US worries about AAA, a rare rating in business
Hanging over the debt ceiling negotiations in Washington has been the threat of the U.S. losing its AAA credit rating, a coveted measure of the federal government’s financial strength. But in corporate America, the top rating long ago became an anachronism.
Citigroup breach raises questions about industry’s security
Citigroup’s revelation that hackers stole personal information from more than 200,000 credit card holders makes it one of the largest direct attacks on a major bank.
Once Pay is Divvied Up, Little is Left for Banks’ Shareholders
Finding the winners on Wall Street is usually as simple as looking at pay. Rarely are bankers who lose money paid as well as those who make it.
Washington Mutual Seized By Federal Regulators
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators on Thursday night in what is by far the largest bank failure in American history.
For Lehman Employees, The Collapse is Personal
In the last few days, employees of Lehman Brothers have wrung their hands as the value of their stock evaporated before their eyes. Now, many fear losing their jobs, too.
Facing Declining Markets, Lender Resorts to Emergency Financing
Even as financial shares led a stock market rally on Thursday, the crisis in the credit markets threatened to engulf one of the nation’s largest commercial finance companies.
Citigroup’s Dramatic Profit Decline Surprises Chairman
Citigroup, the global banking giant, said Monday that third-quarter profit dropped 57 percent after it faced heavy blows to its fixed-income and consumer businesses.
Wall Street Posts Records After Write-Downs by Banking Giants
Wall Street’s banking giants on Monday started to admit their problems, which began in the mortgage lending business and led to a summer of wild stock market swings.