The congressional negotiations over the proposed $700 billion bailout of the U.S. financial system are set to restart after negotiations yesterday turned into a mess.
- Rep. Barney Frank, the leading House Democrat on the issue, accused Republicans of refusing to negotiate. "At this point, we have absolutely no participation or cooperation from House Republicans," Frank said.The chairman of the House Financial Services Committee declared Friday that an agreement on legislation to relieve a spreading financial crisis depends on House Republicans "dropping this revolt against President Bush."
- As the debate over a $700 billion bank bailout rages on, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market. JPMorgan Chase & Co. Inc. came to the rescue of ailing Washington Mutual Inc., buying the ailing thrift's banking assets after WaMu was seized by the Federal Deposit Insurance Corp. WaMu becomes biggest bank to fail in US history.
- Global bank HSBC Holdings is cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit's total, as it weathers the global financial crisis.
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Just when the Atlantic was quiet...
The National Hurricane Center says Tropical Storm Kyle has strengthened as it churns through the open Atlantic, south of Bermuda. The storm's maximum sustained winds have increased to 50 mph Thursday night. Forecasters say the storm could become a hurricane by Saturday as it moves north.
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Why he should have done his to-do list...
In Utah a man is in stable condition after being stabbed by his wife this morning. Police say the two were arguing over a to-do list. Police say this is a domestic dispute that went way too far. Now the man's wife is in jail.
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