Financial Roundup: Global Summit, Possible Homeowner Bailout, Employers Cut 401(k)s, and More

Global confab to spotlight cooperation -- A financial summit of 20 countries will meet in Washington Saturday to work out coordinated responses to the financial crisis. European leaders see causes as a lack of regulation in the U.S. while the Bush administration is shunning the idea of a single global regulator. [Source: Wall Street Journal]

Feds may help mortgage firms help homeowners -- FDIC officials are pushing for a $24.4 billion program to support mortgage firms dealing with 1.5 million potential foreclosures. The initiative comes as a federal bailout of top three automakers looks less likely. [Source: Washington Post]

More employers dodge 401(k)s -- Cash-strapped firms are suspending or cutting back their contributions to employee retirement plans. The list includes General Motors, Frontier Airlines, Dollar Thrifty Automotive, Entercom Communications and newspaper chain Lee Communications. [Source: Business Week]

Hedge fund managers want regulation, sort of -- Five top hedge fund managers, including legendary investor George Soros, advised a congressional panel that more disclosure and stricter margin limits are required. But they warned against excessive oversight of hedge funds. [Source: New York Times]

Banks, brokers scramble for deposits -- The financial crisis has touched off a price war among investment-hungry banks and brokerages. In Warren Buffett's home of Omaha, the Mutual Fund Store is opening shopping mall outlets to tap wary, middle class investors [Source: The Omaha World-Herald]