90 seconds at 9am: NZ$ slumps after weak US confidence figures; Bryers guilty but free

Watch on our video home page here Watch on YouTube here Bernard Hickey details the key news overnight in 90 seconds at 9am in association with BNZ, including news the New Zealand dollar fell to 69.1 USc from 70.5 USc overnight. Investors globally shied away from riskier currencies in the wake of weaker than expected consumer confidence figures in the United States and poor business confidence figures in Germany. The Dow fell 1%. US consumer confidence was the weakest in 10 months. Meanwhile, Fitch Ratings cut the credit ratings of 4 Greek banks because of fears about its sovereign debt crisis. In the United States, the FDIC said it now was monitoring 702 problem banks with US$403 billion in assets and over 8% of all accounts. Meanwhile, Geneva Finance's credit rating was cut to CC which is extremely junky, from a just plain junky CCC. Also, Blue Chip founder Mark Bryers pleaded guilty to 31 charges of poor record keeping and won't face jail yet. The Serious Fraud Office is still investigating.