The Financial Crisis

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Citi Weighs Options, Including Sale
Citigroup began weighing the possibility of auctioning off pieces of the company or even selling itself outright.
- Discuss: What's Citigroup's best course?
- Reply to All: Kneel Before the Market Gods

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Goldman's Gold Standard Is Less Golden
Goldman's shares fell below the $53 price where they were first sold to the public. The stock is down 75% this year.
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Regulators Take Steps to Monitor Some Thrifts
The Office of the Comptroller of the Currency is paying closer attention to roughly 100 community banks with large exposure to weak commercial real-estate loans.
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New York Will Suspend Its CDS Plan
New York will delay "indefinitely" its plans to regulate credit-default swaps because of progress made by federal regulators.
Senate Probe to Look at Bond-Rating Firms
The Senate is opening a probe into causes of the global financial crisis, focusing in part on whether bond-ratings firms, driven by conflicts of interest, boosted mortgage investments that have since collapsed.
Paulson Defends Moves on Crisis
Paulson, under fire for his approach to resolving the financial-sector crisis, defended his actions as "necessary steps to prevent a financial collapse."
Bankruptcy Still Off Table for GM
GM is resisting suggestions that it make preparations for a bankruptcy filing, a position complicating a high-stakes faceoff on Capitol Hill.
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Citi Gets No Lift From Alwaleed
Saudi Prince Alwaleed said he will increase his holdings in Citigroup back to 5%, adding that he supports the bank's management. But the stock continued to fall.
- Video: Citigroup Faces a Slew of Bad News
Fed Minutes Paint Gloomy Picture
The Fed expects economic contraction for up to a year, and worries the slowdown could last longer, according to FOMC minutes.
Paulson, Bernanke Rebuked on Hill
The Treasury secretary and Fed chairman were pressed by a House panel about their efforts to implement the rescue package, and members assailed Treasury's reluctance to be more aggressive on preventing foreclosures. (Remarks)
CEOs Hunker Down During Crisis
Executives are hunkering down by trimming capital-spending budgets, delaying plant construction, laying off workers and skimping on pay raises.
- Graphic: The CEO Council's Recommendations
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State Says Executives Sold Before Mart Froze
Massachusetts accused executives at an Oppenheimer unit of "unloading" $3 million of their personal holdings in auction-rate securities.
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More Nonbanks Seek Thrift Status
Insurer Phoenix and mortgage company PHH are among the nonbanks that have applied for a thrift banking charter to qualify for U.S. government financial aid.
Democrats Press for Aid to Detroit
Reid pledged to press ahead with legislation to aid Detroit's auto makers, but prospects for passage before a new Congress arrives next year remained dim.
- Video: GM Ramps Up Bailout Push
- Discuss: Should the industry get a bailout?
Paulson: New Rescue Efforts Unlikely
Paulson, in an interview, said he prefers to use the remaining funds from the $700 billion rescue for emergencies rather than new programs.
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Pandit Girds Citi for Tight Times
Citigroup announced another 25,000 job cuts that will shrink the number of employees by 20% since Pandit took over last December. (Citi's presentation)
Fed's Geithner Presents Dilemma
New York Fed chief Timothy Geithner, a key fireman in the financial crisis, presents a dilemma for Obama as a Treasury secretary candidate.
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Treasury Disburses Another $33.56 Billion
The U.S. Treasury Department on Friday provided $33.56 billion in capital to 21 domestic financial institutions.
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Federal Aid? Not for Us, Proclaim Some
Several banks are refusing the government's capital-infusion push, either for lack of need or out of fear of the consequences of rejection from the program.

Market Beat

Deal Journal

Citigroup: You Can't Step Into the Same Crisis Twice, Right?
Citigroup is under attack. The stock is being battered, and the company is blaming the shorts. As market commentators worry about how long the banking giant can hold out, Chief Executive Vikram Pandit insists Citigroup will not change and won't sell itself. For anyone who has watched the markets with horror [...]
Mean Street: Giving Up on the Market?
Citigroup: If You Can't Save the Stock, Blame the Shorts
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Page One

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Before the Bust, These CEOs Reaped Big Gains
In industries at the center of the financial crisis, plenty of top officials have emerged with big fortunes. Fifteen CEOs of large home-building and financial-services firms each reaped more than $100 million during the past five years.
- Interactive: How much top CEOs took in cash and stock sales
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Stocks, Bonds Tumble to New Crisis Lows
Stock and bond markets fell to their lowest levels since the outbreak of the economic crisis, as worries about rising defaults by borrowers drove a new wave of concern about the financial system's health.
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Insurers Buy Banks in Bid for Aid
U.S. life insurers are seeking a slice of bailout funds by buying up tiny banks in a move aimed at converting to S&L holding companies.
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Goldman Chiefs Give Up Bonuses
Top Goldman executives have decided to forgo their 2008 bonuses, giving up potentially tens of millions of dollars in payouts in a year that has seen the reshaping of the securities industry.
- Mean Street: Painful Path to Fixing Goldman Sachs
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Banks Wage Rate War for Deposits
U.S. banks are in a heated competition for deposits as the industry tries to shore up funding sources. Deposit rates are rising sharply.
Bailout's Next Phase: Consumers
Paulson abandoned his original plan to buy troubled assets from financial institutions. The Treasury will now focus on struggling consumers. (Remarks)
- Chart: Banks Taking Part in the TARP
- Real Time Econ: Officials Urge Banks to Lend
U.K. Retailers Try 'Credit Crunch' Sell
The credit crunch has led to more than bank bailouts. The term has filtered into popular culture as a catch-phrase aimed at Britons with no links to finance.
The Crisis Abroad
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RBS Holders Back Funds Increase
Royal Bank of Scotland shareholders approved another capital increase that the U.K. government hopes will leave the bank more resilient in an extreme economic downturn.
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Citi's India Group Loses CEO, Plans Layoffs
Citigroup's sizeable Indian operation lost its chief executive and expects to lay off more than 1,000 employees over the next few months.
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Kuwait, Dubai Tackle Their Ills
Kuwait and Dubai moved to bolster market confidence as the global economic tumult tests leaders in the region and upends business-as-usual mentalities.
HSBC Paves a Path in Loan Crisis
HSBC was one of the first big banks to signal a subprime-mortgage meltdown. Now, the bank's struggles show the next stage of the crisis: aiding borrowers.
- HSBC Cuts Hong Kong Staff
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UBS Clamps Down on Executive Pay
UBS said it will reform its executive pay schemes after accepting Swiss government help to recover from more than $46 billion in mortgage-related write-downs.
- Heard on the Street: For Wall Street, Less Is More
G-20 Leaders Tighten Grip on Banks
Global leaders ordered a clampdown on reckless market behavior, including steps to help prevent the next credit crisis.
In France, Budgeting for Less
France's problems show how even countries whose banks have so far been spared by the financial crisis are being dragged down by its wider impact.
- Photos: Recession Looms in Le Havre

Heard on the Street

“Before moving ahead on any rescue package, legislators need to make clear how they are going to pick winners and losers among creditors and why.”
—David Reilly, "Fine-Tuning a Detroit Bailout"
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Credit Crisis Probes
The Justice Department has stepped up criminal securities-fraud investigations of financial firms and lenders.
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Credit Markets: Freeze or Thaw?
Here's a look at key interest rates since Sept. 1.

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Page One

The Crisis Abroad

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UAW Faces Prospect Of More Concessions239 comments

GM Blitzes Washington in Attempt to Win Aid86 comments

Showdown Looms Over Auto Bailout63 comments

Goldman Chiefs Give Up Bonuses49 comments

Just Say No to Detroit48 comments

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