Facing a grave liquidity crisis, Bear Stearns reached out for a financial lifeline and now faces the prospect of the end of its 85-year run as an independent investment bank.
John C. Lechleiter, who is about to become Eli Lilly?s top executive, appears to have encouraged Lilly to promote its schizophrenia drug Zyprexa for a use not approved by regulators.
AP - Bear Stearns Cos., one of the most venerable names on Wall Street, turned to a rival bank and the federal government for a last-minute bailout Friday to prevent it from collapsing.
AP - President Bush preached optimism and Republican orthodoxy of minimalist government intervention Friday as the best approach to an increasingly troubled economy.
It's not the three and four digit numbers that sicken you. It's details. Monsters disguised as men scrape skin off bodies, gouge through eyes and yank out fingernails. That's what gives meaning to thousands tortured in Iraq. It's a very real image for one Iraqi woman. Her memory is her husband's body melted in a heap with nine others.
The House of Representatives is expected to vote Friday on Democratic-sponsored revisions to federal surveillance laws after discussing the proposals in a secret session.
Bear Stearns shares lost more than half their value at one point Friday after the battered Wall Street firm said it would receive short-term funding from JPMorgan Chase and the Federal Reserve Bank of New York.