Comment from FT.com

View an online version of this email here.  All times are London time: Friday Dec 19 2008 FT.com - Comment and analysis Advice for seasonal seers: future is not in the stars Dec 18 2008 19:21 The lesson of 2008 has been about how hard we find it to peer into the present. Economic interdependence and the shift in power east have been a commonplace for some time. It is only this year we have begun to see what the changes mean, writes Philip Stephens Read more » Lessons from the original New Deal Dec 18 2008 18:36 When fighting a slump concentrate on demand and output. Do not interfere with prices and wages, writes Samuel Brittan Read more » How to give banks confidence to lend to businesses Dec 18 2008 19:26 The economy may get stuck in an inefficient credit freeze in which banks expect other banks to avoid lending, write Lucian Bebchuk and Itay Goldstein Read more » Five ways to start the world economic recovery Dec 18 2008 19:27 Expectations about Barack Obama and his macro-economic team may have become excessive, writes George Magnus. But why not? Read more » Turmoil is a chance to end regional divide Dec 18 2008 19:09 A real opportunity exists to put in place new economic development building blocks in the traditionally lagging regions, writes Robert Huggins Read more » ABOUT THIS EMAIL You have received this email because you have signed up for this briefing on FT.com Manage subscriptions | Unsubscribe | Change your email address Change whether you receive this email as HTML or plain text | Forward this email to a friend Privacy policy | Advertise | Contact © Copyright The Financial Times Ltd 2008. "FT" and "Financial Times" are trademarks of the Financial Times. The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.

The 6am Cut

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Today's Topics:

• Sterling nears parity with euro • Bush weighs 'orderly bankruptcy' for automakers • Japan to buy bank-held stocks • Deutsche Bank faces bond-buyer strike • Credit Suisse ties pay to illiquid assets • Banks lent billions to Madoff 'feeder funds' • Accounting firms drawn into Madoff scandal • BofA shelves plan to cut CCB stake • S&P lowers GE debt rating outlook • Hedge fund failures at record level • BNP shares hit by Fortis limbo • Trump eyes rescue for gaming company • BA, Qantas clashed on two key issues • SVG shares dive after £200m raising • Five charged in Lehman insider case • Banker to head British Land • Parmalat ex-chief gets 10 years • Overnight markets: Commodities-led retreat

