Below is the text of Treasury Secretary Henry Paulson's testimony to the House Financial Services Committee on the financial bailout package.
The Financial Times reports that Citigroup is to liquidate its Corporate Special Opportunities hedge fund, after it lost 53% of its value last month.
Reuters reports that Sandler O'Neill has slashed its fourth-quarter profit estimates on JPMorgan, suggesting that mark-to-market losses may be significant.
To date, the cost of the global economic melt-down has been measured largely in financial terms. However, there is growing evidence to believe that the long-term human and psychological cost could be just as significant.
Reuters reports that Paulo Sergio, a 36-year-old trader working for the brokerage arm of Brazilian banking giant Itau, shot himself Monday in an apparent suicide bid in the open outcry pit of San Paulo's Commodities & Futures Exchange.
Fortune magazine, think tank AccountAbility and corporate responsiblilty consultancy Csrnetwork, have published their 2008 Accountability ratings from the Fortune Global 500.
Financial News reports that some of the biggest players in the equity derivatives market took a bath in October due to a 'sudden rise in volatility and correlation'. According to the newspaper, BNP Paribas, Deutsche Bank and Natixis all sustained losses of between $382m - $636m during the month.
The example of senior executives over at Goldman Sachs in forgo bonues this year is, as expected, putting pressure on other firms to follow suit.
Here's the press release:
Bloomberg reports that Lloyd Blankfein, Goldman's CEO, has confirmed that he and five of his executives will forgo bonuses this year.