Auditors Fault Treasury on Bailout

A GAO report said that the Treasury failed to address a number of critical issues while implementing the financial rescue, including how to ensure its efforts are successful. (Report)

Gross Says Stocks Aren't Cheap

Bill Gross said stocks aren't cheap yet when viewed in relation to the direction the market is heading, with more regulation, lower leverage and higher taxes on the way.

GM, Ford Detail Restructuring Plans

GM is requesting a total of $18 billion in federal loans, $6 billion more than it said a few weeks ago, and added it needs an immediate injection of $4 billion to stay afloat until the end of the year. Ford, meanwhile, is seeking a $9 billion bridge loan.

CME Trading Slumps; ICE Sees Gains

CME Group reported a 29% slump in average daily trading volume amid tumbling activity in the interest-rate pits. IntercontinentalExchange reported an 8.9% increase as turmoil continues to roil markets.

CIT Group to Exchange Notes

CIT Group will exchange an additional $1.7 billion in notes as it looks to raise the amount of capital needed to become a bank and access federal financing.

Banks Lead the Way Back

The Dow industrials jumped 270 points, ending 3.3% higher at 8419.09 amid a late surge in financial stocks. Citigroup and Bank of America gained 12% each.

Australia Slashes Interest Rates

The Reserve Bank of Australia slashed its cash rate target by one percentage point to a six-and-a-half-year low of 4.25% amid concerns the economy is sliding toward its first recession in 17 years.

J.P. Morgan's Once-Hot Highbridge Goes Cold

Highbridge helped owner J.P. Morgan become one of the biggest hedge-fund managers in the world. But the flagship multistrategy fund has shrunk considerably, and now many investors want out.

Goldman Faces Loss of $2 Billion for Quarter

Goldman Sachs is likely to report a loss of as much as $2 billion as it faces write-downs in several areas.

New York Fed Seeks New Chief

The New York Fed said it created a search committee to find a new president to succeed Timothy Geithner, who was selected by Obama to become Treasury secretary.