September 2008 - Around The Web

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New Commemorative Dollar to be printed for bail out funds

Published Tue, Sep 30 2008 10:54 AM by feeds.feedburner.com

The U.S. Treasury is considering a new, special dollar to be printed to help finance the housing bail out. Initial prints have been leaked to select media outlets. We were lucky to get our hands on the new design (h/t ):
Front Page Crash Coverage

Published Tue, Sep 30 2008 10:53 AM by feedproxy.google.com

Interesting front page coverage of yesterday's market action: >
Candidates propose raising deposit insurance limit

Published Tue, Sep 30 2008 10:52 AM by www.washingtonpost.com

WASHINGTON -- Republican John McCain and Democrat Barack Obama proposed that the government to insure consumers' bank deposits up to $250,000 by raising the $100,000 federal limit as each sought to navigate the unpredictable politics of the financial...
Bush says it's critical to pass financial rescue soon

Published Tue, Sep 30 2008 10:52 AM by www.marketwatch.com

Saying this is a 'very critical moment for the economy,' President Bush makes a fresh push for Congress to act quickly on legislation to save the financial system, one day after the House rejected a $700 billion rescue plan.
White House, lawmakers plan new bailout deal

Published Tue, Sep 30 2008 10:52 AM by www.washingtonpost.com

WASHINGTON -- Top congressional and White House officials, stunned when the House rejected a massive rescue plan for the nation's economy, scrambled to structure a new bailout proposal that would attract reluctant lawmakers and still soothe the unnerved...
Merrill: Low Treasury Yields to Go Even Lower

Published Tue, Sep 30 2008 9:31 AM by feeds.feedburner.com

Conventional wisdom has been that Treasuries have been the yet another bubble as cash exited equities and other risky investments, first feeding a commodities spike, then seeking a better home in Treasuries. But Merrill's David Rosenberg, who was...
Signs of Contagion: Interest Rates Rise in Asia

Published Tue, Sep 30 2008 9:30 AM by feeds.feedburner.com

Bloomberg gives a recap of the some of the credit market reaction in Asia, which is that borrowing has become, not surprisingly, more costly. Rates moved up even in Japan, whose banks are virtually unaffected by the financial crisis (out of a total $1...
Citigroup will absorb Wachovia’s loans

Published Tue, Sep 30 2008 9:29 AM by loanworkout.org

Wachovia announced this summer it would stop offering pick and pay loans, but that wasn’t soon enough for thousands of homeowners like Marie, who are already in those loans. Citigroup did not return our calls on Monday seeking comment about what it will...
Stop Yelling About FDIC Limits - In Fact, Just Stop Yelling

Published Tue, Sep 30 2008 9:28 AM by Seeking Alpha

submits: The newest discovery of TV “screaming heads” is that FDIC insurance limits are causing a quiet run on certain weak banks by large depositors. The screamers tell us that suddenly corporate depositors have discovered that keeping large deposits...
Bacevich: The Limits of Power

Published Tue, Sep 30 2008 9:27 AM by feedproxy.google.com

Is an imperial presidency destroying what America stands for? Bill Moyers sits down with history and international relations expert and former US Army Colonel Andrew J. Bacevich who identifies three major problems facing our democracy: the crises of economy...
A message from Wall Street to Washington DC - by Barry Ritholtz

Published Tue, Sep 30 2008 9:27 AM by feeds.feedburner.com

We on Wall Street feel somewhat compelled to take at least some responsibility. We used excessive leverage, failed to maintain adequate capital, engaged in reckless speculation, created new complex derivatives. We focused on short-term profits at the...
Ron Paul on the bailout failure

Published Tue, Sep 30 2008 9:27 AM by feeds.feedburner.com
Treasury and Fed Have Options Despite House Vote

Published Tue, Sep 30 2008 12:02 AM by www.nytimes.com

Without the bailout plan they invented and lobbied for, the Federal Reserve and the Treasury Department are forced to dig deep to rescue the global financial system.
Breakingviews.com: An Alternative to Armageddon

Published Mon, Sep 29 2008 9:45 PM by www.nytimes.com

The past week’s rescues of Washington Mutual and Wachovia suggests that some combination of free-market capitalism and government assistance can provide solutions to the crisis.
Freddie Mac and Fannie Mae Receive Subpoenas

Published Mon, Sep 29 2008 9:44 PM by www.nytimes.com

The United States attorney’s office for the Southern District of New York subpoenaed the mortgage finance giants for documents related to accounting, disclosure and corporate governance.
Industry Remade in Wave of Mergers

Published Mon, Sep 29 2008 9:43 PM by Wall Street Journal

The U.S. banking system is going through a decade's worth of consolidation in a matter of weeks, with the government often acting as matchmaker.
Dow sets record point drop as House rejects bailout

Published Mon, Sep 29 2008 9:42 PM by Reuters

NEW YORK (Reuters) - The Dow industrials plunged on Monday in their biggest decline ever after U.S. lawmakers unexpectedly rejected a $700 billion financial bailout, spooking investors who fear for the future of global markets and the U.S. economy.
The Bailout’s Collapse: A Bank Lobbyist’s View

Published Mon, Sep 29 2008 9:41 PM by dealbook.blogs.nytimes.com

From Leslie Wayne, a DealBook colleague: Edward L. Yingling, chief executive of the American Bankers Association, has been in the thick of the action on the $700 billion bailout bill. So what went wrong? “It got into partisan politics real fast,” said...
Citi-Wachovia: a Banking Behemoth Is Born

Published Mon, Sep 29 2008 9:40 PM by dealbook.blogs.nytimes.com

Consolidation of the banking industry continues. Citigroup’s agreement Monday to buy Charlotte, N.C.-based Wachovia gives it Wachovia’s retail and investment banking operations for a price of $2.1 billion, which equates to just $1 a Wachovia share. As...
Savings and Loan Crisis May Be Guide for Bank Bailout

Published Mon, Sep 29 2008 9:39 PM by dealbook.blogs.nytimes.com

Getting Congress to agree on a $700 billion financial bailout package might have seemed difficult, but the really hard work is only about to start, The New York Times’s Barry Meier writes. The federal government will now have to oversee and manage a bailout...

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September 2008 - Around The Web

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