By William Patalon III,Jennifer Yousfi and Jason Simpkins Money Morning Editors In a move that will reverberate from Wall Street to Main Street, the U.S. House of Representatives yesterday (Monday) voted to reject a compromise $700 billion banking-bailout bill, an act of stunning defiance that eradicated $1.2 trillion in shareholder wealth as U.S. stocks endured […]
Archives for September 2008
September 2008 - Money Morning - Only the News You Can Profit From
By Martin HutchinsonContributing EditorMoney Morning Unless you're the chairman of the George W. Bush Presidential Library hoping for one last truly memorable economic achievement that would guarantee some big donations – as well as eventual visitors – the failure of the $700 billion bailout yesterday (Monday) was no time to panic. Of course, the stock […]
By Jason Simpkins Associate Editor Citigroup Inc. (C) will acquire Wachovia Corp.'s (WB) banking operations for $2.l6 billion, a deal that will restore Citi's title as the biggest U.S. bank by assets while transforming the once-highly regarded Wachovia into an investment-management operation. In becoming the latest big U.S. bank to bolster its assets by rummaging […]
By Jennifer YousfiManaging Editor World markets plunged today (Monday) after several European governments had to step in and prop up three key banks as the confidence crisis that has hammered the U.S. financial markets finally jumped across Atlantic. The MSCI All-Country World Index of 48 nations lost as much as 4.5%, according to Bloomberg data, […]
By Jason Simpkins Associate Editor After some late-week political wrangling that also consumed most of the weekend, congressional leaders late yesterday (Sunday) announced their agreement to a detailed version of the long-awaited $700 billion bailout plan that analysts say is crucial to keep the U.S. economy out of a Depression-like downturn. The bill will be […]
By William Patalon IIIExecutive EditorMoney Morning/The Money Map Report Even with a congressional compromise having been reached, the $700 billion credit-crisis bailout plan will remain the headline story this week as analysts monitor whether the deal is viewed as a good one, or is ultimately regarded as a flawed deal that can only do damage to […]
Q: Please tell me about Suncor Energy. Thank you. Reader Joseph A. Kurtz. On July 21, when oil was trading at some $125 a barrel and in an apparent freefall, I issued a scaled "Buy" on Chevron Corp. (NYSE: CVX). I based this call on the stock's ultra-low valuation and the company's business model, which […]
I was speaking to a standing-room-only crowd at a North Carolina investing conference recently when a sharply worded question soared over the group from a gentleman seated in the back row – and who was clearly agitated by my analysis of the whole bailout-plan situation.
“How would you have handled it differently, Mr. Smarty-Pants?” he asked, in a challenging voice.
What I’m about to say is academic because – when it comes to the bailout plan – “Bernanke, Paulson & Co.” has already made up its mind.
By Jennifer YousfiManaging Editor JPMorgan Chase & Co. (JPM) became the largest U.S. bank, based on deposits, with its purchase of the most recent credit crisis casualty, Washington Mutual Inc. (WM)– the largest U.S. bank failure to date. The federal Office of Thrift Supervision (OTS) shut down WaMu, as the thrift is popularly known, late […]
By Jason Simpkins Associate Editor An insurrection among Republicans in the House of Representatives today (Friday) torpedoed any chance that the Bush administration's planned $700 billion plan would pass expeditiously, as members of the House refused to back U.S. Treasury Secretary Paulson's measures and offered up their own plan to solve the credit crisis – […]