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AIG Tumbles 61%, Pushing Dow to a 500-Point Decline September 15, 2008 6:13 p.m. The stock market suffered its worst daily plunge in nearly seven years Monday as the bankruptcy of Lehman Brothers Holdings threw the U.S. financial system into an abyss, uncertain where the bottom of its credit-related problems lies. Lehman's demise makes it the biggest casualty yet in the long-running credit crisis, which has so far seen torrents of red ink, restructurings and acquisitions, and shutterings of a few commercial banks. But until Sunday night, no Wall Street firm of such size and stature had suffered an all-out meltdown. The Dow Jones Industrial Average, which languished with a loss between 200 and 300 points for most of the day, saw its losses accelerate in the last hour of trading to suffer its worst daily point drop since trading resumed after the 9/11 terror attacks. The Dow ended down by 504.48 points on Monday, off 4.4%, at its daily low of 10917.51, down 18% on the year. All 30 of the Dow's components fell, save for Coca-Cola, which rose 0.5%. American International Group plunged 60.8%. The Federal Reserve Monday asked Goldman Sachs Group and J.P. Morgan Chase to help make - billion in loans available to the company, according to people familiar with the situation. The insurer has been racing to restructure its business and raise fresh capital to avoid a downgrade of its credit ratings. The number of big players on Wall Street is dwindling, but traders said it remains to be seen where and for how much longer the ill effects of soured credit bets will continue to surface. A series of events through the end of the week, including a Fed meeting Tuesday and stock-options expiration Friday, could shed more light on the state of the financial system and send investors on another dizzying ride. "It's a dicey situation right now," said Bill King, chief market strategist at M. Ramsey King Securities in Burr Ridge, Ill. "You have a lot of guys right now who don't know who to trade with because of counter-party issues," especially in the credit markets, where traders said it remained difficult to find buyers for certain securities despite the last 24 hours' realignment on Wall Street. Bank of America was another big decliner among Dow stocks, off 21.3%. The company had been a suitor for Lehman but pulled out of talks as it became apparent in recent days that the Fed would not guarantee the financing of an acquisition as it did in J.P. Morgan Chase's purchase of Bear Stearns in March. Instead, Bank of America quickly moved to buy Merrill Lynch on Monday. Merrill shares ended little changed. Two remaining big investment banks -- Goldman and Morgan Stanley -- saw their shares fall. Goldman was off 12.1%, while Morgan Stanley fell 13.5%. Both firms are due to report their fiscal third-quarter results in the next few days and are expected to try to make the case that they're very different from Lehman and Merrill. Analysts are expecting each to stay in the black but are bracing for write-downs of billion to billion each at Goldman and Morgan Stanley. Financial stocks in the S&P 500 fell 9% as a group. The sector has shed .27 trillion in market value since October 2007. Financials now comprise 14.4% of the S&P 500, down from 22% at the end of 2006. "Too much leverage is the alpha and omega of this story," said Doug Kass, president of the hedge fund Seabreeze Partners Management in Palm Beach, Fla., referring to financial firms' use of borrowed money to make bets on securities tied to risky mortgages. In a note to clients Monday, he criticized some banks' use of 30 dollars in leverage for each dollar of collateral in recent years â€" a practice that effectively amplified losses once prices of homes and the credit bets themselves began to fall. In an interview, Mr. Kass added: "We're moving into the timeframe in which it makes sense to look for well-valued (financial) stocks. But investors should still take a conservative approach," including relatively small-sized bets on a recovery after more than a year of rocky credit trading and plummeting share prices in the financial sector. In particular, the last few days' events have underscored the challenges facing the Fed, the Treasury Department, and other federal regulators, who are trying to strike a delicate balance between establishing a sturdy framework for the financial system while at the same time allowing markets to reward smart decisions and punish bad ones. By taking the rescue option off the table for Lehman, the U.S. government effectively declared that there are limits to its role as backstop-in-chief -- a concept that could have implications for other troubled firms in the months ahead. Just last week, the government seized mortgage giants Fannie Mae and Freddie Mac, and months prior it brokered the sale of Bear Stearns to J.P. Morgan. But now, Washington appears to want Wall Street to largely fix its own problems. "We've re-established 'moral hazard,'" a person involved in the Lehman talks told the Journal, referring to the notion that the