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Financial News

Lehman Sells $3 Billion of Convertible Stock in Bid to Quell Cash Concerns Lehman Brothers Holdings Inc. is selling at least $3 billion of new shares to bolster capital and squash speculation about a cash shortage that pushed its shares down 42 percent this year.

Paulson Proposes Lone Federal Insurance Regulator to Cut State Bureaucracy Treasury Secretary Henry Paulson proposed allowing insurance companies to select the federal government as their main regulator for the first time in more than a century as part of a plan to cut bureaucracy.

U.S. Stocks Gain as Oil Falls, Business Activity Improves; Banks Advance U.S. stocks rose for the first time in four days as lower oil prices, improved business activity and a Treasury plan to help prevent financial crises boosted expectations the economy will weather growing credit losses.

Legg Mason's Money-Fund Rescue Will Cut Profit by $195 Million in Quarter Legg Mason Inc. said costs to bail out a money-market fund will cut profit by $195 million, or $1.38 a share, in the three months ending March 31.

Iceland Banks' Risk of Default Rises; Oddsson Cites `Unscrupulous Dealers' Iceland's lenders are under attack from what its central bank called ``unscrupulous dealers'' amid concern reliance on foreign funding may undermine their operations.

Moody's Cuts FGIC Bond-Insurer Ratings to Step Above Junk Level on Capital Moody's Investors Service cut FGIC Corp.'s insurance financial strength credit rating to one step above junk status because of the company's inability to raise new capital and the likelihood it will breach regulatory requirements.

Oil Falls More Than $4 on Indications Slower Economy Will Cut Fuel Demand Crude oil fell more than $4 a barrel in New York on signs that a U.S. report will show inventories rose for the 11th time in 12 weeks as demand weakened.

General News

Housing Secretary Jackson Quits Amid Criminal Probe Into Agency Contracts U.S. Housing and Urban Development Secretary Alphonso Jackson quit following calls by lawmakers for him to step down amid a federal criminal probe into contracts the agency awarded.

British Airways Cancels Flights From Heathrow Terminal 5 for a Fifth Day British Airways Plc canceled 54 flights at London Heathrow airport's new Terminal 5 today as it worked through a backlog of about 20,000 pieces of stranded luggage on the fifth day of disruptions.

Obama Criticizes Countrywide Financial for Bonuses, Role in Housing Crisis Democratic presidential candidate Barack Obama called Countrywide Financial Corp., the biggest U.S. mortgage company, an example of what's wrong in today's economy and a political culture dominated by corporate lobbyists.

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