Commercial banks lost $9.2 billion trading derivatives during the fourth quarter as the credit crisis intensified, according to a report released Friday by the Office of the Comptroller of the Currency.
John Hope Franklin, a towering scholar and pioneer of African-American studies who wrote the seminal text on the black experience in the U.S. and worked on the landmark Supreme Court case that outlawed public school segregation, died Wednesday. He was 94.
Namibia's government has agreed that Namdeb, its diamond mining joint venture with De Beers, should halt production for up to four months because the global economic downturn has slashed demand, officials said Wednesday.
The administration wants Congress to act quickly on legislation that would give it sweeping new powers to seize financial firms whose collapse could jeopardize the U.S. economy, Treasury Secretary Timothy Geithner said Wednesday.