PRESS DIGEST - Washington Post Business - Oct. 9
WASHINGTON, Oct 9 (Reuters) - The Washington Post included the following items on the front page of its business section on Oct. 9.
---
Treasury officials said that the government now has the necessary tools to address the financial crisis and that the Bush administration has no plans to announce coordinated initiatives with other nations at a meeting this weekend of finance ministers from the world's leading economies.
---
Wall Street brushed off the Federal Reserve's latest attempt to stem the financial crisis, taking wild swings before stocks plunged deep into the red.
---
SEOUL -- Fear among investors gathered momentum in Asia as stocks in Japan fell 9.4 percent, the steepest one-day plunge since the 1987 stock market crash, and the value of South Korea's troubled currency skidded to a 10-year low.
---
Many of the complicated securities at the center of the subprime mortgage crisis were designed by mathematicians and physicists, and now the U.S. government has tapped an aerospace engineer who used to design NASA satellites to start unraveling them.
---
Turns out the $85 billion bailout loan for AIG wasn't enough. The Federal Reserve authorized loaning $38 billion more to the struggling insurance giant.
