Bear Stearns' employees were told Monday morning that they had become employees of JP Morgan, and that their company stock was now only worth $2 a share. Janet Babin reports their other prospects may not be promising either.
Asian markets are reacting to the financial market news in the U.S., and the markets are down sharply. Doug Krizner talks to Lindsay Whipp of The Financial Times in Tokyo about some of the main concerns in Japan and Hong Kong.
Bear Stearns' stunning collapse came a week after things seemed normal for the bank. Scott Jagow talks to economist Diane Swonk, who says panic in the market and clients turning their backs prompted the trouble.
The Federal Reserve took some emergency measures Sunday night after fire sale of investment bank Bear Stearns. Scott Jagow talks to Hong Kong investment advisor Puru Saxena and Stephen Beard in London to get world markets' reaction.
Oil is up, the dollar is down and economists are saying there's no more denying a recession. But Nancy Marshall Genzer reports despite trouble in the market, there's a silver lining to the weakened economy.
The troubled mortgage bond fund of the Carlyle Group is near collapse. As Stephen Beard reports, it may be sign the Fed's plan to stabilize the credit markets isn't working.
Some Middle Eastern countries are reconsidering their ties to the U.S. dollar after it hit record lows against the euro. But Jill Barshay reports why bigger Gulf states will likely stick to the currency.
New York Governor Eliot Spitzer's scandal with a prostitution ring now has some on Wall Street cheering. Nancy Marshall Genzer reports it could also hurt his current efforts to stabilize the shaky municipal bond business.
The United States produces less than 2% of the world's rice, so the grain isn't a big part of our commodities trading. But with a recent hike in prices, the rice market is starting to swell. Adriene Hill reports.