government should eschew bailouts, since financial firms might take more risks if they're insulated from the consequences. "Is that a good thing or a bad thing? We're about to find out." Other financial bellwethers suffered Monday. Wachovia plummeted 25% as analysts raised questions about the potential need for Wachovia to raise new capital to absorb future losses. Mike Mayo of Deutsche Bank downgraded the stock to "Hold" from "Buy," concerned about Wachovia's large portfolio of risky bets on adjustable-rate mortgages, which he called a wild card in analyzing the company. "Our view has been that Wachovia does not need more capital," he said in a research note, since he thinks loan losses over the next few years will be less than expected. However, given increased concerns about economic growth and intense stress in financial markets, "this margin of safety has been reduced." Troubled Washington Mutual tumbled 26.7% as investors feared it wouldn't be able to find a buyer to shore up its books. After the close, S&P Ratings Services lowered its credit ratings on Washington Mutual to junk. "Increasing market turmoil and the related impact from managing its concentrated mortgage franchise in this troubled housing and credit cycle led to the downgrade of WAMU," said S&P credit analyst Victoria Wagner. "The company's weak equity pricing in the markets is also a concern, and it increasingly appears that market conditions could overtake credit fundamentals and leave the company with greatly diminished financial flexibility." Other stock yardsticks suffered Monday. The Nasdaq Composite Index was off 4.7% to 2179.91, near a 6-month low and down 18% on the year. The small-stock Russell 2000 fell 4.2% to 689.76, down 19% on the year. The S&P 500 was off 4.7% to 1192.96, down 19% on the year. All the broad measure's sectors fell. Among names listed on the New York Stock Exchange, about 8.1 billion shares changed hands, a new record. Decliners outnumbered advancers nearly 19 to one on the exchange. Credit markets showed few signs of relief. The Fed-funds rate traded as high as 6.5% Monday, well above the central bank's 2% target as demand for cash far outstripped supply. The shortage forced the Fed to inject a massive billion cash via its daily repurchase-agreement operation, which helped bring down the rate to 3.5%. Traders said that various Wall Street firms offered a staggering 3 billion in mortgage-backed paper to use as collateral for repo agreements, but the Fed only accepted about billion of it -- a sign that much of that debt remains too toxic for the Fed to assume on its books. In the meantime, the three-month Libor/OIS spread, a gauge of stress in the money markets, widened to around 104.6 basis points from around 84.5 basis points Friday. Monday's reading was its widest since December when the gap increased to above 110 basis points, a record. "These markets just continue to be broken," said Don Wilson, head of DRW Trading, a proprietary firm active in Chicago's interest-rate pits. Treasury prices surged, pushing interest rates lower as investors sought safe havens. The two-year note was recently up 23/32, yielding 1.844%. The benchmark 10-year note was up 1-18/32, yielding 3.527%. The 30-year bond jumped 2-3/32 to yield 4.193%. Crude-oil futures settled down .47 at .71 on the New York Mercantile Exchange on Monday on fears that the financial crisis could further slow the wider economy and fuel demand. It was oil's first finish below 0 since early March. The dollar dropped against the Japanese currency, changing hands recently at 105.47 yen, down from 107.87 yen late Friday. But the dollar managed to post gains against the euro and British pound. Write to Peter A. McKay at peter.mckay@wsj.com >>> Dow Drops 500 Points
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Article by Steve Landon
For travel cards, the choices are literally infinite. If you want to be in a position to transfer miles to more than a dozen frequent-flier programs and also are ready to settle your debt each month, the American Express Premier Rewards Gold card fits the bill. Each dollar you spend on air fare earns you 3 credit points, and each dollar spent on gas or groceries earns you a couple of credit points. For other different expenses, you generate one point for each dollar. (One credit point results in one mile in airline frequent-flier plans).
With this cash back credit cards, you do not really need to feel concerned with respect to a limit on your credit points; nor will the points expire on a specific time. You will have to pay a $ 175 annual fee, but it is waived the very first year. Because it is a charge card, and not a credit card, you may not roll over a balance to the next month. Amongst the rewards credit cards with no annual service fees, the Simmons First Visa Platinum travel credit cards Rewards, with a 9.25% differential interest rate, gives you a single credit point for every dollar you spend. It takes 22,000 credit points to be able to meet the criteria for a flight ticket (worth up to $ 325 to travel anywhere within the 48 contiguous states).
