Financial Service News

A Bright Spot in the Markets - Interview with CEO Gerald Lipkin

Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.

The European Central Bank, the Bank of England and the Swiss National Bank offered more than $60 billion to markets Monday to try to keep the financial sector flush with cash.

The European Central bank offered $50 billion in overnight money, while the Bank of England separately offered $10 billion.

The Swiss National Bank said its overnight dollar offerings also continue, but did not immediately disclose the details of its offer, in keeping with standard policy.

The ECB's Web site said the maximum bid for its offer is $5 billion while the minimum bid is $5 million. Details on the bidders and rates are to be released later in the day.

SPRINGFIELD, Ill. : Facing a lawsuit over deceptive mortgage practices, a Bank of America Corp.

Here's a safe bet for uncertain times: A lot of banks won't survive the next year of upheaval despite the U.S. government's $700 billion rescue plan to restore order to the financial industry.

Germany's Finance Ministry convened crisis talks Sunday to find a new way to keep Hypo Real Estate AG afloat after a $48.4 billion bailout plan for the DAX blue-chip company unraveled over the weekend.

Lehman Brothers was America's fourth-biggest investment bank. US bank JPMorgan Chase stands accused of precipitating the collapse of American investment bank Lehman Brothers by freezing Lehman assets days ...

Chancellor Alistair Darling said he was ready to offer further assistance to individual banks which get into difficulties.

"Almost no one expected what was coming. It's not fair to blame us for not predicting the unthinkable." - Daniel Mudd, former chief executive of Fannie Mae.

THE BLAME GAME When Speaker Nancy Pelosi took to the floor of the House on Monday to blame Republicans for the financial turmoil and charge them with a laissez-fare attitude toward regulation, it seemed like a ...

Nearly 5,000 miles from Wall Street, Dmitry Zhiltsov's recruiting agency is bleeding clients, as investment banks that once hunted Russia's financial wizards succumb to the U.S. meltdown. Flipping on the morning news, he wonders: Who will fall today?

He watches the real estate market, too. If housing prices dive in his hometown of St. Petersburg, and his business dries up and banks limit lending, who will pay his $3,000 monthly mortgage?

'It's like I'm ... waiting for the collapse,' he said by telephone from his kitchen, a few blocks away from the shore of the Baltic Sea.

The treasurer of Massachusetts has asked the federal government about lending Massachusetts money under the same favorable terms it has given banks and firms during the financial crisis.

Treasurer Timothy Cahill's requests to the U.S. Treasury and Federal Reserve Bank of Boston this week were prompted by the state's inability to borrow from the short-term debt markets, The Boston Globe reported Saturday. The financial turmoil has caused credit markets to stop lending, or to charge prohibitive rates.

Gordon Brown has said European leaders will do whatever necessary to ensure stability of the financial system as he joined an emergency summit on the credit crisis.

Chief Executive Officer Steve Jobs had a heart attack and was hospitalized. The agency's enforcement unit is trying to determine whether the iReport.com posting was intended to push down the company's stock ...

The uphill battle to pass the unprecedented $700 billion financial sector rescue plan was the easy part.

The insurer American International Group Inc. said Friday it plans to sell off a number of business units to pay off its massive government loan.

Wall Street ended its worst week in seven years with another tumble on Friday on fears that the $700 billion financial rescue package may not unblock credit markets and stave off a U.S. recession.

Lawyers for Washington Mutual Inc. and its bondholders stood before a Delaware bankruptcy court judge on Friday to tussle over assets - including $5 billion in cash - and set timelines for the organized demise ...

Oil prices rebounded Friday from steep declines a day earlier with investors confident that a $700 billion U.S. bailout package would get House approval.

Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.