Large quarterly losses revive bank sector worries
Wachovia reports an 8.86 billion loss for the second quarter due to bad mortgage loan charges and reserves, while Washington Mutual posts a 3.33 billion loss and boosts loan loss reserves above 8 billion. Both announce drastic cost cuts including thousands of layoffs. WaMu plans up to 1 billion in expense reductions by year end 2009.
MENTIONED IN THIS ARTICLE
Charlotte
N.C
Wachovia Corp
Washington Mutual Inc
Wachovia
Washington Mutual
WaMu
Wall Street
U.S
Russell Walker
Kellogg School of Management
Northwestern University
Sanahae Wachovia
Dhal
Fannie Mae Freddie Mac rescue may cost taxpayers
Congressional budget officials estimate a rescue could run up to 25 billion dollars. The plan would leverage profits from Fannie Mae and Freddie Mac to help homeowners avoid foreclosure and create a new regulator with tighter controls. A housing package would also lift the debt limit by 800 billion and fund affordable housing drawing from the firms profits.
MENTIONED IN THIS ARTICLE
Washington
Fannie Mae
Freddie Mac
Congressional Budget
Peter R. Orszag
Congressional Budget Office
Congress
Treasury Department
Fannie
Freddie
Bush
White House
U.S
KeyCorp reports second quarter loss with big charges
KeyCorp posts a 1.13 billion loss for the quarter ended June 30 as set asides for bad loans rise and more than 1 billion dollars of charges arise from a court ruling on leveraged lease tax treatment. Fifth Third Bancorp also swings to a quarterly loss of 202 million amid loan reserves and lease tax charges.
MENTIONED IN THIS ARTICLE
Cleveland
KeyCorp
Cincinnati
Fifth Third Bancorp
AK Steel 2Q Profit Beats Expectations
AK Steel Holding Corp. posted a 32 percent rise in second quarter profit as prices climbed 13 percent on strong demand. The West Chester Ohio firm plans a 10 percent price hike in Q3 but warns of lighter shipments and higher raw materials and energy costs. shares fell about 3.6 percent. Cliffs Inc. aims to invest 104 million dollars in a Minnesota taconite operation to boost pellet output and cut greenhouse gas emissions.
MENTIONED IN THIS ARTICLE
Pittsburgh
AK Steel Holding Corp
West Chester
Ohio
Forbes
MuTuat
BalAm MA
Cpl Mws
Eurpacgra Mfb
Fundminva Mlb
Growamera m LG
Incamera m MA
Dodge & Cox intiStk
Yaaa
Fidelity Divinnt
Fidelity GrowCo
Fidelity LowPrintk
Vanguard
Aisin
the Press
Nas
Texas oilman Pushes Wind Energy at Capitol
Texas oilman T Boone Pickens urged Congress to adopt a wind power plan to cut foreign oil dependence. He said the United States could generate 20 percent of electricity from wind, phase natural gas into transportation, and save over 230 billion dollars annually, with a Pickens Plan to reduce oil imports by more than one third.
MENTIONED IN THIS ARTICLE
Texas
Capitol
Washington
T. Boone Pickens
Congress
United States
Pickens
Senate Committee On Homeland Security and
Capitol Hill
Forbes
America
Honda
Civic GX
West Texas
Oil market bill moves forward amid partisan doubt
The Senate votes 94 to 0 to advance a bill to curb oil market speculation by tightening CFTC limits and closing a loophole for London trading. Democrats cite rapid price gains and pension fund investment as drivers, while party duels over blame for high summer gasoline costs.
MENTIONED IN THIS ARTICLE
Washington
Senate
Commodity Futures Trading Commission
London
U.S
Also Mentioned on This Page
KBW
Thomson Financial
TWA
May
Julie Hirschfeld Davis
Associated Press
AK Steel 2Q
Cleveland-Cliffs
McClatchy
BP Capital Management
Senate Homeland Security and Governmental Affairs Committee
Washington, D.C
Energy Committee
Jeff Bingaman
DNM
the Market IN Review
Dow Jones Industrials
T le Aaie Indieamans
Taeameiediatians Pt Blin Pe’ Peery
Dow Industrials
Dow Transportation
Dow Uties,s
SAP
Russel
Wilshire
Neme
Iteelif
AirTran
Tolmena
Vodafone
Petrohawk
ArenaRes
Foundry
Annie Mac
Djia Diam
Cue
Texinst
GenElec
Joves
NY M&m
Northropg NY
ParkHans NY
CotryTel
Diebold
Proushifn
Frei Amex
Texinst Ny
Usbanesp NY
Nya Amex
Ussteel
Wamat NY
Bnep Nasd
Wells Fargo NY
Ener Lt Sweet Crude
NYMX
New York Exchange
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