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Greenberg May Blame Sullivan for AIG Downfall in U.S. Testimony

Published October 6, 2008, 9:32 pm, Bloomberg

Oct. 7 (Bloomberg) -- Maurice ``Hank'' Greenberg , former chief executive officer of American International Group Inc ., may submit testimony that his successors' actions led to record losses that forced the insurer into an $85 billion U.S. bailout.

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World markets slide as governments struggle to stem panic

Published October 6, 2008, 9:29 pm, Yahoo! Asia News

TOKYO (AFP) - World stock markets plunged again Tuesday as the global financial crisis deepened, with governments taking emergency measures to shore up confidence but failing to stem the panic.

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Australia's central bank slashes interest rates

Published October 6, 2008, 9:29 pm, TODAYonline

A legal worker passes the Australian Reserve Bank in Sydney on October 7. Australia's central bank has slashed interest rates by one percent amid fears of a global slowdown.

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Australia's central bank slashes interest rates

Published October 6, 2008, 9:29 pm, Yahoo! Asia News

SYDNEY (AFP) - Australia's central bank slashed interest rates by one percentage point Tuesday amid fears of a global slowdown sparked by the US-based financial crisis.

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Nervous markets take heart from big Australia rate cut

Published October 6, 2008, 9:28 pm, Reuters via Yahoo! News

Guarded optimism mounted on Tuesday for a unified international response to the credit crisis ricocheting around the world after Australia cut interest rates far more steeply than expected.

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Rescue plan backfires

Published October 6, 2008, 9:27 pm, Knoxville News Sentinel

WASHINGTON - On Day One, the $700 billion plan didn't help. Just the opposite. The government's huge rescue package, aimed at rebuilding economic confidence in the U.S. and around the world, appeared to sound a global alarm instead on Monday, the first trading day after Congress approved the measure last Friday with fanfare and President Bush signed it.

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Global meltdownStocks drop as fear grips investors worldwide

Published October 6, 2008, 9:25 pm, The State

‘People are panicked’ WASHINGTON — On Day One, the $700 billion plan didn’t help. Just the opposite. The government’s huge rescue package, aimed at rebuilding economic confidence in the U.S. and around the world, appeared to sound a global alarm instead on Monday, the first trading day since Congress approved the measure Friday with fanfare and President Bush signed it. From Asia to Europe to ...

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Rescue plan, global fear trigger huge sell-off

Published October 6, 2008, 9:24 pm, The Nashua Telegraph

WASHINGTON -- On Day One, the $700 billion plan didn't help. Just the opposite. ... - By TOM RAUM and JEANNINE AVERSA The Associated Press

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Europe going its own way on crisis

Published October 6, 2008, 9:23 pm, The Nashua Telegraph

LONDON -- Individual European governments issued a flurry of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year. ... - By PAN PYLAS The Associated Press

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Russia's index plummets 19%, suffers worst-ever one-day fall

Published October 6, 2008, 9:23 pm, Business Standard India

Russia's leading stock market has posted its worst-ever one-day fall as shares shed almost a fifth of their value on worries about exposure to a worsening worldwide financial crisis.

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