Banks haven't been doing so well this earnings season, to put it gently. But a good number of companies, from drug maker Merck to toy maker Hasbro — have been doing well. What do they have in common? Customers overseas. Alisa Roth reports.
Ohio-based National City bank, the nation's 10th largest, says it's going to be seeking $7 billion in new capital. It will be looking to private equity firms and hedge funds for help. Ashley Milne-Tyte explains how the mortgage crisis is moving to Main Street.
Citibank, the nation's biggest bank, says it lost $14 billion in the first quarter. But its assurance that it was working to climb out of the hole was good enough for investors, who bumped up its stock 4%. Bob Moon reports.
Concern is growing that banks may have been hiding their distress by manipulating a key financial benchmark called the LIBOR. It's used as the basis for millions of financial transactions around the world, including mortgages and corporate loans. Stephen Beard reports.
Merrill Lynch reported $6 billion new write-offs for the first quarter, and the brokerage says it will have to cut 4,000 jobs. Analyst Tanya Azarch talks about the bigger picture for investment and commercial banks.
A new survey of hedge-fund managers shows the top five made more than $1 billion a year each — even as the housing and credit markets fell down the rabbit hole. Jill Barshay reports.
After JPMorgan and Wells Fargo announced big drops in 1st-quarter profits today their shares promptly shot up and the Dow jumped for joy. Why? The numbers actually met or exceeded expectations. Bob Moon reports.
Former Fed chair Paul Volcker says the current Fed leadership overstepped its mandate in bailing out Bear Stearns. Commentator Robert Reich says the Fed's unfettered powers are behind a lot of today's economic troubles.
With Wachovia posting an unexpected first-quarter loss of $350 million, investors are left to wait and wonder what's coming up around the next curve as more earnings reports from investment banks are due this week. Bob Moon reports.
