Lenox Financial News

Citigroup Inc. suffered another brutal day on Thursday as shares tumbled to their lowest level in more than 15 years.

The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one.

Bank stocks plunged again Thursday with some of the biggest names in the industry falling to their lowest levels in more than a decade. It's anybody guess when the selloff will end.

I was thinking about the financial mess the other day and I came up with this theory. I'm wary of it because it's comforting, even uplifting, and by definition any economic supposition that has a happy ending is suspect. So with that caveat here goes:

Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.

Read full story for latest details.

Read full story for latest details.

As the faltering economy forces companies to cut back, employee perks are among the first things to go. And along with free coffee in the break room, the next thing your employer might axe is its contribution to your retirement savings plan. About 58% of companies in the U.S. offered employees a 401(k) match as of last year according to Watson Wyatt, a benefits consulting firm. But for cash strapped companies, reducing or eliminating the retirement contribution may be one way to cut back on costs during hard economic times. Frontier Airlines already announced that it was suspending its matching contributions to 401(k) plans earlier this year. Struggling automakers General Motors and Ford, as well as Dollar Thrifty Automotive Group and real estate firm Cushman & Wakefield also announced they would no longer be offering employer matches.

General Motors has a market capitalization of just $2.1 billion. The stock, which now trades for a little more than $3.50 a share, hit a 70-year low on Thursday.