Tuesday Must Read: 49ers Cancel Future Exhibition Games with Raiders; Wall Street Got $1.2 Trillion Bailout from the Fed

Stories you shouldn’t miss:

1. San Francisco 49ers President Jed York said he plans to ask the NFL to “postpone” indefinitely any future exhibition games against the Oakland Raiders, because of the widespread fan violence before, during, and after Saturday night’s contest at Candlestick Park, the Mercury News and Chron report. The 49ers also plan to curtail tailgating and beer sales at all games. Drunken fans were at the center of shootings and fights at the Niners-Raiders’ matchup. Police also attributed some of the violence to rival gang members who were on hand. The 49ers also said they would crackdown on season ticket holders who sell their exhibition game tickets for cheap.

Ben Bernanke

  • Ben Bernanke

2. The Federal Reserve loaned Wall Street banks and other financial institutions a staggering $1.2 trillion during the height of the subprime mortgage meltdown, Bloomberg reports, citing newly released data that the Fed had wanted to keep secret. The massive bailout for banks that bought and sold risky mortgages and exotic mortgage-backed securities came in stark contrast to the government’s lackluster efforts to help millions of homeowners across the nation who are underwater on their mortgages.

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