Financial news on October 18, 2008

Business and Financial news
Can a President Tame the Business Cycle?

Many economists contend that presidents have little power over general economic performance during their terms of office. Read more..

By KEVIN QUEALY - The New York Times

Dow Falls, but Finishes Up for the Week

After extraordinary volatility, the Dow, the Standard & Poor’s 500 and the Nasdaq all finished the week higher. Read more..

By SHARON OTTERMAN - The New York Times

Few Takers So Far as Europeans Make Financial Rescue Packages Available

Many banks are reluctant to seek cash from governments because of the message it might send to financial markets and executives’ worries about accepting limits on decision-making and pay. Read more..

By CARTER DOUGHERTY - The New York Times

French Bank Suffers Big Trading Loss

Groupe Caisse d’Épargne said that it had incurred the losses as a result of unauthorized derivatives trading by a team on the bank’s own account. Read more..

By MATTHEW SALTMARSH - The New York Times

George M. Keller, Whose Wager Created Chevron, Is Dead at 84

As chairman of the Standard Oil Company of California in the 1980s, Mr. Keller executed what was then the largest corporate takeover ever, in a deal that formed Chevron. Read more..

By DOUGLAS MARTIN - The New York Times

How Voters See the Bailout

There is little doubt that most Americans were not impressed by the passage of the bank bailout bill. Read more..

By FLOYD NORRIS - The New York Times

Investigators Said to Take Closer Look at Lehman

People close to the investigations say prosecutors are examining events leading to the investment bank’s collapse and subsequent bankruptcy filing. Read more..

By BEN WHITE - The New York Times

Live Nation Pays U2 With Shares

The rock band U2 will receive almost $19 million in shares of Live Nation, the concert promoter, as part of a 12-year contract with the company it signed in March. Read more..

By BLOOMBERG NEWS - The New York Times

Pfizer to Settle Claims Over Bextra and Celebrex

Pfizer said that it had an $894 million deal to end more than 90 percent of personal injury suits brought by people claiming the drugs caused heart attacks, strokes or other harm. Read more..

By STEPHANIE SAUL - The New York Times

Still True: Live Within Your Means

Its strange that during a time of such emotional and fiscal chaos, some of the golden rules of personal finance may seem undervalued. Read more..

By M. P. DUNLEAVEY - The New York Times

See what else happened on October 18, 2008