The financial crisis entered a potentially dangerous new phase as investors worldwide frantically moved their money into the safest investments, like Treasury bills.
Both Morgan Stanley and Goldman Sachs were considered in a separate class from weaker banks like Bear Stearns and Lehman Brothers that saw the value of their businesses evaporate.
Money market funds have been among the few places that investors could put their cash and sleep peacefully. At the moment, that is not necessarily true.
AP - The stock market took another nosedive Wednesday as the American banking system appeared even shakier and investors worried that the financial crisis is spinning so far out of control that even government rescues can't stop it.
AP - With economic anxiety rising, Republican John McCain and Democrat Barack Obama scrambled Wednesday to adjust their messages to connect more directly with financially struggling voters.
AP - Israel's foreign minister won a narrow victory early Thursday to be head of the country's governing party, giving her the chance to be the nation's first female leader in 34 years and sending a message that peace talks with the Palestinians will proceed.
Key Republicans on Capitol Hill criticized the Treasury Department and the Federal Reserve on Wednesday for orchestrating an $85 billion bailout of insurance giant AIG. Congressional Democrats placed the blame for the crisis on the Bush administration, arguing it failed to aggressively regulate the industry.
Bombs in two parked cars detonated in western Baghdad on Wednesday in quick succession, killing eight people and wounding 25 others, an Interior Ministry official said.
Sen. Barack Obama tells Americans in a two-minute message that he is the candidate who can fix the financial crisis, while Sen. John McCain says in a new ad he's the one who will reform Wall Street.