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Business

Photo: Revealed: Day the banks were just three hours from collapse Revealed: Day the banks were just three hours from collapse
Daily Mail, UK - Sat Jan 24, 2009
Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed. More»

Photo: State unemployment claim systems overwhelmed State unemployment claim systems overwhelmed
Associated Press - Tue Jan 6, 2009
ALBANY, New York - Electronic unemployment filing systems have crashed in at least three states in recent days amid an unprecedented crush of thousands of newly jobless Americans seeking benefits, and other states were adjusting their systems to avoid being next. More»

Tennessee sludge spill estimate grows to 1 billion gallons
CNN - Fri Dec 26, 2008
Estimates for the amount of thick sludge that gushed from a Tennessee coal plant this week have tripled to more than a billion gallons, as cleanup crews try to remove the goop from homes and railroads and halt its oozing into an adjacent river. More»

Investor who lost big to Madoff kills himself
Associated Press - Mon Dec 22, 2008
NEW YORK - A fund manager who lost more than $1 billion of his clients' money to Bernard Madoff was discovered dead Tuesday after committing suicide at his Manhattan office, marking a grim turn in a scandal that has left investors around the world in financial ruin. More»

AP study finds $1.6B went to bailed-out bank execs
Associated Press - Sun Dec 21, 2008
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals. More»

Motor City's woes extend beyond auto industry
Associated Press - Fri Dec 19, 2008
DETROIT - One measure of how tough times are in the Motor City: Some of the offenders in jail don't want to be released; some who do get out promptly re-offend to head back where there's heat, health care and three meals a day. More»

Photo: Credit card holders livid about 'rate-jacking' Credit card holders livid about 'rate-jacking'
CNN - Wed Dec 17, 2008
It arrived in Rich Stevens' mailbox a few weeks ago: the notice that Citibank had "rate-jacked" the Visa cards belonging to him and his wife. More»

Best Buy 3Q profit sinks, offers staff buyouts
Associated Press - Mon Dec 15, 2008
MINNEAPOLIS - Best Buy, the nation's biggest consumer electronics retailer, said Tuesday that its third-quarter profit sank 77 percent as it faced dramatic changes in consumer spending. More»

Photo: Goldman Sachs reports huge loss Goldman Sachs reports huge loss
BBC - Mon Dec 15, 2008
US financial giant Goldman Sachs has reported a $2.12bn quarterly loss, its first since the investment bank went public in 1999. More»

Georgia's Haven Trust Bank Forced to Shut Down
Fox - Fri Dec 12, 2008
ATLANTA - The Georgia Department of Banking and Finance announced Friday that it will shut down Haven Trust Bank. More»

Photo: How Freddie Mac halted regulatory drive How Freddie Mac halted regulatory drive
Associated Press - Mon Dec 8, 2008
WASHINGTON - From a hefty lobbying budget to the use of free baseball tickets, Freddie Mac fended off any meaningful regulation in the years before the housing mortgage giant crashed, records obtained by The Associated Press show. More»

Photo: Tribune Co. files for bankruptcy Tribune Co. files for bankruptcy
Associated Press - Sun Dec 7, 2008
NEW YORK - Tribune Company - owner of the Los Angeles Times, Chicago Tribune, Baltimore Sun and other dailies - filed for Chapter 11 bankruptcy Monday, the first major newspaper publisher to take such a step since the Internet plunged the industry into a desperate struggle for survival. More»

Photo: Ford asks for $9 billion Bail-out Ford asks for $9 billion Bail-out
Associated Press - Mon Dec 1, 2008
WASHINGTON - Ford Motor Company is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it. More»

It's official: US has been in a recession all year!
Associated Press - Mon Dec 1, 2008
WASHINGTON - It's official - The US economy has been in a recession for the past year. More»

The GM genocide
Daily Mail - Sun Nov 2, 2008
Thousands of Indian farmers are committing suicide after using genetically modified crops. More»

Exxon Mobil posts biggest US quarterly profit ever
Associated Press - Wed Oct 29, 2008
HOUSTON - Exxon Mobil Corp, the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a US corporation, earning $14.83 billion in the third quarter. More»

Photo: Greenspan denies blame for crisis, admits 'flaw' Greenspan denies blame for crisis, admits 'flaw'
Associated Press - Wed Oct 22, 2008
WASHINGTON - Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday but conceded the meltdown had revealed a flaw in a lifetime of economic thinking and left him in a "state of shocked disbelief". More»

Whistleblower: Oil watchdog agency 'cult of corruption'
CNN - Mon Oct 13, 2008
HONOLULU, Hawaii - Bobby Maxwell kept a close eye on the oil industry for more than 20 years as a government auditor. More»

U.S. Nationalizes Nine Major Banks
Washington Post - Mon Oct 13, 2008
The US government is dramatically escalating its response to the financial crisis by planning to invest $250 billion in the country's banks, forcing nine of the largest to accept a Treasury stake in what amounts to a partial nationalization. More»

Leaders May Close World's Markets
Bloomberg - Fri Oct 10, 2008
Italian Prime Minister Silvio Berlusconi said political leaders are discussing the idea of closing the world's financial markets while they "rewrite the rules of international finance. More»

White House considers "ownership stakes" in banks
Associated Press - Wed Oct 8, 2008
The Bush administration is considering taking ownership stakes in certain US banks as an option for dealing with a severe global credit crisis. More»

FDIC was ready to seize Wachovia
Atlanta Business Chronicle - Sun Oct 5, 2008
Federal regulators told Wachovia Corp the bank would be seized unless it reached a merger agreement with Citigroup or Wells Fargo by end of day Friday, October 3, according to a suit filed by Wachovia this weekend in federal court. More»

Mortgage forgiven for woman, 90, who shot herself
Associated Press - Sun Oct 5, 2008
AKRON, Ohio - Mortgage finance company Fannie Mae said it is forgiving the mortgage debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies attempted to evict her. More»

Wells Fargo acquiring Wachovia for $15.1 billion
Associated Press - Thu Oct 2, 2008
NEW YORK - In an abrupt change of course, Wachovia said Friday it agreed to be acquired by Wells Fargo in a $15.1 billion all-stock deal, wiping out Wachovia's previous plan to sell its banking operations to rival suitor Citigroup Inc. More»

Photo: House rejects $700B bailout in stunning defeat House rejects $700B bailout in stunning defeat
Associated Press - Sun Sep 28, 2008
WASHINGTON - In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, leaving both parties' lawmakers and the Bush administration scrambling to pick up the pieces. More»

Citigroup buying Wachovia
Wall Street Journal - Sun Sep 28, 2008
Citigroup Inc will acquire the banking operations of Wachovia Corporation; Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. More»

Photo: Credit crisis erodes faith in Washington Credit crisis erodes faith in Washington
Associated Press - Fri Sep 26, 2008
WASHINGTON - As if people needed one more reason to question their faith in Washington. More»

WaMu becomes biggest bank to fail in US history
Associated Press - Thu Sep 25, 2008
NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks - Washington Mutual Inc - has collapsed under the weight of its enormous bad bets on the mortgage market. More»

Hundreds of Economists Urge Congress Not to Rush on Rescue Plan
Bloomberg - Wed Sep 24, 2008
More than 150 prominent US economists, including three Nobel Prize winners, urged Congress to hold off on passing a $700 billion financial market rescue plan until it can be studied more closely. More»

FDIC May Need $150 Billion Bailout as More Banks Fail
Bloomberg - Wed Sep 24, 2008
Deborah Horn tugs on the handle of the glass-paned entrance of the IndyMac Bancorp Inc branch in Manhattan Beach, California. More»

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