What You Missed This Weekend in Financial News

The end of the world, most likely. Financial giant AIG has posted a $60 billion loss.

Daily Financial Crisis Recap Midday 22.10.08

Stocks decline as the earnings report the fallout from the credit crisis. The Dow is at 8,740.71, a loss of 292.95 which is 3.24%.

United States crude oil futures for December delivery fell $3.22, or 4.5 percent, to $68.96 a barrel.

Bush calls 20 nations for an economic summit on November 15th.

Wachovia reports $23.9 billion in losses for its third quarter. IMF Director is caught in a scandal.

Struggling families in the US are cutting down on medication.

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Daily Financial Crisis Recap End of Day 21.10.08

OPEC member countries are freaking out because of the low oil prices. I’m happy.

Sarkozy proposes nationalized wealth funds to protect key industries from market volatility. Germany hates it alreayd, but Italy is busy passing legislation to enact this. Argentina nationalizes $30 billion in public pensions. Markets promptly responded by going down by 13%.

Canada cuts its key interest rate and signals that more cuts are coming up.

Three large regional banks reported losses.

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Daily Financial Crisis Recap 21.10.08

Stocks rallied yesterday and closed at 9,265.43 but they opened lower this morning. It’s already 115.97. lower than yesterday at 9,149.46. Some companies like Caterpillar, Dupont and Texas Instrument announced low earnings. European stocks gave up gains after France announced an injection of funds into its banks.

US govt urges new bank mergers.

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Daily Financial Crisis Recap 19.10.08

A new article in the NYT’s series The Reckoning is up. It’s Henry Cisneros’ story about how things started to go wrong in the housing market during the Clinton years.

The FBI has trouble finding enough agents to investigate financial fraud.

Does Goldman Sachs wield too much influence at the govt? Paulson has hired a lot of former GS bankers since he himself is one.

Friedman gives some clues on what exactly happened in Iceland.

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 16.10.08

Today, stocks surged in the last hour. The Dow gained 401.35 to 8,979.26, a gain of 4.68%. European markets were down about 5% in response to the Dow’s 7% drop of yesterday.

A barrel of crude oil hit 69.85 at the end of the trading day on the commodities market. It’s a loss of $4.69.

AIG decides to please AG Cuomo and help recover improper expenditures, including severance packages and bonuses to execs.

Citigroup posts a loss of $2.8 billion. Switzerland gets ready to bailout banking giant UBS. Asia wants to boost their sales at home instead of abroad.

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