In Tuesday's Americas papers

30 September 2008 12:00  [Source: ICIS news]

THE WALL STREET JOURNAL

Front page

Bailout plan rejected
The House delivered a stunning defeat to the $700bn rescue package, revealing political divisions and sending the Dow industrials to their biggest point drop ever.

Citi, US rescue Wachovia
Citigroup Inc acquired most of Wachovia Corp. for nearly $2bn in a government-engineered takeover that shows how quickly once-mighty US banks are succumbing to a growing mountain of bad mortgages and other loans.

Industry is remade in a wave of mergers
The notoriously fragmented American banking system is going through a decade's worth of consolidation in a matter of weeks, with the US government often acting as matchmaker.

Money & Investing

New probes of Fannie, Freddie
Fannie Mae and Freddie Mac said they received grand-jury subpoenas seeking data on accounting, disclosures and corporate-governance matters.

No celebration for lobbyists
The financial services industry's lobbyists had won important victories until the bailout package's defeat in the House. Now they are wondering how to get the deal passed.

Pfizer drops heart-drug development
Pfizer will abandon efforts to develop heart-disease drugs, as part of a broad research reshuffling it plans to announce Tuesday.

THE NEW YORK TIMES

Front page

Treasury and the Fed looking at options
For the Federal Reserve and the Treasury Department, the crisis continues. Without the broad bailout plan they invented and lobbied hard for, the two agencies are once again forced to careen from one desperate path to another, and to dig deep into their toolkits to rescue the global financial system.

Business Day

Lawmakers grope for resolution as they attempt to avoid economic calamity
In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted 228-205 to reject a $700bn rescue of the financial industry.

In bailout vote, a leadership breakdown
As the world looked to the US to contain the economic crisis, American political leadership faltered.

WASHINGTON POST

Front page

House rejects financial rescue, sending stocks plummeting
A bipartisan rebellion in the House killed a $700bn rescue plan for the nation's financial system yesterday, sending global stock prices plunging, prompting fierce recriminations on the presidential campaign trail and dealing President Bush his worst legislative defeat.

For many Americans, fear and distrust run high
The Emergency Economic Stabilization Act of 2008 in the end was a $700bn piece of legislation that few people could truly love, and it offered citizens from across the ideological spectrum a little something to hate.

Business

They just don't get it
Americans fail to understand that they are facing the real prospect of a decade of little or no economic growth because of the bursting of a credit bubble that they helped create and that now threatens to bring down the global financial system.

Wachovia sold at the FDIC's urging
Sale of banking business to Citigroup marks the second time in five days that a major US bank was forced from existence in part by fleeing depositors.

GLOBE AND MAIL, Canada

Front page

Bailout woes signal rocky path for McCain, Obama
A furious electorate, a weak and exhausted leadership in Washington and a conservative insurgency within the Republican Party combined to defeat the Bush administration's proposed Wall Street bailout package.

Conservatives faltering in Quebec, polls show
The Conservative Party has stalled in Quebec, where it hopes to win more seats to build a majority government, after a week of negative news coverage over cuts to the arts and a campaign promise to jail violent teenagers for life, new polls show.

Business

Black Monday revisited
In biggest one-day point drop ever, Toronto stocks sink 841 points, Dow Jones slips 779 as Congress votes down $700bn (US) bank bailout 228 to 205.

Canadians brace for 'bloodbath' as credit tightens, money dries up
Away from Wall Street and Bay Street, the economic engines that power the North American economy are sputtering for lack of fuel and lubricant.

BUENOS AIRES HERALD

Front page

‘No’ vote torpedoes markets
US lawmakers rejected a US$700bn bailout plan for the financial industry in a shock vote that sent global markets sliding as European authorities scrambled to prop up a slew of banks. 

Confusion greets new lanes
New exclusive lanes for taxis and buses were inaugurated yesterday on several avenues of the City. 

Government: holdout debt swap to be opened tomorrow
After meeting with the delegates of the three banks (Barclay’s, Citigroup and Deutsche Bank) that last week presented their proposals to the Argentine goverment for negotiating the payment of the holdout debt, Cabinet chief Sergio Massa announced at a press conference last night that the swapt of the frozen debt will be opened tomorrow.

By: Staff Reporter
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