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Citi to Wind Down SIVs After $3.3 Billion of Losses (Bloomberg) 11-19-08 - Citigroup Inc. will wind down seven failed off-the-books investment funds, ending Chief Executive Officer Vikram Pandit's attempts to salvage them after at least $3.3 billion of writedowns this year.
HUD Said to Entice Banks to Enter Foreclosure Program (Bloomberg) 11-19-08 - The Bush administration, seeking to entice more lenders to join a program aimed at preventing foreclosure, is considering a reduction in the costs for the banks that sign up, a senior administration official said.
Wachovia, Golden West Loans Probed by U.S. Prosecutor (Bloomberg) 11-19-08-- U.S. prosecutors and the Securities and Exchange Commission opened an investigation into whether Wachovia Corp. misled borrowers and investors, San Francisco U.S. Attorney Joseph Russoniello said.
Credit Markets Fall to Records as Confidence in Economy Wanes (Bloomberg) 11-19-08-- Credit markets from commercial mortgages to junk bonds fell to record lows as concerns grew that the slowing economy would overwhelm government efforts to stem the worst financial crisis since the Great Depression.
Yahoo Investors Lose Sight Of Company's Cash Holdings (CNNMoney.com) 11-19-08 - Investors in Yahoo Inc. (YHOO) have grown so discouraged trying to figure out what the struggling Internet giant's operations are worth, they appear to have lost sight of the parts of the company they can value: its cash and assets.
Buffett's Berkshire Falls Most in at Least 23 Years (Bloomberg) 11-19-08-- Warren Buffett's Berkshire Hathaway Inc. fell the most in at least 23 years, dropping for the eighth straight day since reporting a 77 percent decline in third- quarter profit.
Fed signals ready to cut rates amid glum outlook (Reuters) 11-19-08 - Federal Reserve officials have pared their outlook for economic growth through 2009 to minimal levels and are prepared to cut interest rates further, while concern has risen that a deflationary spiral may take hold.
Fed Saw Economy Shrinking Through Mid-2009 Last Month (Bloomberg) 11-19-08-- Federal Reserve policy makers last month predicted the U.S. economy will contract through the middle of 2009, with some prepared to lower interest rates further in response, a record of their meeting showed.
U.S. Stocks Slide to Five-Year Lows as Banks, Carmakers Tumble (Bloomberg) 11-19-08-- U.S. stocks sank and benchmark indexes slid to their lowest levels since 2003 on growing concern over the health of the financial system and survival of the nation's car industry.
Fed Officials Slash Outlook For Economy Through '09 (CNBC)11-19-08 Federal Reserve officials slashed economic growth forecasts through 2009 and hinted that further interest rate cuts may be needed if growth slows further, minutes of their October policy meeting show
House Hearing On Auto Bailout (CNBC)11-19-08 Detroit's auto makers are running out of time to convince skeptical lawmakers that Congress should throw them a $25 billion lifeline.
Solar Pioneer Has His Moments In The Sun (CNBC)11-19-08 Sustainable energy takes a lot of persistence�and even more patience.
U.S. Housing Starts, Permits Drop to Record Low Pace (Bloomberg)11-19-08 -- U.S. housing starts and permits for future construction both dropped to record lows in October, signs the housing downturn may extend into a fourth year
BASF Cuts Profit Target a Second Time on Demand Slump (Bloomberg)11-19-08 -- BASF SE, the world's largest chemical company, lowered its profit forecast for the second time and plans to idle 80 factories after customers in the auto, construction and textile industries reduced orders.
Disclosure Demands for Credit Swaps Said to Increase (Bloomberg)11-19-08 -- U.S. regulators may require banks and insurers to disclose data about all credit-default swap trades to a central registry to boost transparency in the $47 trillion market, a person with knowledge of the talks said
Russia Suffers Plunging Reserves as Ruble Struggles (Bloomberg) 11-19-08-- Russia's foreign-exchange reserves are draining fast and may take almost a decade of economic stability with them
What if GM goes broke? (MSN)11-19-08 Neither a bailout nor bankruptcy may save General Motors or the other Detroit automakers. So imagine the cost of losing GM, starting with millions of jobs
5 money mistakes in a bad economy (MSN)11-19-08 Making a blunder with your finances can make a downturn even worse. Here are tips for sidestepping the pitfalls in credit cards, investing, college costs and other areas.
Target to slash prices as sales slide (MSN)11-19-08 After a 24% plunge in its third-quarter profit, the jumbo retailer promises to remain 'keenly focused' on offering low prices -- going toe to toe with rival Wal-Mart
Online sales growth in October slowest on record (AP) 11-18-08 - Online spending for October grew at the slowest pace since at least 2001, an Internet research company said Tuesday � the latest evidence that Web shopping is being dragged down by the deteriorating economy.
Bernanke Says Federal Reserve Won't Reveal Details on Loans (Bloomberg) 11-18-08-- Federal Reserve Chairman Ben S. Bernanke said the central bank won't disclose details of the $2 trillion in emergency loans of taxpayer funds because doing so would stigmatize banks needing the money.
GE Capital to Pare Jobs, Assets to Save $2 Billion (Bloomberg) 11-18-08-- General Electric Co. plans to cut $2 billion in costs next year from GE Capital as it slows lending in some businesses, marks others for potential sale and slashes an unspecified number of jobs amid the global financial crisis.
So. California home sales jump 67 pct, prices sink (Reuters) 11-18-08 - Home sales in Southern California in October leapt 66.7 percent from a year earlier and 5 percent from the prior month as buyers jumped on deep discounts in prices, especially for foreclosed properties, MDA DataQuick said in a report released on Tuesday.
Citadel Hedge Funds� Counterparty Rating Cut by S&P (Bloomberg) 11-18-08-- Citadel Investment Group LLC, the Chicago-based investment firm run by Kenneth Griffin, had the counterparty rating for its two biggest hedge funds cut by Standard & Poor�s after posting their worst losses.
Steps proposed to ease air travel congestion (AP) 11-18-08 - The government is opening some military airspace to ease airline congestion over Thanksgiving and Christmas, though the effort is likely to have only limited results. And if the weather's bad, all bets are off.
U.S. Stocks Rally, Led by Energy, Computer Shares; Exxon Gains (Bloomberg) 11-18-08-- U.S. stocks gained in the last hour of trading as a rally in energy and technology shares overpowered earlier declines spurred by a drop in homebuilder confidence to the lowest level on record.
Heated debate over auto bailout (CNNMoney.com) 11-18-08 - Skeptical lawmakers grill auto execs, who make the case for taxpayer help to keep industry from collapse.
Carmaker Failure Would Be Catastrophe, Wagoner Says (Bloomberg) 11-18-08-- The U.S. economy would suffer a ``catastrophic collapse'' if domestic carmakers fail, General Motors Corp. Chief Executive Rick Wagoner said, as the nation's auto industry renewed appeals to Congress for federal aid.
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