Lehman CDS pay-outs higher than expected

Payments on about $400bn of credit default swaps are likely to be more than anticipated because initial auction results to settle them saw a lower recovery price

• Credit derivatives provide more gloom
• Lehman exposes credit default swap faults

M Stanley shares plunge as downgrade looms

Shares in Morgan Stanley plunged as investor confidence was shaken by a rating agency warning of a downgrade and speculation that the terms of its $9bn (£5.3bn) stake sale to Mitsubishi UFJ Group could be altered

• Lex: Morgan Stanley
• Full coverage: Global financial crisis

ICE joins banks for global clearing solution

Some of Wall Street’s biggest names sought to regain the initiative in the battle for control of the $54,000bn credit derivatives market by teaming up with InterContinental Exchange, the electronic futures exchange, to create a trading and central clearing counterparty (CCP) platform for credit default swaps

Wells Fargo clinches strategic victory

Wachovia deal will dramatically expand network of 12.200 branches, with combined bank having $1,420bn in assets and $787bn in deposits

GM ‘no plans’ for bankruptcy

Carmaker insists it does not intend to seek protection in the face of concerns over its ability to continue funding its operations

GE takes hit as consumers default on debt

Pre-tax losses of up to $6.6bn this year and up to $9bn in 2009 expected, largely because of consumers’ ailing financial conditions

F1 slams the brakes on big spending

As sponsors depart amid the rising financial crisis, the sport’s leading names are being forced to cut costs that have soared to more than £150m a team

Credit crisis hits GE finance unit

General Electric reported a 12% drop in quarterly profit, meeting a forecast the conglomerate had lowered two weeks ago, as the credit crisis crimped results at its financial services business