Sterling nears parity with euro In Categories: Capital markets Posted at 04:42 by Gwen Robinson The pound dropped to within 5p of parity with the euro on Thursday as it fell to a fresh record low against the single currency for the ninth successive day. Sterling sank to 95.5p against the euro amid speculation the Bank of England will follow the Fed and cut rates to virtually zero. The speed of sterling's fall has accelerated after it fell last week by 1.25% on a trade-weighted basis; this week it fell 4% in just 3 days. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50624/sterling-nears-parit Bush weighs 'orderly bankruptcy' for automakers In Categories: Capital markets Posted at 04:41 by Gwen Robinson The White House said Thursday it was considering an "orderly" bankruptcy for stricken US automakers GM and Chrysler.  A Bush spokesman said the president and Treasury Secretary Hank Paulson were considering the step as part of an overall rescue package for the two carmakers, which have said they need an emergency $15bn to continue operations until end-March, and were "very close" to a decision. The two options were tapping the Treasury's TARP scheme for the funds, and "one of these bankruptcies", the spokesman said. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50623/bush-weighs-orderly- Japan to buy bank-held stocks In Categories: Capital markets Posted at 04:40 by Gwen Robinson Japan's government will buy as much as Y20 trillion ($223bn) of shares held by banks to boost their capital and support a sagging stock market, reports Bloomberg. The amount is part of a stimulus package totalling Y75 trillion that also includes Y10 trillion for capital injections into banks, the Cabinet Office said. The buyback plan is subject to approval by Japan's parliament. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50622/japan-to-buy-bank-he Deutsche Bank faces bond-buyer strike In Categories: Capital markets Posted at 04:39 by Gwen Robinson Deutsche Bank is facing the prospect of a buyers' strike against its own debt, and even debt it tries to sell on behalf of others, as big institutional investors protested the bank's decision Wednesday not to repay a €1bn ($1.42bn) bond as expected in January. The move has raised fears about Deutsche's capital strength and also the prospect that other banks will also refuse to redeem their own extendable so-called hybrid-capital bonds. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50621/deutsche-bank-faces- Credit Suisse ties pay to illiquid assets Posted at 04:37 by Gwen Robinson Credit Suisse is to give its top bankers shares in a new $5bn fund of illiquid assets in a bold move designed to link pay to the long-term performance of credit markets and limit the bank's exposure to the securities. The Swiss bank is also considering allowing investors to buy stakes in the same portfolio of leveraged loans and mortgage securities. The assets had been marked down, to an average of 65% of their original value, making it likely they would appreciate in value as credit markets thaw in coming years. But the new structure could face opposition, especially from bankers not involved in mortgages and leveraged loans. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50620/credit-suisse-ties-p Banks lent billions to Madoff 'feeder funds' In Categories: Capital markets, People Posted at 04:36 by Gwen Robinson Big banks from the UK, France and Japan helped investors treble or quadruple their bets on Bernard Madoff by lending billions of dollars to "feeder" funds, which placed their money with the alleged fraudster. HSBC, RBS, Nomura and BNP Paribas lent the money without spotting a fraud, in at least one case without due diligence teams visiting Madoff's brokerage, which actually held the assets. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50619/banks-lent-billions- Accounting firms drawn into Madoff scandal In Categories: Capital markets, People Posted at 04:34 by Gwen Robinson Top accounting firms were hoodwinked by Bernard Madoff's alleged $50bn fraud as well as several top banks and some of the world's biggest hedge fund investors, according to lists of service providers to Madoff-linked funds. PwC, KPMG and Ernst & Young, three of the "big four" accountants, and an arm of BDO International, the fifth largest, were all auditors of the feeder funds which channelled money into accounts at Madoff's New York brokerage. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50618/accounting-firms-dra BofA shelves plan to cut CCB stake In Categories: Capital markets Posted at 04:32 by Gwen Robinson Bank of America has shelved a $3bn sale of China Construction Bank stock following objections from Beijing, igniting fears that some overseas investors could struggle to offload their lucrative holdings in China's banks. BofA, which holds a 19.3% stake in CCB, last week hired UBS to help sell a chunk of HK-listed shares to reduce its CCB holding to below 17%. But hours before it was to be unveiled Monday, the share sale was pulled after a phone call between Ken Lewis, BofA chairman and CEO, and Guo Shuqing, his CCB counterpart. Dealmakers believe Beijing objected to the timing of the sale, the first such attempted divestment by a foreign investor following the expiry of a lock-in period. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50617/bofa-shelves-plan-to S&P lowers GE debt rating outlook In Categories: Capital markets Posted at 04:31 by Gwen Robinson S&P lowered its outlook on General Electric's debt ratings to "negative" on Thursday, a move that could cost the conglomerate its pristine credit grade if profit from its GE Capital finance arm falls more than expected. S&P's action comes two days after GE executives sought to reassure investors the company would outperform its peers amidst the global economic downturn. While S&P affirmed GE's ratings, the agency said there was at least a one-in-three chance it would cut GE's grade from triple-A within the next two years. GE's shares plunged 8% on Thursday following the announcement. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50616/sp-lowers-ge-debt-ra Hedge fund failures at record level In Categories: Capital markets, Hedge funds Posted at 04:29 by Gwen Robinson A record number of hedge funds were liquidated in the third quarter, as the business faces the worst crisis in its history, deepened by the involvement of funds of hedge funds, one of the biggest groups of investors in hedge funds, in the alleged $50bn fraud by Bernard Madoff. Analysis by Hedge Fund Research, the data provider, showed that 344 funds closed during the quarter, exceeding the previous quarterly record of 267, set in Q4 2006. A total of 693 funds had liquidated this year to the end of the third quarter, representing about 7% of the industry and an increase of 70% on the first three quarters of last year. