Fed slashes rates
The U.S. Federal Reserve on Tuesday slashed a key interest rate by the biggest amount in more than 23 years in an emergency bid to head off a U.S. recession and halt a global rout in stocks.
The U.S. Federal Reserve on Tuesday slashed a key interest rate by the biggest amount in more than 23 years in an emergency bid to head off a U.S. recession and halt a global rout in stocks.
Washington Mutual Inc , whose share price sank 70 percent last year as mortgage losses soared, said on Tuesday it awarded Chief Executive Kerry Killinger 3.2 million stock options for 2008.
The largest U.S. housing finance companies, Freddie Mac and Fannie Mae, may report $16 billion in write-downs for the fourth quarter due to the falling value of their subprime mortgage investments, according to Credit Suisse analysts.
Four large U.S. regional banks reported disappointing quarterly results on Tuesday as they set aside more money to cover escalating mortgage problems.
Arbor Realty Trust Inc , which invests in real estate securities and loans, on Tuesday asked CBRE Realty Finance to clarify its outlook on some of CBRE's investments, one of which includes loans to New York real estate mogul Harry Macklowe.
Italian bank Intesa Sanpaolo is considering selling its Fideuram asset management unit to insurer Generali in return for cash and control of an insurance joint venture, a source close to the situation said.
Bank of America Corp and Wachovia Corp, the second- and fourth-largest U.S. banks, said on Tuesday quarterly profits were nearly wiped out by more than $10 billion of write-downs and credit losses.
Ambac Financial Group Inc reported a quarterly loss of $3.3 billion on Tuesday after recording massive credit derivative write-downs, but its shares surged after the bond insurer said it hopes to find much-needed capital "reasonably soon."
Transatlantic exchange NYSE Euronext and French state bank Caisse des Depots said on Tuesday they had started a carbon emission rights exchange called BLUENEXT.
Citigroup Inc , which last week posted a record $9.83 billion quarterly loss, on Tuesday said it has strengthened its balance sheet and replenished depleted capital levels by raising about $30 billion in the last two months.
Representative Liz Cheney has won national praise from critics of former President Donald Trump for her role as vice chair of the congressional panel investigating the Jan. 6 attack on the U.S. Capitol. But her role investigating Trump may cost her her congressional seat in Wyoming, where Trump scored his largest win in 2020 with 70% of the vote. Emma Jehle has more.
WASHINGTON (Reuters) -Lawyers for Rudy Giuliani, former President Donald Trump's personal lawyer who helped lead challenges to the 2020 election results, have been told that Giuliani is a target in a criminal probe examining attempts by Trump and his allies to overturn the election, the New York Times reported on Monday.