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Lehman sought millions for execs while seeking aid

Lehman Brothers Holdings Inc. Chief Executive Richard S. Fuld Jr., wearing tie, is heckled by protesters as he leaves Capitol Hill in Washington after testify before the House Oversight and Government Reform Committee Monday, Oct. 6, 2008, on the collapse of Lehman Brothers. (AP Photo/Susan Walsh)
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AP - 33 minutes ago

WASHINGTON - The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.

  • Republican vice-presidential candidate, Gov. Sarah Palin, waves to supporters before a campaign speech Monday morning Oct. 6, 2008 in Clearwater, Fla. (AP Photo/Chris O'Meara)
    Palin criticizes Obama's ties to Wright, Ayers AP - 1 hour, 10 minutes ago

    CLEARWATER, Fla. - Republican vice presidential candidate Sarah Palin expanded her attack on Democrat Barack Obama's character Monday to include his relationship with an incendiary former pastor as well as his ties to 1960s-era radical Bill Ayers.

  • A rear view of the charter bus that overturned, Sunday, is seen in a wrecking yard near Williams, Calif., Monday, Oct. 6, 2008. Eight people were killed and dozens were injured when the charter bus overturned on a rural road late on it's way to an American Indian casino. (AP Photo/Rich Pedroncelli)
    Bus driver in fatal California crash is arrested AP - 2 minutes ago

    WILLIAMS, Calif. - A bus driver with a string of motor vehicle offenses and a history of substance abuse was arrested on suspicion of driving under the influence Monday after his casino-bound charter bus ran into a ditch, killing eight people.

  • A Los Angeles County forensic technician investigates inside an open garage at the home where six bodies were found in a gated community in the San Fernando Valley neighborhood of Porter Ranch area of Los Angeles on Monday, Oct. 6, 2008. An unemployed accounting industry worker who was despondent over financial problems shot and killed his wife, three children, mother-in-law and then himself in an upscale home in a gated community, police said Monday. (AP Photo/Damian Dovarganes)
    6 die in family murder-suicide in upscale LA home AP - 39 minutes ago

    LOS ANGELES - An unemployed man with an advanced finance degree who was despondent over his own financial problems shot and killed his wife, three children, mother-in-law and then himself in an upscale home in a gated community, police said Monday.

  • Fan use linked to lower risk of sudden baby death AP - 4 minutes ago

    CHICAGO - Using a fan to circulate air seemed to lower the risk of sudden infant death syndrome in a study of nearly 500 babies, researchers reported Monday.

  • In this Feb. 4, 2008 file photo, New York Giants' wide receiver Plaxico Burress gestures number one after getting off a team bus at Giants Stadium Stadium in East Rutherford, N.J., as the Giants returned from the Super Bowl in Arizona. An unapologetic Plaxico Burress rejoined the New York Giants on Monday Oct. 6, 2008, noting he didn't lose any sleep after the Super Bowl champions suspended him for a game. (AP Photo/Rich Schultz, File)
    Unapologetic Plaxico Burress returns to Giants AP - 1 hour, 20 minutes ago

    EAST RUTHERFORD, N.J. - An unapologetic Plaxico Burress rejoined the New York Giants on Monday, noting he didn't lose any sleep after the Super Bowl champions suspended him for a game. Burress missed a team meeting two weeks ago without bothering to telephone the Giants.

  • Traders work on the floor of the New York Stock Exchange, October 6, 2008. (Brendan McDermid/Reuters)
    Dow dives below 10,000 on credit, recession fears Reuters - 1 hour, 37 minutes ago

    NEW YORK (Reuters) - Stocks slid for a fourth straight day on Monday, leaving the Dow below 10,000 for the first time in four years, on fears the global economy was hurtling into recession despite government efforts to contain the fast-spreading financial crisis.

  • A man smokes in front of an electronic stock information board at a brokerage house in Shanghai October 6, 2008. (Aly Song/Reuters)
    Crisis hammers stocks, U.S. urges unified response Reuters - 12 minutes ago

    NEW YORK/WASHINGTON (Reuters) - Governments around the world scrambled for new measures to contain the fast-spreading credit crisis as stock, bond and commodity markets bet on deepening uncertainty and a sharp downturn.

