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March 14, 2008 |
Bear Stearns exposed as a bank saddled with toxic sub-prime debt
Telegraph (UK)
Big American finance houses have collapsed before. Continental Illinois required a $4.5bn (£2.25bn) bail-out in 1984 after coming to grief in Texas as the oil boom deflated. |
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March 14, 2008 |
Global financial system braced for ripple effect
Financial Times
Bear Stearns is hardly Wall Street’s biggest investment bank but its travails have far-reaching consequences for the global financial system because of its crucial behind-the-scenes role in some of the world’s most troubled markets. |
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March 13, 2008 |
Global stocks tumble as Carlyle Capital collapses; dollar drops
Int'l Herald Tribune
Global stocks tumbled and the dollar fell further Thursday as the effects of Federal Reserve efforts to restore liquidity to financial markets faded and the investment fund Carlyle Capital succumbed to the credit crisis. |
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March 13, 2008 |
Carlyle Capital faces liquidation
Int'l Herald Tribune
Carlyle Capital neared collapse on Thursday after talks with some lenders failed, signaling that the Federal Reserve's latest efforts to free up the credit markets had done little to calm banks' fears about their loan exposure. |
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March 13, 2008 |
Drake Management may close hedge funds
Int'l Herald Tribune
Drake Management, which manages nearly $5 billion in hedge fund assets, has told investors that it was considering liquidating all three of its hedge funds, citing "challenging market conditions." |
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March 13, 2008 |
Fed takes boldest action since Depression
Telegraph (UK)
The US Federal Reserve has taken the boldest action since the 1930s, accepting $200bn of housing debt as collateral to prevent an implosion of the mortgage finance industry and head off a full-blown economic crisis. |
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March 13, 2008 |
Wall Street fears a major US bank is in trouble
TimesOnline (UK)
Global stock markets may have cheered the US Federal Reserve yesterday, but on Wall Street the Fed's unprecedented move to pump $280 billion (£140 billion) into global markets was seen as a sure sign that at least one financial institution was struggling to survive. |
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March 09, 2008 |
Central bankers cannot stop this contagion
Financial Times
Since the start of the global financial crisis last August, monetary policy has been remarkably ineffective. The US Federal Reserve has cut short-term rates by a cumulative 225 basis points since then. Yet, borrowing costs for US consumers and companies have actually gone up. While the European Central Bank has stoically kept short-term interest rates at 4 per cent, rates charged to consumers and companies have increased. |
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March 04, 2008 |
Gulf investors may not save Citigroup, Dubai executive says
MarketWatch
Mideast sovereign wealth funds may fail to save troubled U.S. banking giant Citigroup Inc. unless more cash is pumped into the lender, the head of a $13 billion Dubai-owned investment firm said Tuesday. |
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March 03, 2008 |
The Federal Reserve's rescue has failed
Telegraph (UK)
The verdict is in. The Fed's emergency rate cuts in January have failed to halt the downward spiral towards a full-blown debt deflation. Much more drastic action will be needed. |
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