Tuesday, November 06, 2007

Tuesday, November 6 in the news.....

  • Citigroup Inc's problems deepened on Monday as it was unable to assure investors a potential $11 billion write-down for subprime mortgages won't grow, and its nearly pristine credit rating was downgraded. The downgrade means Citigroup's rating is now called 'Taxpayers Helping Us Out Soon'.

  • In Pakistan, police fired tear gas and clubbed thousands of lawyers protesting President Gen. Pervez Musharraf's decision to impose emergency rule, as Western allies threatened to review aid to the troubled Muslim nation. Pakistan remained confident it would get international support once the tally of lawyers getting clubbed was eventually revealed.