U.S. stocks decline on credit turmoil; weekly losses of 1% plus

Date: Fri, 09 May 2008 17:04:06 -0400
U.S. stocks decline on credit turmoil; weekly losses of 1% plus

U.S. stocks tumble, with the major indexes headed towards weekly losses,
as the financial sector spouts more leaks after American International
Group Inc. reports a $7.8 billion loss and Citigroup Inc. unveils plans
to shed about half a trillion dollars in assets.

AIG's shares fall 8% on record loss, $12.5 billion capital plan

American International Group reports a $7.81 billion first-quarter net
loss as the giant insurer gets hit hard by the credit crunch. AIG's
blue-chip shares feel heavy selling pressure.

Crude futures close near $126, up over 8% for the week

Crude-oil futures close at an all-time high near $126 a barrel, with
strong demand for diesel fuel and concerns about global crude supplies
prompting a weekly gain of over 8%.

Could shareholders boot out Yahoo's board?

As Yahoo gets ready to face the wrath of shareholders, the company may
learn from the plight of another tech firm, whose board directors
rejected a sweetened takeover offer and are now on the verge of being
booted out.

Citi to slash a fifth of balance sheet in coming years

Citigroup unveils plans to reduce its asset base by about $500 billion
over the next several years, in a bid to shore up its capital base and
rid itself of riskier investments.