Federal Reserve Governor Randall Kroszner said that small businesses are having a difficult time in accessing credit given the current economic environment. Testifying before the U.S. House Small Business Committee in Washington, DC, Kroszner said that credit to small businesses has tightened substantially...
Another bad day for the financial markets as two of its major players, Fannie Mae and Swiss banking power UBS announced big losses on mortgage related investments. UBS said that it would have first-quarter losses of $10.9 billion and would cut 5,500 jobs, nearly half in its investment banking unit. The...