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Lehman Brothers Chief Executive Richard Fuld testified before a House committee yesterday in his first public appearance since the investment bank's collapse. |
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Hearing heaps scorn on Lehman Bros. CEO
By Bernie Becker
and Ben White
NEW YORK TIMES NEWS SERVICE
WASHINGTON – Richard Fuld blamed the news media. He blamed the short-sellers. He blamed the government, as well as what he characterized as an “extraordinary run on the bank.” But the chief executive of Lehman Brothers Holdings, the bankrupt investment house, never really blamed himself.
Citigroup, Wells Fargo call truce
Wachovia compromise doubtful, observers say
By Eric Dash
NEW YORK TIMES NEWS SERVICE
Prodded by the Federal Reserve, Citigroup and Wells Fargo agreed to a cease-fire until tomorrow in the legal warfare over their competing bids for Wachovia Corp. Citigroup and Wells Fargo are continuing talks over several principles that could pave the way for a compromise, like carving Wachovia into parts, said a person close to the situation who did not want to jeopardize the discussions.
Financial crisis hits emerging economies
Stock markets plunge from Mexico to Russia
NEW YORK TIMES NEWS SERVICE
RIO DE JANEIRO, Brazil – Emerging markets took one of their biggest collective tumbles in a decade yesterday as stock markets from Mexico to Indonesia to Russia were gripped by fears of a meltdown in Europe's banking system and concern that a global recession could drag down the price of commodities, forcing a steep slowdown in emerging-market growth.
Land sale delayed; developer seeks loan
By Mike Freeman
STAFF WRITER
The scheduled foreclosure auction of a prime, full-block site near Petco Park has been delayed to give the bankrupt developer more time to arrange a $33 million bridge loan in hopes of salvaging the project.
Countrywide settlement to bring relief to S.D. County
By Emmet Pierce
STAFF WRITER
Hundreds of San Diego County homeowners now facing foreclosure will benefit from the settlement of California's predatory lending lawsuit against Countrywide Financial Corp., Attorney General Jerry Brown said yesterday.