Showing once again that it will pull out all the stops to avoid further economic slowdown, the Federal Reserve has again cut interest rates, this time by 1/2 a point. This size cut and the comments made both allow for further rate cuts in the future.
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The Fed action pushed the funds rate to [...]

According to the 2007 U.S. Foreclosure Market Report released on January 28, 2008 by RealtyTrac the nationwide foreclosures in 2007 jumped 75% from 2006 with a total of 2,203,295 foreclosure filings. “More than 1% of all U.S. households were in some stage of foreclosure during 2007, up from 0.58% in 2006, RealtyTrac reports.” [...]

A gallery (”Debtor”) in New York, who was charged with holding art work, sold that art work (worth $4.6 million) without the permission of the owners in order to pay off its debts. When the owners (”Creditors”) found out they placed the Debtor in involuntary bankruptcy under Chapter 7 on November 1, 2007. [...]

A low level employee of Societe Generale somehow engineered trades over several years that evaded all of the bank’s internal controls and ultimately lost the bank 7 billion dollars, according to news reports today. The bank, which also just wrote off about 3 billion dollars due to the “global credit crunch” is now searching [...]

The market fell today 450 points and has since recovered to a drop of 250, but this activity is after the Federal Reserve cut rates in an emergency action not taken since just after the Sept. 11 attacks.
“U.S. markets joined stock exchanges around the globe that fell precipitously in recent days amid concerns that a [...]

When asked during Tuesday’s night debate in Las Vegas about the 2005 Bankruptcy law, the candidates had the following comments:
Edwards: When asked if he regretted voting for the 2001 bankruptcy bill which later became law in 2005 that made it more difficult for the middle-class, particularly woman, to file for bankruptcy Mr. Edwards responded, [...]

On a personal note, although thankfully my girls are presently healthy, both of them (and I) have spent many nights at our local children’s hospital, Cook Children’s Medical Center, and have spent time in a play room donated by Troy Aikman. Here is a story about it being updated with the help of both Troy [...]

More news on foreign funds, frequently foreign governments themselves, buying into US financial companies. “Merrill Lynch & Co. said Tuesday that it is getting a cash infusion of $6.6 billion from three foreign investment funds.
The Korean Investment Corp., Kuwait Investment Authority and Mizuho Corporate Bank will receive a special class of stock for their [...]

OK, so what do the Kuwait Investment Authority, the New Jersey Division of Investment, Prince Alwaleed bin Talal of Saudi Arabia and Sanford Weill all have in common? In short order, they may all be major contributors to bail out Citigroup. As you have read, Citigroup announced its 10 billion loss and its [...]

“Merrill Lynch is expected to suffer $15 billion in losses stemming from soured mortgage investments, almost double its original estimate, prompting the firm to raise additional capital from an outside investor.
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To shore up its deteriorating finances, Merrill is now in discussions with investors in the United States, Asia and the Middle East, including American private [...]