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Stocks slipped Thursday as rising oil and gold prices, a weaker dollar and more dour reads on the economy gave investors a reason to step back after the recent rally.
Vikram Pandit, Jamie Dimon and other CEOs say their banks are doing fine, but few people seem to believe them.
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Citigroup unveiled plans Thursday to pursue a reverse-stock split, and the company officially gave notice of its previously announced plans to convert the government's massive preferred share stake into common stock.
The government's efforts to tame the credit crisis faces one of its biggest tests yet as the Federal Reserve finally launches a $1 trillion program aimed at reviving lending for both consumers and business.
Treasury prices surged Wednesday, after the Federal Reserve said it would buy up to $300 billion in long-term Treasurys - a move the central bank has hinted at for months.
David Friehling, accountant for Bernard Madoff, was released on $2.5 million bond after turning himself in on Wednesday to face charges that he "rubber stamped" the Ponzi schemer's books.
The Federal Reserve announced Wednesday it would buy $300 billion of long-term Treasurys over the next six months in order to try and get credit flowing more freely again.
The controversy surrounding bonuses at American International Group boiled over Wednesday when the company said it asked some employees to give the money back, but lawmakers said they remained troubled about how the bailed out insurer is being managed.
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