debt

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Paulson, Wall Street Execs Let Lehman Die

11th-hour meeting exhausted all possible rescue options for investment firm

(Newser) - As the dust settles on Wall Street, details of the final frantic negotiations on Lehman Brothers reveal that Henry Paulson’s opposition to a government bailout ultimately sealed the investment bank’s fate, the Journal reports. Paulson summoned an emergency meeting of 30 Wall Street executives Friday to definitively state...

Man Asks Heavens to Settle Dispute, Lightning Strikes

Waves iron bar at sky instead of paying up

(Newser) - A man in China's Fujian province got a shock when he asked the heavens to settle a score, CCTV reports. When a friend demanded an old debt be repaid, the man brandished an iron bar at the sky, swore he had never borrowed the money, and asked the gods to...

Banks Bracing as Their Own Debts Come Due

Billions in shorter-term, floating rate notes likely to prolong credit woes

(Newser) - Billions of dollars worth of floating rate notes—vehicles used by banks to borrow money—taken out in 2006 are coming due in the next few months, and the industry is bracing for a wave of bank failures and asset sales as institutions struggle to pay off obligations, the Wall ...

Bank Ads Helped Spin 2nd Mortgages
Bank Ads Helped Spin
2nd Mortgages
Aug 15, 2008 11:59 AM CDT

Bank Ads Helped Spin 2nd Mortgages

Home equity loans, once desperate moves, now total $1 trillion

(Newser) - Until recently, borrowing against one's home was considered a desperate measure, but now it's commonplace. Since the 1980s, outstanding home-equity loans—once called second mortgages—have exploded a thousandfold to more than $1 trillion. The New York Times looks at how banks waged a concerted advertising campaign to transform Americans'...

Citigroup Will Buy Back $7B of Bad Debt, Pay $100M Fine

Deal with SEC, NY state seen as 'face-saving,' could mean more ahead

(Newser) - Citigroup has agreed to buy back $7 billion in risky debt it marketed to consumers as safe and equivalent to cash, Reuters reports. Today’s deal, struck with New York's attorney general and the SEC, also requires the bank to pay fines totaling $100 million, and reimburse customers who took...

Heeeeeeeeeeeeere's a Lawsuit!
 Heeeeeeeeeeeeere's a Lawsuit! 
Jun 20, 2008 10:45 PM CDT

Heeeeeeeeeeeeere's a Lawsuit!

$200K suit adds to McMahon's financial woes

(Newser) - Citibank has filed suit against former Johnny Carson sidekick Ed McMahon to recover $200,000 it loaned to the struggling actor, the AP reports. McMahon, 85, who has not worked since falling 18 months ago, also faces foreclosure on his Beverly Hills home. “If you spend more money than...

Maxed-Out Debtors Find Credit Crutch

Support groups doing brisk business as Americans see red

(Newser) - With the economy sagging and 11.8 million credit-card accounts delinquent, support groups are popping up in churches, colleges, and coffee shops to help people curtail their spending and share red-ink horror stories, the Wall Street Journal reports. "It used to be that you had to live in shame...

Hillary's Next Challenge: Paying Bills

Candidate ends race with record debt

(Newser) - Hillary Clinton's White House bid made history—by ending with what is believed to be the largest presidential campaign debt ever. The New York senator had approximately $9.5 million in unpaid bills at the end of April, not to mention $11.4 of her own money that she lent...

New Wave of Foreclosures Expected in '09

ARM holders will see payments soar as their mortgages reset

(Newser) - America’s subprime victims may have grudgingly accepted their fate, but there’s a new class of borrowers primed to suffer, BusinessWeek reports. Homeowners who took out ARMs, or adjustable rate mortgages, will soon face skyrocketing payments as their loans reset. About a million people have the mortgages, but only...

Honey, I'm Shrinking the Tribune Papers

Zell plans to slice pages to offset $13B debt

(Newser) - Publisher Sam Zell has announced he'll quickly slash pages and more editorial jobs to offset huge debts and  a larger-than-anticipated decline in advertising revenue at his newspapers, including the Los Angeles Times and Chicago Tribune. An 80-page edition of the Tribune could be sliced to 48 pages, reports the Chicago ...

