Source: Charlotte Observer
On Friday, with its stock plunging 27 percent, Wachovia experienced a “silent run” on deposits, but the bigger worry for regulators was that other banks wouldn’t provide the Charlotte bank with necessary short-term funding when it opened for business Monday, sources familiar with the situation told the Observer.
…
The FDIC, for the first time, used legislative authority created in 1991 to help it deal with a “very large complex bank failure” on short notice. It requires approval from heavy hitters – two-thirds of FDIC board members, two-thirds of Federal Reserve board members as well as the Treasury secretary, who must consult with the president.
…
The new details show the precarious situation Wachovia faced over the weekend as it rushed to find a suitor, even as Congress debated a possible bailout plan. Intense negotiations in New York included a decision by Wells Fargo to pass on a deal Sunday and frequent consulta...
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Dodd: We may be “days away from a complete meltdown of our financial system”From: feeds.feedburner.com
Post Date: 2008-09-19 14:17:06
Source: The Associated Press:
Senate Banking Committee Chairman Chris Dodd says the United States may be “days away from a complete meltdown of our financial system” and Congress is working quickly to prevent that.
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Gold tumbles most in 25 years after rescue planFrom: feeds.feedburner.com
Post Date: 2008-09-19 09:09:44
Source: MarketWatch
Gold futures plummeted Friday — at one point falling 7.6%, the biggest percentage drop in more than 25 years — as speculation that a Washington-engineered rescue plan could avert financial crisis reduced demand for gold as an investment haven.
Gold for December delivery was last down $24.50, or 2.7%, at $872.50 on the Comex division of the New York Mercantile Exchange. The precious metal is set to end the week up 13% after the previous two sessio...
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Money markets get a lifelineFrom: feeds.feedburner.com
Post Date: 2008-09-19 06:47:14
More Gov’t bolstering of the “Free Market”…
Source: money.cnn.com
The Treasury Department and Federal Reserve took steps Friday to help stabilize the U.S. money market fund industry, which has come under severe strain following the dramatic events that took place across the financial system this week.
The Treasury said it would guarantee up to $50 billion dollars for the next year for both retail and institutional investors.
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Stocks soar on rescue hopes, and it will only cost Taxpayers half a Trillion!From: feeds.feedburner.com
Post Date: 2008-09-19 04:06:22
Bad Debt Plan May Cost Up to Half a Trillion Dollars
Treasury Secretary Hank Paulson briefed Congressional leaders on plans to address the “illiquid assets” on U.S. financial institutions’ balance sheets, possibly including the creation of a government facility to take on financial firms’ bad debts.
The proposal to create a massive facility to buy mortgage-backed securities could cost as much as a half-trillion-dollars and would involve the purchase of both private-...
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