Rest assured, Wachovia did NOT fail…ok.
Source: AFP
Citigroup agreed to buy troubled Wachovia’s banking operations in a deal Monday that gives the US government a stake in another sector shakeup amid the worst financial crisis since the Great Depression.
The government-engineered rescue marked further consolidation of the struggling US banking sector saddled with heavy losses from the bursting of the real estate bubble and a related credit crunch.
It came as Wachovia, the fourth-largest US bank by assets, faced a near collapse of its share price and weakening confidence because of its exposure to the subprime mortgage crisis.
The Wachovia takeover was unveiled just hours before the US House of Representatives rejected a massive 700-billion-dollar bailout of financial firms, roiling markets.
The tentative Wall Street bailout agreement was struck Sunday after intense negotiations between President George W. Bush’s administration and Republican and Democra...
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Wachovia supports vivisection, allegedly The Wachovia Corporation, parent company of Wachovia Securities, works very closely with the pharmaceutical giant GlaxoSmithKline. Currently, there is a strong campaign to convince GSK to end their relationship with Huntingdon Life Sciences, a notoriously cruel laboratory that has a history of animal abuse including punching five month-old beagle puppies (caught on film). It has been estimated that Wachovia owns approximately $567,345... more
Wachovia supports vivisection, allegedly The Wachovia Corporation, parent company of Wachovia Securities, works very closely with the pharmaceutical giant GlaxoSmithKline. Currently, there is a strong campaign to convince GSK to end their relationship with Huntingdon Life Sciences, a notoriously cruel laboratory that has a history of animal abuse including punching five month-old beagle puppies (caught on film). It has been estimated that Wachovia owns approximately $567,345... more
The Bush administration and top lawmakers agreed on a deal to authorize the biggest banking rescue in U.S. history. The $700 billion program would effectively nationalize an array of mortgages and securities backed by them.
... more
The Bush Family From: yaoming11.net Post Date: 2008-09-29 00:09:34
The Bush Family We wondered why it took an age to get through security for the China .v. USA Basketball match - we realised why when we saw who was seated below us ! The atmosphere was electric in the Beijing Olympic Basketball Gymnasium - purpose built to hold 18,000 spectators (about 80% were Chinese it felt ! ) We also got to see the 7′6″ Yao Ming in action - awesome :-) china usa hot laura basketball america asia president georgebush chinese beiji... more
Still, [Bush] acknowledged yesterday that the measure presents lawmakers with "a difficult vote" barely a month before the November elections. Polls show the bailout is hugely unpopular , and lawmakers have been inundated with calls and e-mails from angry constituents. That is a line taken from today’s page A1 article in the Washington Post , which like many articles this morning, asserts that the bailout is exceptionally unpopular and politcal dead weight to whomever might vote to pa... more
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.
Dodd said Friday that Democrats and Republicans on the Hill are coming together to support the Bush administration’s developing plan to buy up bad debt from financial institutions and get the credit system working again. Dodd told ABC’s “Good Mo... more
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... more
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.
Complementing that was a double-edg... more
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-... more
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