| Treasurys Up Again on Credit Worries
NEW YORK -- Treasurys rose slightly Monday as investors once more turned to the safety of government-backed bonds amid to worries that the capital markets will suffer a new bout of serious mortgage-related problems. Goldman Sachs Group Inc. Monday placed Citigroup Inc. on its "sell" list, and predicted the bank may have to write off $15 billion more in bad assets backed by poor-quality mortgages. In addition, Swiss Re, the world' largest seller of backup insurance to other insurers, reported an $878 million loss related to subprime home loan contagion. .
European shares stumble amid credit crunch fears
LONDON (AFP) - Europe's stock markets stuttered Monday at the start of a new trading week, after a difficult start for Asian share prices as concerns linger about the impact of the credit crunch on the world economy. In late morning trade, London's FTSE 100 index of leading companies fell 0.19 percent to 6,279.10 points, Frankfurt's DAX 30 lost 0.17 percent to 7,599.61 points and in Paris the CAC 40 gained 0.25 percent to reach 5,537.57. In London, the share price of Northern Rock tumbled almost a quarter in value after the beleaguered British bank said takeover proposals received undervalued the company. Northern Rock shares slumped 23 percent to 102.10 pence after revealing that approaches from potential suitors were "materially below" its market value worth 559 million pounds (782.5 million euros, 1.145 billion dollars) at the end of last week.
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Deconstructing the Fake FTC E-mail Virus Attack
A targeted e-mail virus disguised as an identity theft inquiry from the Federal Trade Commission appears to have successfully compromised more than 500 PCs, including victims at banks, real estate brokerages, law firms and marketing companies. Each of the victims received the invitation to open the virus-infected attachment via an e-mail that addressed the recipient by name, and in some cases included the name of the recipient's employer. Security Fix was able to gain access to one of several Internet addresses where data stolen from victims' PCs was uploaded by the virus. The link did not require a user name or password. There are several security outfits working to get the site taken down, but the longer it stays live there is the potential that the sensitive information could be obtained by more criminals.
Stocks under pressure
Stocks tumbled Monday afternoon as a dour note on the financial sector from Goldman Sachs and a weak report on home builder confidence sparked a broad selloff on Wall Street. The Dow Jones industrial average (Charts) dropped as much as 200 points, before recovering a bit, giving up around 1.4 percent, with less than 2 hours left in the session. The S&P 500 (Charts) index lost 1.5 percent. The Nasdaq composite (Charts) declined 1.6 percent as well. Small cap stocks were hit harder with the Russell 2000 (Charts) falling 2.4 percent. Goldman Sachs downgraded Citigroup (Charts, Fortune 500) to "sell" from "neutral" Monday and said the bank will likely have to take $15 billion in writedowns over the next two quarters due to bets on risky debt. Citigroup shares fell 5.7 percent.
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