Obama Willing to Help Bail Clinton Out of $20M Debt

Peace offering from victorious Dem could help come November, too

(Newser) - Barack Obama might ask his supporters to help Hillary Clinton pay off her campaign debt, Bloomberg reports. Clinton has accrued more than $20 million, $11.4 million of which she personally contributed. Under a campaign-finance law (co-sponsored by John McCain) she has until August's Democratic convention to raise money to...

Quick-Fix Cash Schemes Find More Takers

Reverse mortgages, insurance buyouts among risky moves

(Newser) - Big banks aren’t the only ones struggling to find the cash to keep going. Americans are feeling the pinch, and grabbing cash anywhere they can find it, the Wall Street Journal reports. Credit-card debts remains high, but more are turning to options that bring a quick infusion of cash...

Rebate Checks Go to Gas, Food, Looming Debt

Extravagant spending sprees at the mall? Not so much

(Newser) - Rather than the gluttonous splurge on flat-screen TVs and foreign vacations that Uncle Sam had envisioned, most Americans are plunking their rebate checks down on exorbitant gas and food costs--and their mounting debt. “The initial sense is that people are not running out the malls,” one economist told...

6 Routes Off Into the Sunset
 6 Routes Off Into the Sunset 
Analysis
May 12, 2008 1:50 PM CDT

6 Routes Off Into the Sunset

Politico scribe sets out possible paths for Clinton between now and Aug.

(Newser) - With Hillary Clinton’s chances of beating her rival all but shot, Ben Smith, on Politico, runs down the graceful and non-graceful ways to exit:
  • Never say die: If Clinton can stomach shrinking coffers and departing supporters, she can bide time until the convention, ensuring that lightning hasn’t struck
...

Maybe She's Looking to Bargain
 Maybe She's
 Looking
 to Bargain 
analysis
May 9, 2008 4:58 PM CDT

Maybe She's Looking to Bargain

Help with campaign debt among the possibilities

(Newser) - Hillary Clinton’s tactics have been especially divisive in the last few days, and Katharine Q. Seelye writes in the Times that maybe she’s “veering into dangerous territory” to force her rival to bargain. Some suggestions on what she wants from him:

Fritzl Owes Millions, Further Clouding Kids' Future

Family living in clinic won't see funds from his property

(Newser) - Dungeon dad Josef Fritzl is millions of euros in debt, adding to the challenge of his daughter’s recovery from years of sexual abuse and imprisonment, and the children's painful adaptation to the outside world, the Guardian reports. Now in a clinic near their old home, the family’s recuperation...

Celebrity Foreclosure: Canseco's Out at Home

Former baseball star forced to move into smaller home

(Newser) - It can happen to the rich and famous, too: Jose Canseco's mansion is in foreclosure, and he's had to move into more modest digs, Inside Edition reports. Canseco owed more than $2.5 million on the California property his neighbors called the "hotel." He made $30 million in...

Restaurants Hungry for Economic Recovery

Rising food costs, tight credit cut into profits

(Newser) - Rising costs, tightening credit, and trimmed consumer spending are giving restaurateurs indigestion as they struggle with a slowdown the industry says is its worst in decades, reports the Wall Street Journal. A spate of bankruptcy filings and woeful earnings reports have chains slowing expansion and cutting amenities. With a minimum...

Surprise Rate Hike Will Soon Rattle US Borrowers

Yardstick London interest rate jumps

(Newser) - A surprise hike in a widely used interest rate is expected to soon send many US borrowers reeling, the Wall Street Journal warns. The London interbank offered rate, a yardstick for financial instruments including resettable mortgages, jumped sharply yesterday. The increase, a signal that banks are becoming more cautious about...

Eurotunnel Boasts First Profit
 Eurotunnel Boasts First Profit 
Apr 8, 2008 7:19 AM CDT

Eurotunnel Boasts First Profit

Debt-plagued cross-Channel rail company sees light at the end of the tunnel

(Newser) - Eurotunnel is in the black for the first time since the France-England tunnel opened in 1994, the BBC reports. The company says it has turned the corner after many troubled years, helped by a sweeping debt restructuring plan and the opening of a new high-speed rail link on the British...

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