News Briefs
Markets Roiled by WCR Default
- Losses mount across The Street
- Oxides sell off, yields rise to over 6%, raising fears of sovereign debt crisis
- Increased speculation in RST/USD rate, fund manager claims “only a matter fr time” until CBR abandons peg
Rating Agencies Under Fire
- Losses on WBS expose flaws in models, claim recent lawsuits
- Continues to maintain AA rating on Ferrox Financial despite widespread criticism
Altmire Slides in Recent Polls
- Nation’s most-watched Senate race is neck-and-neck according to new polls
- Strategist claims social media “passing fad”
- Altmire dogged with questions about involvement with WCR’s financing
WCR Defaults, Seized by Creditors
RUST– WCR Industries shocked The Street with a surprise default. Its creditors had been preparing for reorganization but now find themselves with full title to WCR. The move fuels controversy surrounding TROMBONES, the popular derivative pioneered by WCR.
The fallout may result in the closure of several factories, including its flagship site in Rust, greatly concerning policymakers. Officials from the Rustan Treasury and the Central Bank of Rust are meeting their counterparts in Washington to discuss… cont on A2
Opinion: Will Rust Need a Bailout? Should it get one?
Pro: Contagion must be stopped Con: Widgets can’t be saved A20
FF Special Coverage Crisis in Rust
All Eyes on Ferrox
Ferrox Financial (RUSTEX: FNFX) has been virtually synonymous with Widget-Backed-Securities for years. With global markets souring, consumer spending slowing, and the company embroiled in lawsuits, analysts have begun raising questions. Can its business model survive a recession? A2
Selbsteiger Blasts “Years of Mismanagement”
FF Exclusive Interview
Philanthropist and retired widget baron “Selby” Selbsteiger opens up to FF about WCR’s struggles: “It’s been a tragedy watching the company I founded be run into the ground.” A3
Rust Deep Dive
How did Rust become independent? The obscure non-compromise of 1862 A4
The turbulent history of WCR: family firm, corporate raiders, and a conglomerate A4
The Selbsteigers, Rust’s leading family: Entrepreneurs, Magnates, Outlaws A5
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