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Citigroup and Bank of America faced new doubts over their ability to fund their massive losses as their shares sank on Wednesday.
Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a -billion Ponzi scheme.
The US government agreed to prop up Citigroup with more than -billion, the latest bailout in a sector crippled by exposure to toxic debts.
Lehman Brothers has filed for bankruptcy protection, after trying to finance too many risky assets with too little capital.
Lehman Brothers, desperate for capital and fighting for its survival, unveiled a plan to shed weak assets and sell a stake in its funds business.
Citigroup chief executive Charles Prince plans to resign this weekend, the Wall Street Journal said on Friday, as the widening subprime mortgage crisis brings to an end the reign…
Seven insurers have agreed to pay an additional -billion to developers of the World Trade Centre, resolving all outstanding claims from the September 11 2001 attacks and speeding…
