Some news items for you this morning...
Unless you were under a rock or the victim of an alien abduction yesterday, you already know about the Dow's historic plunge
after the U.S. House rejected the proposed bailout plan. The drop took out $1.2 billion in value from the market. Now lawmakers are back to square one
on plans to fix the financial crisis.
Despite a freeze in the global credit market, some Utah banks are still lending. But it's very hard to get a loan
. Some residential and industrual projects are in "pause mode," while others are finding it difficult to get a loan or mortgage without a good credit history.
Another bank is no more due to the current market crisis, as Citigroup scooped up the remains of Wachovia for $2.2 billion
. Citigroup will acquire Wachovia's $600 billion in deposits.
If you're looking for a silver lining in the current mess, oil prices are still falling due to the unrest. Crude prices are under $100
as investors fear the global economic situation will reduce demand for oil.
A judge has ordered Hexion Specialty Chemicals to honor it's $6.5 billion buyout of Huntsman Corp.
The judge says Hexion had no grounds to back out of the deal. If Hexion doesn't honor the judge's order, Huntsman officials say they'll seek $3 billion in damages.