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Paulson announces government will move ahead with plan to buy stock in financial institutions.
CREDIT: Web News - 10-10 06:37 PM
Web News: We are developing strategies to use the authority to purchase and insure mortgage assets and to purchase equity in financial institutions, as deemed necessary to promote financial market stability.
Markets nervous over Lehman auction
LEHMQ: Guardian Unlimited - 10-10 06:09 PM
Analysts predict settlement of credit derivatives will trigger payout of up to $400bn
- G7 communique expected at roughly 6:30PM ET
- Fri earnings: VOXX $.17 EMMS $.00 GE $.45 HST $.28 PGR $.33
- Fri 6:00 OECD Leading Index
- Fri 8:30 Import Prices
- Fri 8:30 Trade Balance
- Fri 10:30 Weekly Idx
- Fri 2:00 Treasury Budget
ECODATA: London Times - 10-10 06:03 PM
London Times: Finance ministers and central bank chiefs from the West’s leading economies were moving to quell the fear last night with moves to shore up their banking systems and prevent a full-scale meltdown of the world financial system. Such was the level of panic, however, that officials gathered in Washington were forced to contemplate the previously unthinkable: that Britain’s enfeebled banks may face outright nationalisation if Gordon Brown’s £50 billion bailout fails.
Swiss Banks Hold On as Zurich Frets
UBS: Web News - 10-10 05:57 PM
UBS and Credit Suisse are weathering the financial storm. But even the chance of a bank failure has Switzerland feeling tense
FINANCE: CNN - 10-10 01:43 PM
President Bush today encouraged the American people to have confidence in the economy and said the U.S. government is acting to resolve the financial crisis and stabilize the markets. "We are a prosperous nation with immense resources and a wide range of tools at our disposal ... We can solve this crisis and we will," Bush said in remarks from the White House Rose Garden.
Credit Default Swap Auction TODAY for Lehman - "Will Investors Have the money to Pay"?
CREDIT: BLOOMBERG - 10-10 06:16 AM
An auction to be held today will determine the size of the payments buyers of default protection can claim after New York- based Lehman filed for the largest bankruptcy with $618 billion in debt. Lehman's $128 billion of bonds were trading yesterday at an average of 13 cents on the dollar, indicating credit swap sellers may have to pay 87 cents on the dollar.
Canada to announce mortgage repackaging plan Friday
CANADA: FINANCIAL POST - 10-09 10:42 PM
Measures to be introduced Friday morning would have the federal government acquire mortgages from lenders. The government would repackage the mortgages into securities for sale in the market.
Morgan Stanley Rating May be Cut by Moody's, Goldman Outlook is Negative
MS: BLOOMBERG - 10-09 10:33 PM
BLOOMBERG: Morgan Stanley, the U.S. securities firm whose shares dropped 26 percent yesterday, had its long-term credit ratings put on review for a possible downgrade at Moody's Investors Service.
Japan's Yamato Life Insurance goes bankrupt
PACRIM: THE ECONOMIC TIMES - INDIA - 10-09 10:28 PM
Japan's Yamato Life Insurance will file for bankruptcy protection, becoming the first Japanese insurer to fail amid the global credit crisis, the financial watchdog said on Friday.
IMF draws up emergency bail-out plans for countries
CREDIT: Guardian Unlimited - 10-09 07:49 PM
Guardian Unlimited: The International Monetary Fund has drawn up emergency plans to bail out governments affected by the financial crisis, after warning yesterday that no country would be immune from the ripple effects of the credit crunch.Dominique Strauss-Kahn, the Fund's managing director, said it could make "hundreds of billions of dollars" available to either rich countries in the west, or to developing nations.
Extreme leverage haunts Europe's banks as rollover crunch looms
CREDIT: Telegraph - 10-09 07:46 PM
The interbank lending system was largely frozen yesterday, dashing hopes that the dramatic half point cut by the European Central Bank this week and a raft of emergency measures by Germany, France, Italy, and Spain, would end the panic in the credit markets.
Dow falls more than 600 points.
