GM, once a mighty corporate giant, now has a market capitalization that is one half of Avon....ding dong!...

Additional write-downs of $8.9 billion are in the future for CitiGroup, Inc according to Goldman Sachs. As reported in an article by Cathy Chan in Bloomberg, the banking and financial giant may need to take another $7.1 billion loss on collateralized debt obligations and another $1.2 billion for other assets. According to the Goldman Sachs [...]...

Ambac, MBIA and FGIC want out of obligations under $125 billion in credit default swaps....

There is a short blurb by Aline van Duyn in the Financial Times reporting that Ambac, MBIA, and FGIC are in talks with Wall Street banks about voiding their obligations under $125 billion of credit default swaps. According to the article, the strategy may "the only way to limit the financial damage surrounding the bond [...]...

The FBI has made a formal request to travel to Switzerland as part of an investigation into UBS AG, according to the Swiss newspaper Sontag and reported in the U.S. by Bloomberg.  The FBI investigation appears to be related to charges that the Swiss bank help U.S. citiziens evade income taxes.  According to the article, [...]...