U.S. launches all-out attack on credit crisis
WASHINGTON (Reuters) - The United States surged into action on Friday to launch an all-out attack against the worst financial crisis since the Great Depression, readying a plan to tap hundreds of billions of dollars in taxpayer funds to buy up toxic mortgage-related debt.
Extraordinary rescue effort spurs Wall Street rally
NEW YORK (Reuters) - Sweeping government measures to rescue the financial system and restore confidence in shaky markets spurred a huge relief rally in stocks on Friday, ending a week when the financial landscape underwent the most dramatic reshaping since the Great Depression.
Judge approves Lehman, Barclays pact
NEW YORK (Reuters) - A U.S. bankruptcy judge approved British bank Barclays Plc's deal to purchase the core U.S. business of Lehman Brothers Holdings Inc.
U.S. joins worldwide crackdown on short sellers
WASHINGTON/NEW YORK (Reuters) - Regulators around the world curbed short-selling of financial shares on Friday, igniting a huge rally in a sector that had been targeted by sellers as the credit crisis deepened.
GM draws on $4.5 billion revolving credit facility
LOS ANGELES (Reuters) - General Motors Corp said on Friday it plans to draw down the remaining $3.9 billion of its $4.5 billion secured revolving credit facility to maintain a high level of financial flexibility for its ongoing restructuring in the face of uncertain capital markets.
Morgan Stanley still in deal talks
NEW YORK (Reuters) - Morgan Stanley's talks with Wachovia Corp, China Investment Corp and other institutions continue, though the rebound in its securities gives the investment bank more time to consider its options, a person familiar with the matter said Friday.
Pentagon, Lockheed rebut F-35 fighter jet critics
WASHINGTON (Reuters) - The Pentagon and Lockheed Martin Corp , its largest supplier, sought on Friday to shoot down criticism of their $299 billion F-35 Joint Strike Fighter program, the costliest planned U.S. arms buy ever.
Toxic-debt plan, short-selling ban boost markets
NEW YORK (Reuters) - The U.S. government curbed short-selling and guaranteed money-market mutual funds on Friday as it worked on a sweeping bailout to mop up hundreds of billions of dollars in toxic mortgage debt, sending global stock markets soaring.
U.S. regulators close W. Va bank;12th to fail this year
WASHINGTON (Reuters) - Regulators closed on Friday Ameribank Inc, which became the 12th bank failure this year as the struggling economy and falling home prices take their toll on financial institutions.
U.S. to propose $500-$800 billion asset-buy plan: sources
WASHINGTON (Reuters) - The U.S. Treasury will propose a $500 billion to $800 billion government program to take toxic mortgage-related assets off the books of U.S. financial firms, banking industry sources said on Friday.
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