Other News
Fed loans to help
WASHINGTON: Access to Federal Reserve loans means Lehman may have breathing room that Bear Stearns lacked before its abrupt collapse. The program, the Primary Dealer Credit Facility, could be used for funding while officials, regulators and executives find alternative sources of cash, Fed watchers said.
HSBC not to buy i-bank
HONG KONG: HSBC Holdings is ‘highly unlikely’ to buy an investment bank, its Asia CEO said on Wednesday, dousing speculation the bank may invest in Lehman. “Our approach, as we’ve said, is it’s highly unlikely that we will take a major interest in an investment bank,” said Sandy Flockhart, CEO of HSBC’s Asia-Pacific region.
BEAR STEARNS to pay $28m
NEW YORK: Bear Stearns and its EMC mortgage subsidiary agreed to pay $28 million to settle charges brought by the Federal Trade Commission that they used unlawful practices to collect payments on risky home mortgage loans. The FTC alleged the companies had misrepresented the amounts borrowers owed.
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