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50615/hedge-fund-failures- BNP shares hit by Fortis limbo In Categories: M&A, Capital markets Posted at 04:28 by Gwen Robinson BNP Paribas has called off a shareholder meeting scheduled for Friday to approve funding for a key part of the €14.5bn deal to acquire the Belgian arm of Fortis, reviving speculation that the proposed tie-up may fall apart. The deal is in limbo after a surprise ruling last week by the Brussels Court of Appeal to suspend the sale, after shareholders protested against the carve-up of Fortis, in which its Dutch business was nationalised and the Belgian units sold to BNP. BNP said Thursday it stood by its statement that the court decision did not call into question its interest in acquiring Fortis. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50614/bnp-shares-hit-by-fo Trump eyes rescue for gaming company In Categories: Capital markets, People Posted at 04:22 by Gwen Robinson Donald Trump is considering whether to rescue his ailing gaming group by taking it private. The real estate mogul and television personality owns 24% of Trump Entertainment Resorts, which is struggling to meet its debt obligations and has missed a $53m interest payment. The group, which operates three properties in Atlantic City, is saddled with $1.7bn of debt, of which about $1.2bn is bond debt. It could be forced to file for bankruptcy protection if it fails to make the interest payment within a 30-day grace period, which expires at the end of the month. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50612/trump-eyes-rescue-fo BA, Qantas clashed on two key issues In Categories: M&A, Capital markets Posted at 04:20 by Gwen Robinson British Airways and Australia's Qantas on Thursday abandoned their ambitious plan to create a £4bn global carrier, as it emerged they had been unable to agree on the share exchange ratio each airline would command in a dual-listed structure, and on the location of a corporate HQ. In Lex's view, BA should go for regional consolidation – ie, a revival of merger talks with Iberia, which could deliver synergies of £400m a year, twice that available from a Qantas deal. More FT analysis here. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50611/ba-qantas-clashed-on SVG shares dive after £200m raising In Categories: Capital markets, Private equity Posted at 04:11 by Gwen Robinson Shares in SVG Capital suffered the biggest drop in their 12 years of London trading Thursday after the quoted private equity investor revealed a range of funding changes to shore up its finances. SVG, the largest investor in funds run by Permira, the private equity group, is raising about £200m from investors at 100p a share. It has cut its commitments to invest with Permira by nearly £800m, to £343.8m, renegotiated covenants with its lenders and taken a 40% provision against its investments. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50610/svg-shares-dive-afte Five charged in Lehman insider case In Categories: Capital markets, People Posted at 04:08 by Gwen Robinson A former Lehman Brothers executive has been charged in an insider trading scheme that prosecutors say used information obtained from his wife, a partner of PR firm Brunswick. Matthew Devlin, an ex-Lehman sales representative - now with Barclays Wealth -  pleaded guilty to charges of conspiracy to commit insider trading and securities fraud. He was one of five, including another Lehman broker, named in a federal criminal complaint on Thursday. They and four others were also named in a related civil complaint filed by the SEC. Devlin's wife, Nina, was not charged in either case See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50609/five-charged-in-lehm Banker to head British Land In Categories: People Posted at 04:05 by Gwen Robinson British Land has chosen another banker to lead it through the property slump with the appointment of Chris Grigg, former head of UK business banking at Barclays, as its chief executive. Grigg, a former Goldman Sachs banker and chief executive of Barclays Commercial, will replace Stephen Hester, who left in November to run the government-controlled RBS. Shares in British Land rose 29½p to 565p Thursday. See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50608/banker-to-head-briti Parmalat ex-chief gets 10 years In Categories: Capital markets, People Posted at 04:04 by Gwen Robinson Calisto Tanzi, former chief executive of Parmalat, which collapsed five years ago in a massive fraud dubbed "Europe's Enron", was sentenced Thursday to 10 years in prison by a Milan court. After a trial lasting more than three years, Tanzi, 70, was found guilty of falsifying accounts, market-rigging and misleading investors and regulators while at the helm of the Italian dairy group, which collapsed with debts of €14bn ($20bn). See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50607/parmalat-ex-chief-ge Overnight markets: Commodities-led retreat In Categories: Capital markets Posted at 03:48 by Gwen Robinson Asian stocks slumped on Friday, following US stocks down. Raw materials producers fell as the deepening global recession drove crude oil below $36 a barrel and metal prices to the lowest in more than four years. US stocks were led down by General Electric which sparked a sharp afternoon sell-off on Thursday as S&P's negative credit rating outlook led investors to question which other companies could be vulnerable. Asian markets (Fri) 03:47am GMT Nikkei down 17.79 (-0.21%) to 8,649.44 Topix up 2.33 (+0.29%) to 841.12 Hang Seng down 270.69 (-1.75%) at 15,227.12 US markets (Thurs) DJIA down 219.35 (-2.49%) at 8,604.99 Nasdaq down 26.94 (1.71%) at 1,552.37 S&P500 down 19.14 (-2.12%) at 885.28 European markets (Thurs) FTSE100 up  6.47 (+0.15%) at 4,330.65 Eurofirst 300 down 1.41 (+0.17%) at 827.12 Currencies 03:45GMT €/$ 1.4273 (1.4436) $/¥  89.14 (87.69) £/$ 1.5144 (1.5544) Commodities 03:40 GMT Brent Crude (Feb09) up $0.34 at $43.70 Light Crude (Feb09) up $0.58 at $42.25 100 Oz Gold (Feb09) down $10.60 at 850.00 3M 24HR Copper up $40.00 at $2,910 10-year government bond yields (%) US 2.08 (2.18) UK 3.17 (3.2) Germany 2.96 (3.00) Japan 1.29 (1.28) Sources: FT, Reuters See this article online and view or leave comments. http://ftalphaville.ft.com/blog/2008/12/19/50606/overnight-markets-co