  • Republican presidential nominee Senator John McCain (R-AZ) speaks at a campaign rally in Albuquerque, New Mexico, October 6, 2008. (Brian Snyder/Reuters)
    McCain, Obama unleash another round of attacks Reuters - 2 hours, 26 minutes ago

    NASHVILLE, Tennessee (Reuters) - Republican John McCain and Democrat Barack Obama warmed up on Monday for a potentially crucial debate by unleashing another volley of personal attacks on each other's character in an increasingly ugly White House race.

  • A laboratory researcher in a file photo. (File/Reuters)
    Eli Lilly bids $6.5 billion for ImClone Reuters - 1 hour, 13 minutes ago

    BOSTON/PHILADELPHIA (Reuters) - Eli Lilly and Co has agreed to acquire ImClone Systems Inc for $6.5 billion, outbidding Bristol-Myers Squibb Co and potentially bringing to a close one of the most colorful corporate sagas in biotech history.

  • A Wachovia banking branch is seen in Manhasset, New York, October 6, 2008. The U.S. Federal Reserve is brokering discussions between Wells Fargo and Co and Citigroup Inc over which of the banks will buy Wachovia Corp's assets, people familiar with the matter have said. (Shannon Stapleton/Reuters)
    Wachovia, Citi, Wells Fargo to halt litigation Reuters - 1 hour, 3 minutes ago

    NEW YORK/WASHINGTON (Reuters) - Wells Fargo & Co and Citigroup Inc agreed on Monday to a 44-hour truce in their fight over regional bank Wachovia Corp after a weekend of legal wrangling.

  • Treasury names rescue program chief Reuters - Mon Oct 6, 2:01 PM ET

    WASHINGTON (Reuters) - The Treasury on Monday named Assistant Secretary for International Economics and Development, Neel Kashkari, as head of the $700 billion government program that will buy soured investments to help restore the financial markets to health.

  • Russian Foreign Minister Sergei Lavrov speaks during a news conference after a meeting of the Middle East Quartet at the 63rd United Nations General Assembly at the U.N. headquarters in New York September 26, 2008. (Eric Thayer/Reuters)
    Russia says U.S. on dangerous path over arms control Reuters - Mon Oct 6, 3:28 PM ET

    MOSCOW (Reuters) - The United States is upsetting the nuclear arms balance by failing to offer a fully-fledged replacement for the START arms control treaty when it expires next year, Russia's Foreign Minister Sergei Lavrov said.

  • General view of the Tema oil refinery near Ghana's capital Accra in this file photo from March 28, 2005. (Yaw Bibini/Reuters)
    Oil drops 6 percent to below $88 on demand concerns Reuters - Mon Oct 6, 3:43 PM ET

    NEW YORK (Reuters) - Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further.

  • Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. Desperate new measures by governments in Europe and North America to stabilise the financial system failed to stop panic selling that swept global markets Monday amid deepening gloom at the scope of the banking crisis.(AFP/Getty Images/Spencer Platt)
    Deepening finance crisis causes global market panic AFP - 1 hour, 43 minutes ago

    WASHINGTON (AFP) - Desperate measures by governments in Europe and North America to steady the banking system failed to stem panic in global markets Monday amid deepening gloom at the scope of the financial crisis.

  • A technician makes final preparations on the stage where Democratic presidential candidate Sen. Barack Obama (D-IL) and Republican presidential candidate, Sen. John McCain (R-AZ) will debate in Nashville, Tennessee. John McCain Monday accused White House rival Barack Obama of obfuscating his past and offering no track record to point a way out of America's deepening economic crisis.(AFP/Paul J. Richards)
    White House rivals go nuclear as debate looms AFP - 1 hour, 18 minutes ago

    ALBUQUERQUE, New Mexico (AFP) - Republican John McCain on Monday accused White House rival Barack Obama of blurring his past and offering no track record to point a way out of America's deepening economic crisis, as new polls showed Democrat Obama commanding a consistent lead.

