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Monday, February 9, 2009

Wall Street heads for lower opening

Wall Street appeared ready to give back some of last week's big gains on Monday, as some of the euphoria over the government's expected stimulus bill faded amid more grim corporate news. Investors are also anxiously awaiting a speech by Treasury Secretary Timothy Geithner on Tuesday outlining the Obama administration's plan to overhaul the government's $700 billion financial bailout package passed by Congress last fall. Geithner had been scheduled to announce the plan Monday, but the speech was pushed back so Washington could focus on the stimulus bill....

Senators say stimulus plan must go through _ now

Two senators who played a leading role in shaping the $827 billion bill now before lawmakers say it's the best that could be achieved under difficult circumstances and must be passed. Collins is a Republican and Evans is a Democrat. They spoke on the eve of a critical floor vote on the bill. The measure has attracted the support of Collins and two other Republicans in what supporters believe is enough strength to get it past a key procedural vote later Monday

Blankfein of Goldman Sachs says Mark to Market accounting is crucial to banking system.

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