Mississippi Attorney General Sues State Farm Over Katrina Claims Mississippis attorney general, Jim Hood, said the company failed to honor an agreement for a mass settlement of claims over Hurricane Katrina damage.... Read Full Article 3 Big Banks See No Relief As Write-Offs Mount Up The Bank of America Corporation, the Wachovia Corporation and PNC Financial Services Group said on Wednesday that losses tied to bad debt would be worse than expected.... Read Full Article Down Goes Inflation Rate Inflation drops below Reserve Bank forecasts as weaker than expected results stun economists and force markets to all but rule out an interest rate rise next week.... Read Full Article Murdoch And Malone Find A Way To Make Up The News Corporation agreed to buy out John C. Malones stake in the company in exchange for a stake in DirecTV.... Read Full Article Mother Wins A Grandchild From Tomb Of Soldier Son Rachel Cohen was praying at her sons grave when a call on her mobile phone brought news that she had been awaiting for four years. An Israeli court had cleared the way for her to become a grandmother... Read Full Article |
Friedman NewsIdeas & Trends: A Fresh Look at the Apostle of Free MarketsAs the economy deteriorates, the calls grow louder for government intervention. Is it time to reconsider Milton Friedmans legacy?Read Full Article US Fed releases $200bn as credit crisis hits new depths$The global credit crisis plunged to new depths yesterday as persistent fears over the collapse of a large financial institution caused funding markets to dry up and forced the US Federal Reserve to make available up to $200 billion ($£99.3 billion) of emergency financing.<br/> <br/> The Fed said that a “rapid deterioration” in the credit markets in recent days had prompted it to begin a series of fresh cash injections in an effort to shore up the balance sheets of America’s stricken banks. Unemployment also shot up in the US last month, adding to the gloom. US stocks tumbled, dragging the Dow Jones industrial average down 138.40 points to 11.902.00. Treasury prices jumped and the dollar fell to record lows.<br/> <br/> Bankers said that the moves underscored the deepening severity of the crisis, which was triggered last June by the collapse of the American sub-prime mortgage market and has got progressively worse since. One senior banker in London said: “This is the beginning of the real credit crisis and it’s not going to end without a major casualty.”<br/> <br/> Sources said that the present crisis was triggered by cash-strapped banks starting to get tough with their hedge fund clients by making margin calls on loans and drastically raising interest rate payments overnight. The move has pushed the funds into the panic-selling of assets, mostly AAA-rated US mortgage securities, and several are thought to be on the brink of collapse. One of them, Carlyle Capital Corporation (CCC), said yesterday that overnight it had received “substantial additional margin calls” linked to its souring investments in US mortgages.<br/> <br/> Thornburg, the US mortgage lender, exacerbated investor jitters when it said that it did not have enough cash to meet $610 million of margin calls. Last week Peloton, a London hedge fund, collapsed after it became unable to meet the banks$’ demands.<br/> <br/> Bankers said that the problem was related to a perceived increased risk surrounding the AAA-rated prime mortgages and to the consequences of dangerous overleveraging of the funds themselves. In the case of Carlyle, its CCC fund had leveraged its assets by $30 for every $1 of its own cash.<br/> <br/>$ $“The whole industry was created by cheap debt,” the banking source said. “It was really all just an illusion.”<br/> <br/> Underlining the Fed’s desperate attempts to calm markets, for the first time it said that it would accept mortgage-backed assets as collateral from the banks for fresh loans. As the fear spread, the perceived risk of owning US corporate bonds - measured by the widening of credit spreads – also rose to its highest level.