Banks, Financial Crisis | featured news

Failings by Lehman executives and its auditor led to the collapse of the bank which unleashed the worst of the financial crisis, according to a report by a U.S. bankruptcy court-appointed examiner.

The department persuaded some big banks to pay more than market estimates to repurchase warrants issued to the government during the financial crisis, suggesting taxpayers could benefit from costly financial-rescue programs.

The former chief, Angelo R. Mozilo, is the highest-profile person to face charges in the wake of the financial crisis.

Developing nations face budget shortfalls of up to $700B in 2009 due to global financial crisis.

U.S. stock markets plunged by 4 percent to close at the lowest levels in nearly 12 years, igniting fresh concern over the depth of the financial crisis and where the bear market would find a bottom.