You could as well make use of your credit points for staying in hotels, dining places as well as the car rentals. You've got 3 years to make use of the credit points before they end. You could choose to pick up cold, hard cash as exchange for your spending. If you fall into that group and make use of your credit card regularly, the American Express Blue Cash rewards card is undoubtedly a good choice. Whenever you first enlist, you receive 1% money back when you purchase gas, groceries and pharmacy stuff. Other transactions get you 0.5%. Once you expend more than $ 6,500, you earn 5% on groceries, gas and pharmacy items, and also 1.25% on other stuff. Th e card has no annual fee and as well no restriction with regard to the rewards you could amass. However similar to many rewards cards, this one works best if you pay back your balance every month. If you don't, your cash benefits would get eaten up by the 17.24% differential rate of interest you'll have to pay after a six-month 0% initial offer runs out.
Rewards based credit cards product offerings such as cash back actually are much more advantageous to buyers who pay off their card statement each and every month. Rewards structured product offerings frequently have got lot higher APRs. If you don't pay off your balance in whole every single month the additional interest that you would be paying would over shadow any sort of rewards you earned. It is not all travel or miles rewards cards function exactly the same way, or rewards cards the same manner. When looking for a no yearl y fee travel rewards card, the perfect credit card to suit your needs is one that furnishes you incentives at al the places you use it the maximum, and enables you very easily redeem miles rewards or credit points the way you prefer (merchandise, cash, airline or hotel credit, account credit, gift cards). You furthermore may prefer a card which offers you higher flexibility and independence in how you make and redeem the travel rewards. Are you limited in the number of places you can generate major rewards - like associated airlines or hotels - or is it possible to gain maximal rewards on any type of travel without any limitations? Also, do you want to cash in these kinds of benefits with a particular hotel or airline or would you like to utilize your credit points or miles in other places (like airlines, cruises, hotels, car rentals)?
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Article by don diedrick
Richard Fairbank and Nigel Morris in 1988 set up Capital One Financial Corporation which was primarily devoted to serving domestic credit card clients in their first few yrs of workings. They didn't develop their product line by adding various plans, which might have been a great risk. Of course, this risk helped, and at the moment it's possible for you to notice a wide variety of Capital One Canada Cards which work with all groups of credit card client.
It is at the moment one of the top ten issuers of Visa and Master Card credit cards in Canadian market. It really is an outstanding accomplishment. Capital One credit cards have a further edge of pre-qualification before subscribing thus there will be no waiting and no request that impacts the credit ranking. Capital one credit card services offer among the risk-free services of credit cards. They do not share their client's total credit levels to credit analyzing entities. Capital One credit Cards offer severa l different cards that specialize in traveling bonuses, cash back, brand name goods, or reward coupons. For those searching for a simplified rewards card, it will be the best option for you or your small establishment.
Amongst these is cash back platinum MasterCard with convenient rewards. Whenever you are considering which of the many Capital One Canada Cards may best take advantage of your decent credit score, you as well have to think about the money-back Platinum Master Card with convenient rewards. Whilst the majority of other Capital One cards come with tempting benefits for instance airmiles along with other travel advantages, nothing is pretty much similar like earning a significant incentive check. Thanks to a very cut-throat rate of interest, you would find that you not just take cash back just for utilizing the card for common items, however you may even save money on a monthly basis as well, considering that you will never have to switch the monthly payment s to compensate the rate of interest quite as much.
Since it's a no hassle rewards MasterCard, your reward schemes don't cease, which presents you greater time to figure out the way you wish to use them. Don't forget, cash reductions are always fun to receive, but you could just as easily attach the cash back easily to your unsettled amount, providing you more cash to have fun with. While you will be able to retain your reward scheme for your complete lifespan of the registration, it has no ceilings to the amount of incentives you may receive with your Capital One Platinum Master Card.
Capital One's banking work group is a comparatively superior, and a large amount of its financial return is derived from the American as well as the Canadian markets. Consequently, the moment the economy reverses the trend and gets back on the growth path, the market shall recompense Capital One with an increased response from customers. Card providers are simply more careful now w henever supplying fresh cards together with new lines of credit. When they can't rationally escalate rates, they may simply claim greater charges in advance, so that users borrow a lesser amount. Seeking out new credit cards is fairly easy at present with online application method. You will be able to find a number of online websites which meet this market desire. You'll be able to search online with your preferred search engine and get your Capital One Platinum MasterCard directly.
Credit Cards Canada - Cash Back Platinum MasterCard The Best Choice For You And Your Business
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