<br/> <br/> Friedman, Billings, Ramsey, the US analyst firm, said that the US financial industry would need $1 trillion of permanent capital to maintain current pricing of mortgage assets. However, it added that the industry would not be able to obtain that amount.<br/> <br/> Shares of Carlyle$’s CCC fund were suspended in Amsterdam yesterday as it disclosed that it had received more default notices from its lenders and that some of those lenders had been forced to sell CCC’s mortgage assets in an effort to recover their loans. The dire forecast came only 24 hours after CCC said that it had been issued with $37 million of margin calls from lenders, having satisfied $60 million of calls only the week before.<br/> <br/> Sean Egan, of the Egan-Jones Ratings Company, said: $“When financial history is written, the Carlyle liquidation will go down as one of the single most major events. Carlyle has built an image as one of the smartest investors around, and to see one of its funds fall apart shows there is a fundamental problem with the market.”Read Full Article Inside the Getty archiveGettys Hulton Archive has been sold to the private equity firm Hellman & Friedman for $2.4 billion ($£1.2 billion). An incomparable record of the twentieth century, it holds about 70 million pictures and 30,000 hours of film footage.Read Full Article Getty Images Agrees to Be Acquired by a Private Equity FirmThe worlds biggest photo and video distributor agreed to sell itself to the private equity firm Hellman & Friedman.Read Full Article Getty Images to Sell Itself for $2.4 BillionThe worlds biggest photo and video distributor agreed to sell itself to the private equity firm Hellman & Friedman.Read Full Article External News for: friedmanGartmore's Twin Killing - Wall Street JournalReuters Blogs (blog)Gartmore's Twin KillingWall Street JournalGartmore was bought by private-equity firm Hellman & Friedman and management for about £550 million ($916.2 million) in 2006. The owners are now looking to ...Gartmore Prepares December IPO to Reduce BorrowingsBloombergGartmore plans IPO to cut H&F stake, debtReutersGartmore to Sell 30 - 50 Pct Shares In IPONew York TimesThe Daily Deal (subscription) -123Jump.com -Daily Mailall 95 news articles »Gartmore's Twin Killing - Wall Street JournalReuters Blogs (blog)Gartmore's Twin KillingWall Street JournalGartmore was bought by private-equity firm Hellman & Friedman and management for about £550 million ($916.2 million) in 2006. The owners are now looking to ...Gartmore Prepares December IPO to Reduce BorrowingsBloombergGartmore plans IPO to cut H&F stake, debtReutersGartmore to Sell 30 - 50 Pct Shares In IPONew York TimesThe Daily Deal (subscription) -123Jump.com -Daily Mailall 95 news articles »New York Man Sues City After Medics Throw Ear in Trash - FOXNewsNew York Man Sues City After Medics Throw Ear in TrashFOXNews"Now he's got a deformity," Garcia's lawyer, Andrew Friedman, told the Daily News. "They deprived him of an opportunity to have treatment. ...US man sues after 'ear lands in trash'Sydney Morning Heraldall 17 news articles »Gartmore's Twin Killing - Wall Street JournalReuters Blogs (blog)Gartmore's Twin KillingWall Street JournalGartmore was bought by private-equity firm Hellman & Friedman and management for about £550 million ($916.2 million) in 2006. The owners are now looking to ...Gartmore Prepares December IPO to Reduce BorrowingsBloombergGartmore plans IPO to cut H&F stake, debtReutersGartmore to Sell 30 - 50 Pct Shares In IPONew York TimesThe Daily Deal (subscription) -123Jump.com -Daily Mailall 95 news articles »New York Man Sues City After Medics Throw Ear in Trash - FOXNewsNew York Man Sues City After Medics Throw Ear in TrashFOXNews"Now he's got a deformity," Garcia's lawyer, Andrew Friedman, told the Daily News. "They deprived him of an opportunity to have treatment. ...US man sues after 'ear lands in trash'Sydney Morning Heraldall 17 news articles »How to Find Mental Health Care When Money Is Tight - New York TimesHow to Find Mental Health Care When Money Is TightNew York Times“Not all mental health problems require a professional therapist,” says Michael B. Friedman, a social worker and an adjunct professor at Columbia ...and more » |
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