With New Credit Card Rules Now? Check BillShrink
- Dude, Where’s My Money?
- Financial Roundup: GMAC Gets Bailout, AIG Dumps Derivatives, Banks Need Help for TARP Aid, FASB Gives Fair Value Break
- More Financial Services Insights
Top Rated
- SEC Attacks Unlawful Manipulators of the Worst Kind+157 votes
- Proxy Services Wage Proxy War+123 votes
- Fannie, Freddie, and Mortgages in the Real World+121 votes
- For Ex-Merrillite Dow Kim, It's $10 Million a Year or Nothing+49 votes
- Michael Milken Taking Another Nibble at the Poison Pill?+40 votes
- Advice To Team Obama: Keep FDIC's Bair+25 votes
- Mortgage Meltdown Tapping H&R Block Reserves+23 votes
- Hoping To Put Out Fire, Former Allstate Chief Jumps Into AIG Frying Pan+21 votes
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BNET Financial Services provides daily industry news coverage and insights for managers and executives about the major companies in the financial sector. In addition to detailed company profiles, we bring you critical analysis on new alliances and partnerships, new products, mergers and acquisitions, labor and cost management, investments and deal flow, and a host of other important business issues.
