http://www.newser.com/2008 - Newseren-usNewser Feed GeneratorTue, 07 Oct 2008 7:20:28 CDThttp://www.newser.com/story/39281/congress-gets-ugly-portrait-of-lehmans-last-days.html?refid=rss_all_defaultLehman Brothers’ departing executives were negotiating millions in bonuses while the bank begged for taxpayer money to avoid bankruptcy, a House committee finds after reviewing documents. At a hearing today on Capitol Hill—the first on the financial crisis—the investment firm was painted as one run by irresponsible leaders who poured money into risky projects even though internal documents predicted a liquidity crunch, the New York Times reports.http://www.newser.com/story/39281/congress-gets-ugly-portrait-of-lehmans-last-days.html?refid=rss_all_defaultMon, 06 Oct 2008 14:04:04 CDThttp://www.newser.com/story/39266/in-crisis-buffett-is-modern-jp-morgan.html?refid=rss_all_defaultAmid the financial panic of 1907, financier JP Morgan stepped in to play the role of central bank, crafting an economic rescue plan and using his personality to offer worried Americans a psychological boost. Today, Warren Buffett’s financial aid to Wall Street and calming influence on Main Street are echoing Morgan’s work, the New York Times reports.http://www.newser.com/story/39266/in-crisis-buffett-is-modern-jp-morgan.html?refid=rss_all_defaultMon, 06 Oct 2008 11:08:36 CDThttp://www.newser.com/story/39255/the-markets-have-evened-out-when.html?refid=rss_all_defaultThe main thing ailing the credit markets is a crisis of information, writes L. Gordon Crovitz in the Wall Street Journal , so it’ll probably end when we have some. Things may be looking up when… Prices are discovered: Right now, there’s no demand for mortgage-backed securities, and hence no price. When we see some transactions that don’t involve the government, the picture will be clearer.http://www.newser.com/story/39255/the-markets-have-evened-out-when.html?refid=rss_all_defaultMon, 06 Oct 2008 11:55:33 CDThttp://www.newser.com/story/39219/europe-scrambles-to-save-banks.html?refid=rss_all_defaultBarely a day after rejecting the need for a massive unified rescue plan, European leaders are wading into two substantial bailouts and vowing to save banks, Bloomberg reports. France’s BNP Paribas will take over Fortis in Belgium and Luxembourg, while Germany’s government and banks bail out Hypo Real Estate with a $68 billion rescue package. Meanwhile, Alistair Darling says the UK will do whatever is necessary to aid its banks.http://www.newser.com/story/39219/europe-scrambles-to-save-banks.html?refid=rss_all_defaultMon, 06 Oct 2008 5:52:04 CDThttp://www.newser.com/story/39239/banks-lead-europe-market-plunge.html?refid=rss_all_defaultFinancial stocks led sharp declines across European markets this morning after the continent's finance ministers failed to agree on a joint effort to stem the crisis. By 10 a.m. in London the FTSE was down 5.2%, with troubled banking giant HBOS plummeting 15%. In Frankfurt the Dax was down 4.5%, while in Paris the CAC 40 fell 4.7%.http://www.newser.com/story/39239/banks-lead-europe-market-plunge.html?refid=rss_all_defaultMon, 06 Oct 2008 4:18:51 CDThttp://www.newser.com/story/39178/citi-suit-blocks-wells-wachovia-deal.html?refid=rss_all_defaultIn a victory for Citigroup, a New York Supreme Court judge has halted a deal by Wells Fargo to buy Wachovia until further notice, announced Citi executives. The decision prolongs Wachovia’s earlier agreement to deal only with Citigroup as it battles with Wells Fargo to purchase the sixth-biggest US bank, Reuters reports. Wells Fargo argues that its deal is legal and best for Wachovia and taxpayers.http://www.newser.com/story/39178/citi-suit-blocks-wells-wachovia-deal.html?refid=rss_all_defaultSun, 05 Oct 2008 7:49:11 CDThttp://www.newser.com/story/39134/paulson-lost-some-cred.html?refid=rss_all_defaultTreasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his conduct in the hot seat, were presumptuous. But no matter: “For a few months, he will be more powerful than the president,” said Sen. Richard Shelby, a bailout critic.http://www.newser.com/story/39134/paulson-lost-some-cred.html?refid=rss_all_defaultSat, 04 Oct 2008 11:03:03 CDThttp://www.newser.com/story/39131/citi-may-seek-to-recover-wachovia-deal.html?refid=rss_all_defaultLeft hanging after Wells Fargo swooped in with a better offer to purchase Wachovia, the troubled Citigroup is mulling its options. It could attempt to sweeten its earlier bid, perhaps including pieces of the company it hadn’t agreed to take earlier—or launch a lawsuit. Citigroup may argue that Wachovia’s deal with Wells Fargo violated an “exclusivity agreement,” the Wall Street Journal reports. “This is complete misconduct,” says a Citi exec.http://www.newser.com/story/39131/citi-may-seek-to-recover-wachovia-deal.html?refid=rss_all_defaultSat, 04 Oct 2008 8:29:54 CDThttp://www.newser.com/story/39116/for-paulson-toughest-part-lies-ahead.html?refid=rss_all_defaultThe real work for the Treasury Department begins now that the bailout bill has passed, the New York Times writes. Secretary Henry Paulson has less than a month to get a massive asset management firm up and running, and to start pricing the toxic securities that have flummoxed experts. The Treasury is unlikely to buy any of the bad assets before the election.http://www.newser.com/story/39116/for-paulson-toughest-part-lies-ahead.html?refid=rss_all_defaultSat, 04 Oct 2008 0:20:13 CDT