BlackRock Backs New Fed Money-Fund Plan as Profit Is Hurt by Redemptions BlackRock Inc., whose third-quarter earnings fell 15 percent as investors fled its money-market funds, said the U.S. Federal Reserve’s latest lifeline for asset managers will help restore short-term financing for companies.
Cerberus May Keep Chrysler Finance Division as It Seeks to Merge Automaker Cerberus Capital Management LP, the private-equity firm that’s in talks to sell Chrysler LLC, may keep the company’s finance unit in an effort to make the most of its ill-timed foray into the auto industry, according to two people familiar with the matter.
Fed Will Buy Money-Fund Commercial Paper to Help Meet Redemption Requests The Federal Reserve will provide up to $540 billion in loans to help relieve pressure on money-market mutual funds beset by redemptions.
Iceland, IMF Are `Very Close’ to Deal; Japan, Nordic Nations May Also Help Iceland’s government is “very close” to a rescue deal with the International Monetary Fund that may also include financial help from Nordic neighbors and Japan, Industry Minister Oessur Skarphedinsson said.
Citic Pacific Shares Plunge Most in 18 Years on $2 Billion Currency Loss Citic Pacific Ltd. tumbled the most in 18 years in Hong Kong trading after predicting HK$15.5 billion ($2 billion) in losses from unauthorized currency bets.
South Korea Ready to Take More Measures to Aid Economy if Needed, Jun Says South Korea is ready to take more measures to restore confidence in its financial system if needed, including a package to shore up the economy, the nation’s top financial regulator said.
Kravis to Sell Degas Work for Estimated $40 Million at Sotheby’s New York Henry Kravis, co-founder of the leveraged-buyout firm KKR & Co. LP, has asked Sotheby’s & Co. to auction an Edgar Degas work in his collection estimated to fetch more than $40 million, according to two New York dealers.
Goldman Sachs Paydays Suffer as Leverage Model Unravels With Fed Scrutiny On Sunday Sept. 21, just before 3 p.m., Lloyd Blankfein gathered the top executives of Goldman Sachs Group Inc. in his 30th-floor office and set off a chain of events that would forever change the company he leads.