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President Barack Obama declared Monday that insurance giant American International Group is in financial straits because of "recklessness and greed" and said he intends to stop it from paying out millions in executive bonuses.

Insurance giant reveals it paid more than $75B in taxpayer dollars in the final months of 2008 to numerous banks, as well as U.S. municipalities.

Maxine Waters helped set up a meeting in which the chief executive of a bank with financial ties to her family asked for special bailout funds, officials said.

Freddie Mac, facing mounting damage from the U.S. housing crisis, said Wednesday it will ask the government for nearly $31 billion in additional aid after posting a gargantuan loss of more than $50 billion last year.

Wall Street extended its rally into a second day Wednesday as financial stocks padded their own big gains.

The Dow soars more than 300 points after the banking company reports that it was profitable through the first two months of the year. Other financial stocks also gain. Good news from a bank -- finally -- is sending the stock market to its best gain this year.

Bank of America CEO Ken Lewis is about to come under serious scrutiny by Congress.

Developing nations face budget shortfalls of up to $700B in 2009 due to global financial crisis.

Bernanke accuses company of exploiting gaps in the system, says government 'had no choice' on bailout.

The resignation comes amid rising losses and unresolved questions about the mortgage giant's path. The government-appointed chief executive of McLean, Va.-based Freddie Mac said Monday that he was resigning from the mortgage-finance giant, less than six months into the job.