The recession claimed another major financial institution, as lending giant CIT filed for bankruptcy after months of struggling to keep the company, which funds about 1 million small- to medium-sized businesses, afloat.
In other news, Manuel Zelaya, the deposed president of Honduras, announced Monday he has returned to the country, and AIG repaid the federal government $60 billion.
Lehman Brothers survived the Civil War, the Great Depression, two World Wars, and the attacks of 9/11, yet under the leadership of Richard Fuld the investment bank went from storied Wall Street firm to catalyst of last year's economic crisis.
Former Treasury Secretary Hank Paulson testified Thursday in the third and final House hearing looking into the government's role in the Bank of America purchase of Merrill Lynch. Jim Lehrer discusses the hearings with Binyamin Appelbaum of the Washington Post.
By PBS NewsHour
Lawmakers grilled former Treasury Secretary Henry Paulson Thursday over the government's role in Bank of America's merger with Merrill Lynch, saying authorities withheld information about losses and intimidated bank executives into sealing the deal.
Federal Reserve Chairman Ben Bernanke faced fresh questions from a House committee Thursday over the central bank's role facilitating Bank of America's purchase of Merrill Lynch. Experts discuss the acquisition, as well as the expanding power of the Federal Reserve,…
Officials from the Treasury Department and Federal Reserve pressed Bank of America into purchasing Merrill Lynch last year, the bank's chief executive Ken Lewis told a House committee. Spencer Michels reports on the hearing.
In the midst of September's Wall Street meltdown, Bank of America agreed to buy the troubled Merrill Lynch -- a buyout that has proved troublesome. Analysts assess what may come next for the struggling industry.
By PBS NewsHour
Bank of America posted its first quarterly loss in 17 years and received a boost from the government while Citigroup reported a fourth-quarter loss of $8.29 billion and decided to split up its businesses in a new round of gloomy…
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