Now its the turn of the US' oldest mortgage firms Fannie & Freddie ! The Fed came to the rescue this time.
The real Carnage begun in mid SEP.
The story so far :
If you think that the list has ended here then u might need to think again ! wait for another quarter or two.... there might be still some bad news left :(
Amid all this chaos, the Bush administration is trying for a $700Billion 'bailout plan' to bring some steadiness in the markets. But things did not turn in their favor till now. Voting went against the bail out plan and the DOW JONES plummeted 777 points on 29th Sep !! The biggest ever single day fall in the history of US. The jitters and tremors are felt across the globe & India is no exception. Now thats really Bad.... in fact its worse.
The aftermaths of these crashes, downfalls are Pink Slips in almost all the sectors which are dependent on US. IT is ahead in the list ! More than 65% of revenues of major Indian IT companies come from USA. which means these companies will get less business in future. Moreover, a significant part of these revenues come from BFSI(Banking,Financial Services & Insurance) sector(anywhere between 20%-45% of total revenues). Now its self explanatory!