Top 10 News Items 12/15-12/19: FOMC Cuts Fed Funds Rate to a Big Fat Donut; GM, Chrysler Get $17B in Loans; Madoff Fiasco Continues to Astonish
This is a recap of the top news items for this week on Wall Street:
1. The FOMC took an unprecedented step in its attempts to stabilize the financial markets this week when it established a target range for its Fed Funds rate. The key interest rate now ranges from 0% to 0.25%. The Federal Reserve has never before lowered the rate to 0%.
2. After weeks of political grappling and what many have called theatrics on Capitol Hill, the Bush administration extended $17.4 billion in loans to General Motors (NYSE: GM) and Chrysler on Friday. The initial tranche will be for $13.4 billion with an additional $4 billion due in February.
3. Developments ...
