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Business

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»

Photo: Run on Hong Kong Bank Run on Hong Kong Bank
Telegraph, UK - Tue Sep 23, 2008
Panicked customers queued to withdraw their savings from branches of the Bank of East Asia in Hong Kong as rumours circulated that the bank was facing financial problems, agencies reported. More»

FBI investigating companies at heart of meltdown
Associated Press - Mon Sep 22, 2008
The FBI is investigating four major US financial institutions whose collapse helped trigger a $700 billion bailout plan by the Bush administration. More»

FDIC Funds Are Dwindling
Associated Press - Tue Sep 16, 2008
Banks are not the only ones struggling in the growing financial crisis - The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort. More»

WaMu lowered to junk by S&P
CNN - Sun Sep 14, 2008
NEW YORK - Washington Mutual had its credit rating lowered to junk Monday by Standard & Poors amid continuing weakness in the housing market. More»

Photo: Meltdown in US finance system pummels stock market Meltdown in US finance system pummels stock market
Associated Press - Sun Sep 14, 2008
NEW YORK - The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall. More»

Bank of America grabs distressed Wall Street icon Merrill Lynch
AFP - Sun Sep 14, 2008
NEW YORK - Bank of America announced Monday it was buying Merrill Lynch for 50 billion dollars in stock, scooping up the Wall Street icon battered by the housing and credit crisis. More»

More Bank Trouble: "Financial Meltdown"
Associated Press - Sun Sep 14, 2008
NEW YORK - When Wall Street woke up Monday morning, two more of its storied firms had fallen. More»

Greenspan: This Is The Worst Economy I've Ever Seen
Huffington Post - Sat Sep 13, 2008
Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America's economic situation on Sunday, saying the crisis with the country's financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future. More»

Countrywide warns of security breach
Atlanta Business Chronicle - Tue Sep 9, 2008
Countrywide Financial Corp is notifying mortgage holders of a possible security breach. More»

Silver State Bank in Nevada is shut
Associated Press - Fri Sep 5, 2008
Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development. More»

US grain exports snagged by infrastructure delays
Associated Press - Sun Aug 24, 2008
Across the country, from grain elevator to grain elevator, golden wheat and corn are piled in towering mounds, waiting for a rail car to haul them to market. More»

ExxonMobil profit hits record on oil surge
AFP - Wed Jul 30, 2008
NEW YORK - Surging oil prices helped US energy giant ExxonMobil to a 14 percent jump in quarterly net profit to 11.68 billion dollars in results Thursday short of most forecasts on Wall Street. More»

Federal minimum wage rises to $6.55 today
Associated Press - Wed Jul 23, 2008
About 2 million Americans get a raise Thursday as the federal minimum wage rises 70 cents. More»

FDIC chair: deposits in nation's banks are safe
Associated Press - Mon Jul 14, 2008
WASHINGTON - The nation's banking system is "absolutely safe" and Americans' insured deposits in banks protected, the head of the Federal Deposit Insurance Corporation said Tuesday. More»

CBS agrees to buy CNet for $1.75 billion
Associated Press - Wed May 14, 2008
NEW YORK - CBS agreed to buy online technology news and entertainment company CNet Networks Inc. More»

Exxon Mobil 1Q profit up 17 pct
Associated Press - Wed Apr 30, 2008
HOUSTON - Exxon Mobil Corp, the world's largest publicly traded oil company, said Thursday that record crude prices helped its first-quarter profit climb 17 percent to $10 9 billion - the second-biggest US quarterly corporate profit ever. More»

Photo: Wachovia probed over drug-money laundering Wachovia probed over drug-money laundering
AFP - Sat Apr 26, 2008
WASHINGTON - US justice authorities are investigating Wachovia Corp, one of the top five US banks, as part of a probe into Latin American drug money laundering, the Wall Street Journal reported Saturday. More»

Utah nuclear waste company ramps up campaign contributions
Associated Press - Tue Apr 15, 2008
SALT LAKE CITY, Utah - A Utah disposal company seeking federal permission to import more than 20,000 tons of nuclear waste from Italy has raised its campaign contributions to lawmakers by hundreds of thousands of dollars. More»

Photo: Dollar stumbles to another record low against euro Dollar stumbles to another record low against euro
Associated Press - Wed Mar 5, 2008
The dollar slumped to fresh lows against the euro Wednesday as traders digested a glum assessment on the US economy in the Federal Reserve Beige Book and braced for a potentially weak report on Friday. More»

Photo: Wheat prices hit record high Wheat prices hit record high
Christian Science Monitor - Tue Feb 26, 2008
New York - Dressed in his white apron and baker's hat, Jose Espinal puts the finishing touches on a chicken pot pie that will be sold to customers of Cucina & Company later in the day. More»

Beef industry responds to secret video
Associated Press - Sun Feb 17, 2008
DENVER - Despite a secretly taped video showing workers at a Southern California slaughterhouse abusing sick or crippled animals, nearly all cattle bound for American dinner tables are treated humanely, a cattle industry spokesman said Monday. More»

Bank of America A Credit Card You Want to Toss
Business Week - Tue Feb 12, 2008
Credit-card issuers have drawn fire for jacking up interest rates on cardholders who aren't behind on payments, but whose credit score has fallen for another reason. More»

Photo: Record wheat price ignites food inflation fears Record wheat price ignites food inflation fears
Pioneer Press - Sat Feb 9, 2008
The highest wheat price in US history - more than $15 a bushel - was reached Thursday in Minneapolis as a trading frenzy inflames the grain markets, fans fears of spiking food costs and revives worries about food shortages. More»

Fed survey: banks tightening credit
Associated Press - Sun Feb 3, 2008
Many US banks have made it harder for creditworthy borrowers to get a mortgage, according to a Federal Reserve survey released Monday that underscored the spread of a painful credit crunch. More»

Exxon Mobil posts record profits
Associated Press - Thu Jan 31, 2008
Exxon Mobil Corporation on Friday posted the largest annual profit by a US company - over $40 billion - as the world's biggest publicly traded oil company benefited from historic crude prices at year's end. More»

US moves to avert economic meltdown
Associated Press - Mon Jan 21, 2008
Jolted by global recession fears, the Federal Reserve slashed interest rates Tuesday, and President Bush and leaders of Congress joined in a rare show of cooperation in promising urgent action to pump up the economy with upwards of $150 billion in tax cuts and government spending. More»

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