Wall St. giants buried in global stock market panic (Reuters)

By Daniel Trotta 5 minutes ago NEW YORK (Reuters) - Wall Street titans buckled under the weight of a global stock market panic on Friday as the finance chiefs of the world's major economies gathered in Washington to confront the inescapable financial crisis. Shares of Morgan Stanley and Goldman Sachs tumbled after credit ratings service Moody's said it might cut their ratings, reviving concerns about the viability of their banking models. Chaos awaited finance ministers and central bankers from the Group of Seven as they gathered to Washington to contemplate a next step after joint interest-rate cuts, individual liquidity injections, a $700 billion U.S. bailout and government plans to take equity stakes in banks failed to restore investor confidence. After Wall Street opened with an 8 percent nose-dive, President George W.... [read full story]