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Business News PhotosUpdated at 11:30 pm, October 1, 2008.European Central Bank president Jean-Claude Trichet seen in ...  (AFP/File) - European Central Bank president Jean-Claude Trichet seen in Bratislava on September 22. The global banking crisis and weak economic growth have increased the pressure on the European Central Bank to cut interest rates but it will likely opt for no change again on Thursday, economists say.(AFP/File/Joe Klamar)Pedestrians walk past a giant Euro-logo in front of the European ...  (DDP/AFP/File) - Pedestrians walk past a giant Euro-logo in front of the European Central Bank (ECB). The global banking crisis and weak economic growth have increased the pressure on the European Central Bank to cut interest rates but it will likely opt for no change again on Thursday, economists say.(DDP/AFP/File/Torsten Silz)US Senate Majority Leader Harry Reid (centre) speaks as (left ...  (AFP/Getty Images) - US Senate Majority Leader Harry Reid (centre) speaks as (left to right) Sen. Christopher Dodd, Sen. Max Baucus, Sen. Judd Gregg and Senate Minority Leader Mitch McConnell listen at a news conference following a vote on legislation drafted in response to the ongoing credit markets crisis on Capitol Hill October 1, in Washington, DC.(AFP/Getty Images/Alex Wong)A trader works on the floor of the New York Stock Exchange in ...  (AFP/Getty Images/File) - A trader works on the floor of the New York Stock Exchange in New York City. The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.(AFP/Getty Images/File/Spencer Platt)A flag waves at the US Capitol building on Capitol Hill in Washington, ...  (AFP/Getty Images/File) - A flag waves at the US Capitol building on Capitol Hill in Washington, DC. The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.(AFP/Getty Images/File/Mark Wilson)Senate Majority Leader Sen. Harry Reid talks to reporters on ...  (AFP/Getty Images) - Senate Majority Leader Sen. Harry Reid talks to reporters on Capitol Hill in Washington, DC. The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.(AFP/Getty Images/Mark Wilson)The dome of Capitol Hill is lit up as the Senate votes on a ...  (AFP) - The dome of Capitol Hill is lit up as the Senate votes on a 700-billion-dollar bailout package in Washington, DC. The US Senate on Wednesday approved a 700-billion-dollar Wall Street bailout package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.(AFP/Mandel Ngan)House Majority Leader Rep. Steny Hoyer (D-MD) walks through ...  (Reuters) - House Majority Leader Rep. Steny Hoyer (D-MD) walks through the Capitol Building, September 29, 2008. (Jim Young/Reuters)Republican presidential nominee Senator John McCain (R-AZ) arrives ...  (Reuters) - Republican presidential nominee Senator John McCain (R-AZ) arrives at the U.S. Capitol in Washington October 1, 2008, where the U.S. Senate is expected to vote on a financial crisis rescue plan. (Brian Snyder/Reuters)The Senate Republican leadership meet on Capitol Hill, September ...  (Reuters) - The Senate Republican leadership meet on Capitol Hill, September 30, 2008. Pictured are (L-R) Senator Jon Kyl (R-AZ), Senator Bob Bennett (R-UT) and Senate Republican leader Mitch McConnell (R-KY). (Jim Young/Reuters)President Bush pauses while speaking next to the Commander for ...  (Reuters) - President Bush pauses while speaking next to the Commander for NATO International Security Assistance Force in Afghanistan U.S. Army General David McKiernan in the Oval Office of the White House in Washington, October 1, 2008. (Larry Downing/Reuters) |
Wall Street JournalUpdated at 11:30 pm, October 1, 2008.Senate Passes Bailout Package The Senate's revamped bailout package drew support from 74 lawmakers in a roll call vote. The measure will now return to the House, where it was unexpectedly defeated, for another vote on Friday. Buffett Sets Investment in GE GE turned to Buffett to inject at least $3 billion into the company. GE also said it will sell at least $12 billion in stock to other investors. What We've Learned From a Painful Nine Months Three months to go: Could they be any more tumultuous than the nine months just finished? Fund investors mark off another quarter in a year that has seen even the safest investing havens at times prove to be very scary places. Sigma's Fall Could Worsen Market's Pain Sigma Finance, a $27 billion investment fund that held Lehman debt, faced imminent liquidation after a default. SEC Extends 'Short' Ban The SEC extended the short-selling ban until three days after the financial rescue bill is enacted into law. U.S. Auto Sales Dive General Motors posted a 16% drop in light-vehicle sales for September, while sales at Toyota and Ford fell more than 30%. Bailout Nerves Crimp Stocks Stocks fell Wednesday as investors watched the Senate deliberate on the bailout plan. Short-term credit markets remained under stress, but insurance on GE's debt recovered after the company announced a $12 billion stock offering. Lilly in Talks to Buy ImClone Eli Lilly is in advanced talks to acquire ImClone for about $6.1 billion. A formal offer could prompt Bristol-Myers to raise its bid for the company. |
