Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent.
Beleaguered Citigroup is upgrading its mile-high club with a brand-new $50 million corporate jet - only this time, it's the taxpayers who are getting screwed...
Fallen Lehman Brothers' chief executive Richard Fuld sold his $US13.3 million ($20.3 million) mansion to his wife for just $100 ($152) last November, Florida real-estate records show.
New York is expected to take the biggest hit as thousands of jobs are lost on Wall Street. Big financial firms are slashing workers as they cope with bad debt. Other companies have gone under, like Lehman Brothers Holdings Inc., which filed for bankruptcy in September...
At least 21,000 jobs were targeted for elimination yesterday(Jan 16) as employers from Hertz Global Holdings Inc. to Advanced Micro Devices Inc. grappled with recession-choked demand...
Eleven of the world’s biggest banks were downgraded Friday by Standard & Poor’s after the ratings agency said the current downturn could be longer and deeper than previously thought…
Paulson could soon exhaust the first $350 billion with the bailout that President George W. Bush’s administration has pledged for General Motors Corp. and Chrysler LLC. The Treasury chief is discussing with aides strategies to seek congressional approval for the rest of the Troubled Asset Relief Program, people familiar with the deliberations said….
Fear of a prolonged global recession also helped drive down both crude prices and the yield on U.S. government debt, which hovered near record lows last seen more than five decades ago.
If the bank were to collapse, it could have caused financial havoc around the globe, seizing up fragile lending markets and causing untold losses among institutions holding debt and financial products backed by the company....
Well, fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.
Troubled financial giants getting cash infusions from the U.S. Federal Reserve owe their executives more than $40 billion for past year's pay and pensions as of the end of 2007, the Wall Street Journal said in an analysis.
One of the biggest problems saddling the country is damage from the housing market's collapse. Mounting foreclosures, falling home prices and soured mortgage investments are taking their toll on both individuals and businesses alike....
Consumer groups have long complained that credit-card issuers push cards onto people who don't need them or can't afford them.
The US market advanced despite a report that consumer confidence plunged in October. Worried consumers are cutting back on spending and fearful of losing their jobs. They are similarly concerned about falling home and stock prices...
Buffett, or at least Berkshire, hasn't been immune to the market's volatility. When the market rallied late last week on news of a financial-sector bailout, Berkshire shot up nearly 20%. On Monday, it gave up more than half of that advance...
