business search center

Software giant Microsoft is not saddled with subprime mortgages, nor is it a bank threatened by a run of angry depositors. Nonetheless, the financial crisis currently roiling Wall Street is being felt in Redmond, Microsoft CEO Steve Ballmer said, and Congress needs to take action.

Ballmer made his comments at a conference in Oslo, Norway, where he announced the formation of new research and development centers for business-oriented search tools. Microsoft recently spent $1.2 billion to purchase Fast Search and Transfer ASA, a Norwegian company that will form the core of the new venture.