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In today's FT

View an online version of this email here.  All times are London time: Friday Dec 19 2008 Financial Times - UK Homepage Sterling nears parity with euro Dec 18 2008 21:24 The pound dropped to within 5p of parity with the euro as tensions broke out between the Treasury and the Bank of England over how to get banks lending again Read more » Obama signals change with Schapiro Dec 19 2008 02:07 Barack Obama signalled a broad overhaul of the fragmented regulatory system in the US as he nominated Mary Schapiro as chairman of the Securities and Exchange Commission Read more » Banks lent billions to Madoff 'feeder funds' Dec 19 2008 01:56 Big banks from the UK, France and Japan helped investors treble or quadruple their bets on Bernard Madoff by lending billions of dollars to 'feeder' funds, which placed their money with the alleged fraudster Read more » Financial Times - US homepage Banks lent billions to Madoff 'feeder funds' Dec 19 2008 01:56 Big banks from the UK, France and Japan helped investors treble or quadruple their bets on Bernard Madoff by lending billions of dollars to 'feeder' funds, which placed their money with the alleged fraudster Read more » BofA shelves $3bn plan to cut CCB stake Dec 18 2008 23:32 Bank of America has shelved a $3bn sale of China Construction Bank stock following objections from Beijing, igniting fears that some investors could struggle to offload holdings in Chinese banks Read more » Five charged in Lehman insider trading case Dec 19 2008 00:45 A former Lehman Brothers employee has been charged with insider trading through a scheme that prosecutors said used information obtained from his wife, a partner of the public relations firm Brunswick Group Read more » Financial Times - Europe homepage Sterling nears parity with euro Dec 18 2008 21:24 The pound dropped to within 5p of parity with the euro as tensions broke out between the Treasury and the Bank of England over how to get banks lending again Read more » Pressure mounts on Belgian PM Dec 18 2008 21:50 Pressure was mounting on the Belgian prime minister to resign over allegations that his government had tried to prevent the country's judges from blocking the dismantling of Fortis, the troubled financial services group Read more » Banks lent billions to Madoff 'feeder funds' Dec 19 2008 01:56 Big banks from the UK, France and Japan helped investors treble or quadruple their bets on Bernard Madoff by lending billions of dollars to 'feeder' funds, which placed their money with the alleged fraudster Read more » Financial Times - Asia homepage BofA shelves $3bn plan to cut CCB stake Dec 18 2008 23:32 Bank of America has shelved a $3bn sale of China Construction Bank stock following objections from Beijing, igniting fears that some investors could struggle to offload holdings in Chinese banks Read more » China cuts fuel prices for first time in two years Dec 19 2008 04:29 China is to cut domestic fuel prices for the first time in almost two years as it revamps its regulated pricing regime, passing along a share of oil's over $100 slump to help revive flagging economic growth Read more » Taiwan and Mideast among main Clinton Foundation donors Dec 19 2008 01:52 The Taiwanese government and a host of Middle Eastern donors are among the leading supporters of Bill Clinton's philanthropic foundation, according to figures released Read more » FT.com - World Sterling nears parity with euro Dec 18 2008 21:24 The pound dropped to within 5p of parity with the euro as tensions broke out between the Treasury and the Bank of England over how to get banks lending again Read more » Pressure mounts on Belgian PM Dec 18 2008 21:50 Pressure was mounting on the Belgian prime minister to resign over allegations that his government had tried to prevent the country's judges from blocking the dismantling of Fortis, the troubled financial services group Read more » Taiwan and Mideast among main Clinton Foundation donors Dec 19 2008 01:52 The Taiwanese government and a host of Middle Eastern donors are among the leading supporters of Bill Clinton's philanthropic foundation, according to figures released Read more » Parmalat ex-chief sentenced to 10 years Dec 18 2008 19:57 Calisto Tanzi, the former chief executive of Parmalat, which collapsed five years ago in a massive fraud, was sentenced to 10 years in prison by a Milan court Read more » China's president urges continuity Dec 18 2008 18:14 Hu Jintao, China's president has said preserving stability is Beijing's "overriding task" as it confronts a sharp