  • A Kyrgyz man stands near a destroyed house at the site of a major earthquake in Nura. Rescuers toiled on Monday in a remote mountain village close to Kyrgyzstan's border with China searching for survivors of a powerful earthquake that killed at least 74 people, 41 of them children.(AFP/Pool/Slutsky-Romanova)
    Quake kills 74 in Kyrgyz mountain village AFP - Mon Oct 6, 4:05 PM ET

    BISHKEK (AFP) - Rescuers toiled on Monday in a remote mountain village close to Kyrgyzstan's border with China searching for survivors of a powerful earthquake that killed at least 74 people, 41 of them children.

  • The portraits of the three Nobel Prize winners for Medicine in 2008 are projected as the Nobel Assembly announces the award of Nobel Prize in Medecine in Stockholm. French and German scientists credited with the discovery of the viruses behind AIDS and cervical cancer won Monday the Nobel Medicine Prize, the first of the prestigious awards to be announced this year.(AFP/Olivier Morin)
    Research on AIDS virus and cancer wins Nobel Medicine Prize AFP - 2 hours, 7 minutes ago

    STOCKHOLM (AFP) - French and German scientists credited with the discovery of the viruses behind AIDS and cervical cancer won Monday the Nobel Medicine Prize, the first of the prestigious awards to be announced this year.

  • A monkey sits in a tree. Half the world's mammals are declining in population and more than a third probably face extinction, according to an update of the "Red List," the most respected inventory of biodiversity.(AFP/File/Kambou Sia)
    Half of mammals 'in decline', says extinction Red List AFP - Mon Oct 6, 10:53 AM ET

    BARCELONA (AFP) - Half the world's mammals are declining in population and more than a third probably face extinction, said an update Monday of the "Red List," the most respected inventory of biodiversity.

  • A stock trader looks at his screens showing the evolution of the German Dax index of leading shares at Frankfurt's stock exchange. Global stock markets reeled Monday, as panicked investors scurried for cover on fears that a much-vaunted US finance sector bailout will fail to end a crippling credit crisis.(AFP/DDP/Martin Oeser)
    Global markets battered, Dow slides below 10,000 AFP - 1 hour, 50 minutes ago

    NEW YORK (AFP) - Global stock markets reeled Monday, as panicked investors scurried for cover on fears that a much-vaunted US finance sector bailout will fail to end a crippling credit crisis.

  • Combination image shows the logos of Wachovia bank (top) and Citigroup. In the face of an escalating court battle over troubled bank Wachovia, suitors Wells Fargo and Citigroup agreed Monday to a "standstill" until Wednesday on litigation actions.(AFP/File)
    Citi, Wachovia, Wells Fargo declare 2-day cooling off period AFP - 2 hours, 44 minutes ago

    WASHINGTON (AFP) - In the face of an escalating court battle over troubled bank Wachovia, suitors Wells Fargo and Citigroup agreed Monday to a two-day "standstill" on litigation actions.

Most Popular Top Stories

  • A man walks past a Bank Of America branch in New York, October 6, 2008. Bank of America Corp, the largest U.S. bank, on Monday reported a 68 percent drop in quarterly earnings, halved its dividend and said it would seek to raise $10 billion in additional capital. (Lucas Jackson/Reuters)
    BofA earnings tumble, cuts dividend Reuters - 7 minutes ago

    NEW YORK (Reuters) - Bank of America Corp, citing "recessionary conditions," on Monday halved its dividend and said it would sell at least $10 billion in new common stock to bolster its capital to offset rising loan losses.

  • McCain, Obama unleash another round of attacks Reuters - 2 hours, 26 minutes ago

    NASHVILLE, Tennessee (Reuters) - Republican John McCain and Democrat Barack Obama warmed up on Monday for a potentially crucial debate by unleashing another volley of personal attacks on each other's character in an increasingly ugly White House race.

  • Democratic vice presidential nominee Senator Joe Biden makes a point during his vice presidential debate with Republican vice presidential nominee Alaska Governor Sarah Palin at Washington University in St. Louis, Missouri, October 2, 2008. (Carlos Barria/Reuters)
    Biden cancels campaign events for another two days Reuters - Mon Oct 6, 12:28 AM ET

    WILMINGTON, Del (Reuters) - With a month to go before the U.S. election on November 4, Democratic vice presidential nominee Joe Biden canceled campaign events for another two days on Sunday after the death of his mother-in-law.