Source: tradingmarkets.com
Wachovia Corp. lost $5 billion in deposits on Sept. 26 in a “silent run” on the Charlotte bank, leading regulators to tell Wachovia that it would be shut down within days if it were not acquired, according to court filings made by Citigroup on Friday.
The bank run began the day after the stunning failure of Washington Mutual. Around 5 a.m. that morning, Wachovia chief executive Bob Steel called Citigroup CEO Vikram Pandit to talk about a possible deal. During the day, Wachovia’s stock would plunge 27 percent, adding urgency to the situation.
During intense negotiations that weekend, Wachovia agreed to sell most of its operations to Citi under the direction of the Federal Deposit Insurance Corp. Four days later, however, Wells Fargo & Co. swooped in with a rival bid, which Wachovia accepted. That spurred a legal fight and negotiations to possibly carve up Wachovia among Citi and Wells. On Thursday, Citi backed down, allowing Wells to...
Content suppressed by ://URLFAN, for full article visit source
Related archived posts
Reports: Wachovia in talks with potential buyersFrom: forexinvestor.ch
Post Date: 2008-09-28 17:38:05
NEW YORK (AP) — At least two major banks were reportedly in talks Sunday to buy Wachovia Corp., the latest U.S. bank to be the focus of investor anxiety over mounting losses tied to toxic assets….
Lesen hier die vollständige Nachricht ...
more 
Reports: Wachovia in talks with potential buyersFrom: ibtimes.com
Post Date: 2008-09-28 18:28:32
At least two major banks were reportedly in talks Sunday to buy Wachovia Corp., the latest U.S. bank to be the focus of investor anxiety over mounting losses tied to toxic assets....
more 
The Wells Fargo Stagecoach Is Coming To Lexington - Rockbridge WeeklyFrom: fargo.orangechex.com
Post Date: 2008-11-19 00:28:08
The Wells Fargo Stagecoach Is Coming To Lexington Rockbridge Weekly, VA - 17 minutes ago The Wells Fargo stagecoach, a symbol of the American West, is coming to Lexington, Virginia. See the historic Concord Coach in the Lexington Christmas ... ...
more 
Mortgage companiesFrom: hotpursuit.com
Post Date: 2008-11-18 11:29:25
Is there any mortgage companies that DOES NOT sell there loans? I financed through Ohio Savings and then it was sold to Wells Fargo. I have had nothing but trouble since. We want to refinance through someone else to get away from them but want someone that does not sell the notes. Any ideas? ...
more 
Homebuilder Confidence Index in US Drops to Record Low 9 - BloombergFrom: workathome.shawnadee.com
Post Date: 2008-11-18 07:16:57
Homebuilder Confidence Index in US Drops to Record Low 9 Bloomberg - 28 minutes ago The National Association of Home Builders/Wells Fargo index of builder confidence decreased to 9, lower than forecast, from 14 in October, … Builder Confidence Plummets; Congress Needs To Act National Association of Home Builders (press release) all 59 news articles
...
more
More posts from feeds.feedburner.com
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.
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 
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...
more 
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.
Complementing that was a double-edg...
more 
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-...
more 
Websites mentioned in article
Buzz Words mentioned in article:
How popular is feeds.feedburner.com?