slowdown that is calling the country's economic model into question Read more » FT.com - Companies BofA shelves $3bn plan to cut CCB stake Dec 18 2008 23:32 Bank of America has shelved a $3bn sale of China Construction Bank stock following objections from Beijing, igniting fears that some investors could struggle to offload holdings in Chinese banks Read more » Banks lent billions to Madoff 'feeder funds' Dec 19 2008 01:56 Big banks from the UK, France and Japan helped investors treble or quadruple their bets on Bernard Madoff by lending billions of dollars to 'feeder' funds, which placed their money with the alleged fraudster Read more » Trump considers rescue for gaming company Dec 19 2008 00:20 The real estate mogul and television personality might take his ailing gaming group private Read more » D Bank faces buyer strike over bond move Dec 18 2008 23:31 The German bank is facing the prospect of a buyers' strike against its own debt as investors protest against the bank's decision not to redeem a bond deal this week Read more » Oracle continues to grow amid downturn Dec 19 2008 01:40 Oracle revealed that it had withstood the worst effects of the economic downturn and the rising dollar in its latest quarter, reporting a 6% rise in revenues and 10% advance in pro forma earnings per share for the period Read more » FT.com - Financial Markets News Overview: Dollar in spotlight amid currency volatility Dec 18 2008 21:26 The greenback endures a rollercoaster ride as it touches a 13-year low against the yen and a three-month trough against the euro before it rebounds, while the US crude oil price sinks to a 4½ year low Read more » Wall St slips lower on struggling oil stocks Dec 18 2008 21:50 General Electric sparked a sharp afternoon sell-off as Standard & Poor's negative credit rating outlook led investors to question which other companies could be vulnerable Read more » FTSE shakes off losses to end flat Dec 18 2008 20:36 London's benchmark index shook off losses to close just 6.5 points higher as investment banks closed their short positions in futures contracts ahead of Friday's derivatives expiry Read more » Carrefour leads European retailers lower Dec 18 2008 20:28 Retailers were the focus of attention in European equity markets as the French supermarket group Carrefour said it expected this year's earnings growth to fall short of expectations Read more » D Bank faces buyer strike over bond move Dec 18 2008 23:31 The German bank is facing the prospect of a buyers' strike against its own debt as investors protest against the bank's decision not to redeem a bond deal this week Read more » FT.com - Comment and analysis Advice for seasonal seers: future is not in the stars Dec 18 2008 19:21 The lesson of 2008 has been about how hard we find it to peer into the present. Economic interdependence and the shift in power east have been a commonplace for some time. It is only this year we have begun to see what the changes mean, writes Philip Stephens Read more » Lessons from the original New Deal Dec 18 2008 18:36 When fighting a slump concentrate on demand and output. Do not interfere with prices and wages, writes Samuel Brittan Read more » How to give banks confidence to lend to businesses Dec 18 2008 19:26 The economy may get stuck in an inefficient credit freeze in which banks expect other banks to avoid lending, write Lucian Bebchuk and Itay Goldstein Read more » Five ways to start the world economic recovery Dec 18 2008 19:27 Expectations about Barack Obama and his macro-economic team may have become excessive, writes George Magnus. But why not? Read more » Turmoil is a chance to end regional divide Dec 18 2008 19:09 A real opportunity exists to put in place new economic development building blocks in the traditionally lagging regions, writes Robert Huggins Read more » FT.com - Business Life Oceans of opportunity Dec 18 2008 21:20 Puma's move into yachting sponsorship heralds a new wave of marketing by retail brands for the famously elitist sport Read more » ABOUT THIS EMAIL You have received this email because you have signed up for this briefing on FT.com Manage subscriptions | Unsubscribe | Change your email address Change whether you receive this email as HTML or plain text | Forward this email to a friend Privacy policy | Advertise | Contact © Copyright The Financial Times Ltd 2008. "FT" and "Financial Times" are trademarks of the Financial Times. The Financial Times Limited, registered in England and Wales number 227590. Registered office: Number One Southwark Bridge, London SE1 9HL. VAT number GB 278 5371 21.

