Patrice Hill

Wall Street panics; markets lose $1 trillion

Wall Street snapped back Tuesday after its biggest sell-off in years amid growing expectations that lawmakers will salvage a $700 billion rescue plan for the financial sector. But the seized-up credit markets where businesses turn to raise money showed no sign of relief.

September 30, 2008

Markets tumble historic 700 pts. as bill is defeated

Panic seized Wall Street this afternoon, with stocks, oil and other investments plummeting as the U.S. House of Representatives failed to pass a $700 billion bailout for the financial industry.

September 29, 2008

Citigroup to buy Wachovia banking ops

UPDATED -- Megabank Citigroup acquired Wachovia Corp. Monday morning in a takeover hastily arranged by the Federal Deposit Insurance Corp. to prevent the bank from becoming the latest victim of the credit crisis.

September 29, 2008

Lehman collapse portends fallout of inaction

Members of Congress had balked at the $700 billion bailout of Wall Street, but the failure of Lehman Brothers showed the catastrophic consequences of not taking action and led to the current crisis, analysts say.

September 29, 2008

Big firms on Wall St. face debt deadline

A clock is ticking on Wall Street, and it will sound the alarm Tuesday when corporate titans like GE and Caterpillar must start rolling over their debts in stressed credit markets where financing has become difficult or impossible to find.

September 26, 2008

Executive pay limits in bailout

Treasury Secretary Henry M. Paulson Jr. Wednesday agreed to congressional demands to limit the pay of bank executives in one of his biggest concessions to date to try to secure quick passage of a $700 billion bank bailout.

September 25, 2008

Congress balks at Bernanke’s dire warnings

Federal Reserve Chairman Ben S. Bernanke Tuesday warned of dire consequences for the economy and for average Americans if lawmakers do not quickly pass a $700 billion bailout for faltering banks.

September 24, 2008

Student, car debt quietly added to bailout plan

In the dark of a night when most people were snoozing, the Treasury dramatically expanded its bailout plan to include buying student loans, car loans, credit card debt and any other "troubled" assets held by banks.

September 23, 2008

Treasury to work with homeowners in bailout

Congressional Democrats began to put their imprint on the $700 billion bank rescue plan. Meanwhile, the Fed has granted requests from Goldman Sachs and Morgan Stanley to become bank holding companies.

September 22, 2008

Paulson: Bailout to cost hundreds of billions of dollars

UPDATED -- The still-being-formulated plan for the federal purchase of bad debts will cost hundreds of billions of dollars, Treasury Secretary Henry M. Paulson Jr. said in a news conference Friday.

September 19, 2008

Paulson holds emergency meeting on bad debt

Treasury Secretary Henry M. Paulson and Federal Reserve Chairman Ben S. Bernanke met with congressional leaders to resolve mounting bad loans that have dragged down a beleaguered Wall Street.

September 18, 2008

Fed lends $85 billion to rescue AIG

The Federal Reserve of New York on Tuesday night issued an emergency $85 billion loan to American International Group, stepping in to stave off the giant insurer's bankruptcy.

September 17, 2008

Sure of growth, Fed holds rates steady

The Federal Reserve decided not to cut interest rates this afternoon, expressing confidence that the economy will continue to grow despite a widening credit crisis on Wall Street.

September 16, 2008

Sure of growth, Fed holds rate steady

The Federal Reserve declined to cut interest rates this afternoon, expressing confidence that the economy will continue to grow despite a widening credit crisis on Wall Street.

September 16, 2008

Dow dives 500 pts. in Wall St. nightmare

Wall Street plunged Monday in its worst performance since the Sept. 11, 2001, attacks as financial markets around the world absorbed the blow of the largest bankruptcy in U.S. history.

September 16, 2008

Lehman Brothers files for bankruptcy

Wall Street titan Lehman Brothers filed for bankruptcy Sunday after potential buyers Barclays Banks of Britain and Bank of America backed away citing the Treasury's refusal to guarantee Lehman's toxic mortgage portfolio.

September 15, 2008

Obstacles stunt Calif. offshore drilling

The Bush administration and oil companies say they want to open up the nation's coastal areas to new drilling, but in two cases, they are doing little to make that happen.

September 15, 2008

UPDATED: Lehman on brink of bankruptcy

Wall Street titan Lehman Brothers appeared headed toward bankruptcy Sunday as potential buyers withdrew from the running after the Treasury refused to guarantee Lehman's toxic mortgage portfolio.

September 14, 2008

Lehman seeking a buyer, sources say

Lehman Brothers has approached other major financial institutions, and is receiving assistance from the U.S. Treasury, on a potential acquisition or investment in the battered securities firm, people close to the situation said Thursday.

September 11, 2008

Lehman Bros. gamble on oil fizzles

Lehman Brothers has resorted to selling off the family jewels in a desperate attempt to stay solvent, as the fountain of cash generated by bets on oil and other commodities and currencies has turned into a dry hole.

September 11, 2008