Financial Briefs

Breaking financial news from Wall Street to Main Street

Morgan Stanley, Wachovia Fall, Swaps Rise on Funding Concerns

Posted by financialbriefs on September 24, 2008

Morgan Stanley dropped 11.5 percent today and Wachovia fell 6.4 percent as money-market interest rates reached the highest since January and as a $700 billion bank rescue plan by U.S. Treasury Secretary Henry Paulson faced resistance in Congress. After Goldman Sachs Group Inc. raised $10 billion through a stock offering and an infusion from billionaire investor Warren Buffett, concern also emerged that banks will have a tougher time raising cash in the future.

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