Archaic corporate governing systems that failed to ferret out risky business deals helped stoke the nation’s deepest financial meltdown since the Great Depression, a University of Illinois business law expert says.

Stock markets around the world have continued to fall dramatically today. This is following the ongoing events in the financial world, including the US Government's $700 billion bail out of the financial sector.

The Icelandic internet bank, Icesave, has suspended all 300,000 of its UK customer accounts, leaving account holders in the United Kingdom unable to withdraw or deposit any funds.

Stock markets fell sharply around the world Monday because of fears that the U.S. credit crisis is spreading and could soon topple more major banks in Europe. In Asia, Japan's Nikkei index dropped to a four-year low and Hong Kong's Hang Seng fell almost five percent.

Asian markets are sharply lower in morning trading Monday. Key markets in Tokyo, Hong Kong and Taipei are all down about 3.5 percent. Japan's Nikkei index has fallen to a four-year low.

The Bailout Bill: Finance, Law and Economics Experts Address What's Next.

In a 263-171 vote, the U.S. House of Representatives has approved a measure aimed at rescuing U.S. financial markets, just days after rejecting a previous version and sending stock markets reeling. VOA's Dan Robinson reports from Capitol Hill, Democratic and Republican leaders were able to sway a sufficient number of opponents to vote yes on the legislation, which is considered an imperfect but necessary short-term effort to address the financial crisis.

Five years ago I heard Dean Baker, one of the main economists at the Progressive think tank, the Center for Economic Policy Research (CEPR) speak at SUNY Albany.

The House bailout rejection vote got the market confidence down and therefore U.S. financial markets get a Black Monday as Dow Jones Industrial average drops 730 points.

Amids a sharp decline in Asian and European bourses, domestic exchanges fell like a pack of cards with benchmark Sensex losing over 500 points to two-month low level on selling by funds even as the much-awaited US$ 700 bn rescue package of US inched closer to final approval.

Significant bipartisan work has built consensus around dramatic improvements to the original Bush-Paulson plan to stabilize American financial markets—including requiring a plan to ensure the taxpayer is repaid in full.