Dow sinks further as banks wobble and AIG loan stokes fear
The Dow falls about 450 points amid ongoing financial crisis turmoil. Inflation fears push gold higher while bonds gain. Investors fret over banks hoarding cash after Lehman Brothers bankruptcy and the Fed’s $85 billion rescue of AIG. World markets slide.
MENTIONED IN THIS ARTICLE
New York
Federal Reserve
American International Group Inc
Dow
Fed
AIG
Sung Won Sohn
California State University
Standard & Poor
U.S
Morgan Stanley
Goldman Sachs
David Rosenberg
Merrill Lynch
Hong Kong
London
Brazil
Brian Bethune
Global Insight Inc
WaMu Near Reprieve as TPG Move Eases Sale Hurdle
Waning loan troubles mark WaMu as private equity firm TPG eases a sale or new capital infusion by removing a potential stumbling block. Regulators fear a second bank failure could deplete FDIC funds. A clause in WaMu’s April 7 billion investment could force other investors to cover hundreds of millions to billions.
MENTIONED IN THIS ARTICLE
San Francisco
Washington Mutual Inc
TPG
U.S
Insurance Corp
WaMu
Lawmakers Frustrated by Fed Bailout of AIG
Congress reacts to the Federal Reserve rescue of American International Group with an $85 billion loan in exchange for 80 percent stock. Republicans and Democrats lament lack of notice and information while avoiding direct responsibility. Representative Roy Blunt cited need for more timely details.
MENTIONED IN THIS ARTICLE
Washington, D.C
Federal Reserve
American International Group
Congress
Roy Blunt
Missouri
House
Fed
AIG
Budget deal seen as necessary response to looming crisis
Senate Budget Committee Chairman Kent Conrad said lawmakers had little choice given a potential financial meltdown. Democrats welcomed federal action while House Speaker Nancy Pelosi noted the move raises many questions and ownership rests with the Bush administration and the Fed.
MENTIONED IN THIS ARTICLE
Senate Budget Committee
Kent Conrad
D-N.d
House
Nancy Pelosi
D-Calif
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