Major Indexes - Closing

___________________________________

MARKETS DATA CENTER
from The Wall Street Journal Online

MAJOR INDEXES CLOSING SNAPSHOT
____________________________________

Major Indexes    4:54 p.m. EST 12/18/08
         Chg             % Chg           Last
....................................

DJIA*
        -219.35        -2.49           8604.99

DJ Transportation Average*
        -84.44         -2.44           3381.68

DJ Utility Average*
        3.43           0.95            365.46

Nasdaq*
        -26.94         -1.71           1552.37

Nasdaq 100*
        -21.17         -1.73           1204.69

S&P 500*
        -19.14         -2.12           885.28

S&P 400 Mid-Cap*
        -9.76          -1.84           519.84

S&P 600 Small-Cap*
        -4.62          -1.77           256.39

DJ Wilshire 5000*
        -180.79        -1.99           8885.53

NYSE Composite*
        -152.04        -2.64           5617.76

NYSE Financial*
        -117.45        -3.06           3714.54

Russell 2000*
        -7.42          -1.52           479.17

Amex Composite*
        -6.24          -0.46           1352.43

KBW Bank*
        -1.26          -2.80           43.72

PHLX Gold/Silver*
        -8.81          -7.36           110.86

PHLX Housing Sector*
        -2.28          -2.49           89.44

PHLX Oil Service*
        -13.27         -10.41          114.18

PHLX Semiconductor*
        -12.21         -5.52           208.95

* at close


Major World Indexes      4:35 p.m. EST 12/18/08
         Chg             % Chg           Last
....................................

