Daily Financial Crisis Recap 17.10.08

The Dow ends the day 127.04 pts lower than yesterday at 8,852.22. A loss of 1.41%. The Dow is pretty volatile right now. It’s just the start. As soon as the recession sets in, things won’t be good.

The French bank La Caisse d’Épargne lost $807 million because of the derivatives market. They are currently in talks for a merger with La Banque Populaire. European banks are reticent to take money from their govts due to limits on their decision making and executive pay.

Fortunes built on debt are crumbling apart in Russia.

No one is listening to Bush. There are risks for the govt as it gets stakes in the banks. Nothing would be worse than if the markets continued to plunge.

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Daily Financial Crisis Recap 15.10.08

Banks are forced to take a $250 billion bailout package from the govt. It comes with strings attached. I want those high powered executives to stop getting 8 figure yearly bonuses when their banks aren’t performing well. And no eight figure severance packages either. Profits fall at JP Morgan Chase.

The Dow lost 733.08 pts to 8,577.91. It lost 7.87%.

IRS to tighten tax oversight of banks.

AIG’s wild expenditures anger the NY State Attorney General Andrew Cuomo. He’s not the only one. It doesn’t make sense than any one person should receive a $50 million bonus at the end of the year.

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Relevant Posts (check out the finance category for more)

• Daily Financial Crisis Recap 10.10.08
• Daily Financial Crisis Recap 11.10.08
• Daily Financial Crisis Recap 12.10.08
• Daily Financial Crisis Recap 13.10.08
• Late Daily Financial Crisis Recap 13.10.08
• Daily Financial Crisis Recap 14.10.08

House Rejects $700 Billion Bailout Package

The House rejects Bush’s $700 billion bailout package, by a vote of 228 to 205. Stocks take a plunging.