Citigroup faces a write-down in the range of $6 billion to $10 billion, and Chief Executive Charles Prince has submitted his resignation, CNBC has learned. CIBC Analyst Got Death Threats
Former American International Group chief executive and major stockholder Maurice "Hank" Greenberg said in a filing on Friday that he was considering "strategic alternatives" for the world's largest insurer.
Merrill Lynch's credibility and stock took a big hit Friday on reports that the biggest brokerage firm sought to delay billions of dollars of losses on troubled assets by moving them to hedge funds.
Stocks could be setting up for a bit of a bounce back but first investors need to decide just how radioactive the financial sector has become. Heading into the weekend, market rumors of lurking credit issues plagued bank and brokerage stocks.
US crude oil futures ended at a record close of almost $96 on Friday as robust domestic jobs data reassured investors that the current credit crunch had not affected the wider economy.
Warren Buffett's Berkshire Hathaway said on Friday its third-quarter profit rose 64 percent, helped by investment gains including the sale of a stake in PetroChina.
Lots of people call on Warren Buffett for support. But this particular call for support is, well, somewhat unusual. In the new issue of Time Magazine, Senior Editor Belinda Luscombe, writes an open letter to Mr. Buffett, calling on his support on behalf of "the women of America" because "they need you. Badly."
The complex world of asset-backed securities may be a bit of a blur for the average investor. But the credit crunch that mushroomed from this market will buffet consumers well into 2008, analysts predict.
Union officials say a strike by Hollywood writers will begin Monday morning unless a last-minute deal is reached over the weekend with studios on a new contract.
The rate of foreclosures in the United States will remain higher than normal for the next18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said Friday.
The House tax-writing committee has advanced legislation to shield some 20 million middle-class taxpayers from being hammered this year by a tax meant to affect only the rich.