Global Dow*
        -6.32          -0.41           1538.44

DJ World Index
        -1.38          -0.80           171.87

DJ World exUS
        0.41           0.28            149.37

DJ Stoxx 50*
        -4.79          -0.23           2058.84

UK: FTSE 100*
        6.47           0.15            4330.66

Germany: DAX*
        48.02          1.02            4756.40

DJ Asia-Pacific
        -0.10          -0.11           93.72

Japan: Nikkei Average*
        54.71          0.64            8667.23

Hong Kong: Hang Seng*
        37.29          0.24            15497.81

DJ Americas Index
        -4.76          -2.10           221.44

* at close

Annual notice of asset-size exemption threshold for depository institutions

Annual notice of asset-size exemption threshold for depository institutions

http://www.federalreserve.gov/newsevents/press/bcreg/20081218b.htm

Released by the Board of Governors of the Federal Reserve System

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Major Indexes - Closing

___________________________________

MARKETS DATA CENTER
from The Wall Street Journal Online

MAJOR INDEXES CLOSING SNAPSHOT
____________________________________

Major Indexes    4:54 p.m. EST 12/18/08
         Chg             % Chg           Last
....................................

DJIA*
        -219.35        -2.49           8604.99

DJ Transportation Average*
        -84.44         -2.44           3381.68

DJ Utility Average*
        3.43           0.95            365.46

Nasdaq*
        -26.94         -1.71           1552.37

Nasdaq 100*
        -21.17         -1.73           1204.69

S&P 500*
        -19.14         -2.12           885.28

S&P 400 Mid-Cap*
        -9.76          -1.84           519.84

S&P 600 Small-Cap*
        -4.62          -1.77           256.39

DJ Wilshire 5000*
        -180.79        -1.99           8885.53

NYSE Composite*
        -152.04        -2.64           5617.76

NYSE Financial*
        -117.45        -3.06           3714.54

Russell 2000*
        -7.42          -1.52           479.17

Amex Composite*
        -6.24          -0.46           1352.43

KBW Bank*
        -1.26          -2.80           43.72

PHLX Gold/Silver*
        -8.81          -7.36           110.86

PHLX Housing Sector*
        -2.28          -2.49           89.44

PHLX Oil Service*
        -13.27         -10.41          114.18

PHLX Semiconductor*
        -12.21         -5.52           208.95

* at close


Major World Indexes      4:35 p.m. EST 12/18/08
         Chg             % Chg           Last
....................................

Global Dow*
        -6.32          -0.41           1538.44

DJ World Index
        -1.38          -0.80           171.87

DJ World exUS
        0.41           0.28            149.37

DJ Stoxx 50*
        -4.79          -0.23           2058.84

UK: FTSE 100*
        6.47           0.15            4330.66

Germany: DAX*
        48.02          1.02            4756.40

DJ Asia-Pacific
        -0.10          -0.11           93.72

Japan: Nikkei Average*
        54.71          0.64            8667.23

Hong Kong: Hang Seng*
        37.29          0.24            15497.81

DJ Americas Index
        -4.76          -2.10           221.44

* at close

FW: News from the Hill: Emanuel, Blagojevich were never close, sources say

News from the Hill: Emanuel, Blagojevich were never close, sources say - By Reid Wilson Rahm Emanuel and Rod Blagojevich maneuvered their way up the chain in Chicago politics, but they have never been especially close, according to sources who know the high-profile Democratic politicians. > Read More