U.S. stocks decline as Madoff losses hit home

Date: Mon, 15 Dec 2008 12:01:04 -0500

U.S. stocks decline as Madoff losses hit home

U.S. stocks declined after a mixed start, with financial shares
weighing on the broader market as firms detailed their exposure to the
alleged $50 billion fraud by Bernard Madoff.

EUROPEAN BANKS REVEAL EXPOSURES TO ALLEGED MADOFF FRAUD

European and Asian banks reveal billion of dollars of exposure to
Bernard Madoff and his alleged ponzi scheme, with customers of Spain's
Santander potentially facing some of the biggest losses.

ECONOMIC REPORT: INDUSTRIAL OUTPUT FALLS 0.6% IN NOVEMBER

The output of the nation's factories, mines and utilities fell 0.6% in
November on broad-based weakness across manufacturing industries, the
Federal Reserve reports.

IRELAND TO INJECT UP TO $13.5 BILLION IN BANKING SECTOR

The Irish government said late Sunday that it will provide as much as
10 billion euros ($13.5 billion) to recapitalize the country's banking
sector.

JAPAN INC. SENTIMENT PLUNGES

Confidence among large manufacturers fell at its fastest pace since
August 1974, the Bank of Japan's quarterly tankan survey showed
Monday, pointing to a deepening recession and rapidly deteriorating
conditions in the world's second-largest economy.