The contract for the electronic security system at The Freedom Tower iis worth $20,407,680. The commissioners of the Port Authority of New York and New Jersey approved a contract in that amount with Ingersoll Rand Security Technologies.
Confronting a rapidly worsening fiscal situation, Mayor Michael R. Bloomberg’s budget director ordered agency directors to cut spending by a total of $1.5 billion over two fiscal years, starting with the current fiscal year.
Mayor Michael R. Bloomberg, worried about the effects of the global financial crisis on New York City’s economy, said that his administration is considering imposing a 7 percent property tax increase on homeowners in January.
Those who say the World Trade Center site is changing at a glacial pace have no idea how right they are. Excavations at the World Trade Center site have offered scientists a rare window into the deep past from about 20,000 years ago
As the Senate continues work on its $15 billion mortgage relief bill next week, states will be keeping a close eye on one measure: it would authorize them to issue an additional $10 billion of tax-exempt housing bonds to fund mortgage programs. Up until now, efforts by states to help distressed homeowners refinance have had negligible results. The new measure would give them additional tools. Still it's unlikely to help them refinance large numbers of borrowers with subprime mortgages.
The Bush administration, moving to prevent an economic cataclysm, urged Congress on Friday to grant it far-reaching emergency powers to buy hundreds of billions of dollars in distressed mortgages despite many unknowns about how the plan would work.Treasury Secretary Henry M. Paulson Jr. said the upfront cost of a rescue proposal could easily be $500 billion, and outside experts predicted that the bill could reach $1 trillion.
An enormous, taxpayer-financed program to buy up bad mortgages and other distressed debt is necessary to protect the savings and aspirations of millions of Americans, President Bush and Treasury Secretary Henry M. Paulson Jr. said on Friday.
The federal government took two aggressive steps to restore confidence in money market funds, which consumers have long considered to be as safe as bank savings accounts, but which have come under increasing stress in the current market turmoil. The Treasury said it would back the funds temporarily up to $50 billion to ensure their solvency.
The US Treasury Department on Friday morning said it would set up a temporary insurance program for the US money market mutual fund industry as part of its efforts to address the financial crisis
Financial stocks have gained the most from the rise in confidence on the markets. In London, the Royal Bank of Scotland and HBOS rose as much as 50%. Moves to restrict short-selling in the US and UK also helped to boost financial shares.
Lenders have become even less willing to part with their money, further crimping budgets and family spending. An economy propelled by easy credit for more than a decade is fraying as credit disappears.
Even Morgan Stanley and Goldman Sachs, the two last titans left standing on Wall Street, are no longer immune.
The mighty Federal Reserve is being stretched to its limits, both in the range of problems it is being asked to fix and in its financial firepower.
The merger gives Bank of America a footprint in almost every facet of the banking business and vaults it into the upper tier of the nation’s financial institutions.
Construction of new homes and apartments fell to the lowest level in 17 years last month, showing that the country is still gripped by a severe housing downturn that has brought on billions of dollars of losses and is reshaping the nation’s financial industry.
Times columnist David Leonhardt, wrote an excellent Q&A on the A.I.G. rescue and the road ahead for the beleaguered financial system and the economy.
Significant losses that Lehman Brothers suffered from its part of the acquisition of Archstone-Smith, a national apartment portfolio, helped to bring down the investment bank, one of the most venerable firms on Wall Street.
Lehman Brothers filed for bankruptcy protection, while Merrill Lynch agreed to sell itself to Bank of America.
Investors around the world breathed a sigh of relief after the American government took over and backed Fannie Mae and Freddie Mac, assuring a continued flow of credit through America’s wounded mortgage system.
The world's biggest financial bail-out was staged by the American government in a bid to ease the global credit crisis. The country's two biggest mortgage companies were nationalised amid fears that their bankruptcy would have triggered an economic collapse.
So what does the federal takeover of two mortgage finance giants mean to consumers? Mortgage rates may fall a bit initially but probably not enough to halt the decline in home prices anytime soon.