MARKETS: CNBC - 10-09 04:07 PM
Another washout overtook Wall Street Thursday, sending major averages down as much as 7 percent as traders bailed out of the credit-battered stock market. The stock market's afternoon selloff sent Dow below 9,000 for the first time in five years, as unshakeable fears from the credit freeze combined with the expiration of short-selling rules to beat down stocks for the seventh straight day.
- Latest News...
- G-7 Commit to `All Necessary Steps' to Stem Crisis
- S&P:Calif Rating May Be Cut If Can't Borrow $4 Bln
- Loonie has biggest one-day drop since 1971
- TSX falls another 6% in equity 'train wreck'
- Gallup Daily: Obama 51%, McCain 41%
- Iceland will meet obligations despite meltdown
- Finance Arm Weighs on G.E. Results
- Iceland’s Banks Face Claims From Depositors Abroad
- 1 Hour Ago...
- Sellers of Lehman’s Default Swaps Face Payout
- Ford CEO rules out bankruptcy
- Mitsubishi UFJ may seek to change M.Stanley deal
- Treasury: Radical Measures May Be In The Wings
- Capital One Ends Financing N.Y., N.J. Car Dealers
- Lehman Credit-Swap Auction Sets Payout of $0.9138
- Redstone Sells to Meet Loan Terms; Viacom, CBS Cut
- Auto parts maker Lear Corp cuts '08 outlook
- Oracle Holders' Vote Shows `Dissent' on Ellison's Pay
- S&P revises life insurance sector outlook to negative
- Moody's may downgrade Wells Fargo's ratings
- Wachovia to close Wells Fargo deal w/o shholders OK
- Mitsubishi UFJ may seek to change M.Stanley deal?
- 2 Hours Ago...
- Morgan Stanley Drops as Moody's Weighs Downgrade
- Fannie, Freddie Spreads Exceed Pre-Takeover Level
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- Policy-makers weighing more steps to bolster banks
- Signs of limited credit thaw emerge in money markets
- GE Capital Tightens Lending Standards Globally
- U.S. Exchanges Said to Seek Targeted Short Sales Ban
- FASB Approves Fair-Value Guidance
- S&P, Moody's Say Citigroup Still On Downgrade Review
- US Banks Keep Pressure on SEC to Deal With Shorts
- IntercontinentalExchange Says All Thursday Trades Cleared
- Crisis Has Inflationary And Deflationary Potential
- 3 Hours Ago...
- Longs largest holder now supports CVS deal
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- ECB's Noyer: Markets Need Patience
- Lehman credit-default swaps set a value of 8.625 cents
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- G-7 Officials Say No `Harmonized' Response
- 4 Hours Ago...
- Liberal Democrat call for bank bosses to be sacked
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- Hedge funds to shrink but survivors to prosper
- Pound at lowest level against dollar in five years
- 5 Hours Ago...
- Ford taps European chief for new CFO
- Banks get accounting break
- The UK's FTSE 100 fell almost 9%.
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- Obama leads by double digits in new poll
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- IMF: Quick Action Needed to Fix Crisis of Confidence
- J&J Paid $68 Million to Settle Birth-Control Cases
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- 7 Hours Ago...
- Lehman Swap Auction Initial Shows Payout of 90.25 Cents
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- U.S. reviewing UK interbank guarantee idea
- Morgan and Goldman lead market selloff for Friday.
- Radical Measures May Be In The Wings
- GM could announce production cuts soon
- 8 Hours Ago...
- Americans should have confidence in economy, Bush says
- Judge says hearing on Wachovia possible Monday
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- NY Fed to Host Second Round of Talks Over CDS
- Crude Oil Drops Below $80 as Equities Slump
- European Leaders Say More Needs to Be Done
- 9 Hours Ago...
- Home buyers balk amid Wall Street meltdown
- Greenspan sees 1st half 2009 U.S. housing recovery
- Searching For a Market Bottom? Keep Looking
- Yahoo investor seeks to revive Microsoft deal
- Barclays to cut 3,000 after Lehman deal
- upcoming MacBooks will be two-tone
- Canada to buy C$25 bln in mortgages from banks

