Republican Senator Richard Selby of the Senate Banking Committee, one of the most vocal opponents of the proposed bailout, said on CNN: "we need to do the right thing not just the expedient thing". Republicans and Democrats have expressed concern over the plan. Comparisons are being made with 1929, which led to Glass-Steagal Act and 1980s S&L crisis.
The FBI are investigating failed financial institutions including Fannie Mae and Freddie Mac, on issues of misrepresentation of finances.
In energy sector, French group EDF agreed a £12.5 billion takeover of British Energy. EDF will take control of all BE's nuclear power stations, including Sizewell B (PWR) in Suffolk and will play a leading role in the development of new stations in the UK. BE produces 1/6th of the UK's electricity and employs about 6000 staff.
City AM reports of recent wreckage in CB arbitrage funds, which "had the worst performance of any hedge funds, according to investors, as large portfolios of bonds were dumped into the market - probably....as...Lehman Brothers' proprietary trading desks closed".
Also on the recruitment market, City has a note of optimism: "while the big names of investment banking are suffering, the smaller, more nimble firms with less exposure to the sub prime markets are continuing to hire".
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