Lawmakers: Wall Street rescue accord reached: Dodd, Frank: Agreement in principle, expect passage of bill within days
Bailout Could Deepen Crisis, CBO Chief Says: Congress's top bookkeeper -- said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems.
White House Admits It Drew Up Bailout Months Ago: White House Deputy Press Secretary Tony Fratto insisted that the plan was not slapped together and had been drawn up as a contingency over previous months and weeks by administration officials. He acknowledged lawmakers were getting only days to peruse it, but he said this should be enough.
Rumours spark Hong Kong bank run: Hundreds of customers have descended on branches of Hong Kong's Bank of East Asia (BEA) to demand their deposits back amid continuing nervousness over the state of global financial markets.
China banks told to halt lending to US banks-SCMP: Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
Europe and Japan turn cold shoulder to U.S. plea for bank bailouts: The German chancellor, Angela Merkel, also took the opportunity to sharply criticize the United States and Britain for opposing German attempts to put greater regulation, or at least reviews, of the financial sector on the international agenda last year, when she was chairing the Group of 7 industrialized nations.
In case you missed it: Fannie Mae Eases Credit To Aid Mortgage Lending: The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Hedge funds move $100bn into safe havens: Citigroup estimates that hedge funds have now placed $600bn in cash, and that $100bn of this is held in money market funds, normally seen as some of the safest places to invest cash
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