Kirberts finance advice and news

NEW YORK - United States stocks tumbled on Friday as an emergency rescue of Bear Stearns orchestrated by the Federal Reserve revived fears about a deepening global credit crunch, causeing a massive sell-off in shares across the board.

NEW YORK - The dollar fell below 99 yen and hit a record low against the euro after Bear Stearns has said a worsening cash position forced the Wall Street firm to secure emergency financing.

WILMINGTON, Delaware - A court ruling on whether IAC/InterActiveCorp chief Barry Diller breached his proxy agreement with controlling shareholder Liberty Media Corp and can be removed from office is expected in late March, lawyers involved in the case has said on Friday.

ATLANTA - A high-profile Mississippi lawyer, who became unpopular on Wall Street for battling powerful companies, pleaded guilty on Friday in a case in which he was accused of conspiring to bribe a judge.

BOCA RATON, Florida - The United States is in a recession that could be “substantially more severe” than recent ones, National Bureau of Economic Research President Martin Feldstein has said on Friday.

WASHINGTON - Federal Reserve Chairman Ben Bernanke on Friday pledged the United States central bank will make every effort to soften the damage from a wave of home foreclosures, which he has said stem partly from reckless lending.

NEW YORK - Ambac Financial Group Inc , moving to quell market concerns about its liquidity and ratings, has said on Friday that recent efforts to lift capital have given it over $15 billion in “claims paying resources.”

NEW YORK - JPMorgan Chase & Co and the Federal Reserve Bank of New York on Friday agreed to provide emergency financing to Bear Stearns after the investment bank has said its cash position had deteriorated sharply, sending its shares into freefall.