According to Reuters, debt of Washington Mutual (WM) was cut to junk on a forecast of a $4.5 billion loss reserve.
Reuters says that concerns about Lehman (LEH) spread to Merrill Lynch (MER).
Reuters reports that the vice chairman of the Fed said he did not see home prices finding a bottom yet.
Reuters reports that the SEC is looking into the drop in shares of United (UAUA) caused by the erroneous bankruptcy story.
Reuters reports that shares in GM (GM) and Ford (F) moved up on prospects of a federal loan and lower oil prices.
Reuters reports that Lehman (LEH) is seeking a buyer and is in talks with Bank of America (BAC).
The Wall Street Journal reports that the Fed and Treasury have been working with Lehman to help resolve the bank’s troubles.
The Wall Street Journal reports that government officials cannot understand why their actions have failed to calm the markets.
The Wall Street Journal reports that regulators are trying to sort out what has caused huge changes in the price of oil.
The Wall Street Journal reports that Yahoo! (YHOO) provided an update on the company’s plans to open its online services — including its home page and email service — to contributions from third-party Internet and software companies.
The Wall Street Journal writes that consumer spending should fall sharply in the autumn.
The Wall Street Journal reports that the Boeing (BA) strike is causing trouble for key suppliers.
The Wall Street Journal reports that sales of cars in India fell.
The New York Times reports that many hedge funds are losing money because of the market turmoil.
The New York Times reports that investors are turning their anxiety to AIG (AIG).
The New York Times reports that companies doing business in China are being forced to unionize.
The New York Times reports that the economy in Japan hit a sharp recession in Q2.
The New York Times reports that Ford (F) wants to cut 4,000 more workers.
The FT writes that the CFTC is working to fight commodities speculation.
Bloomberg writes that China’s industrial output dropped to the slowest pace in six years.
Douglas A. McIntyre
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