Wachovia, being acquired by Wells Fargo, reported a loss of $23.9 billion in the third quarter, its third straight quarterly loss. Wells, who never made a market in the neg-am, pick-a-pay loans, is paying about $14 billion for Wachovia. Wells is also restructuring some balance sheet items in order to stay under the “no bank [...]
Posts Tagged ‘Wachovia’
Wells Acquisition of Wachovia Now Worth $11.38b
The Citi vs. Wells race to buy Wachovia drama is now over, with Citibank stepping out, allowing Wells Fargo to complete the deal for about $11.38b and no FDIC involvement. Click here to see the stats on what this does to their national branch network and total nationwide deposits, and how it compares to other [...]
Mortgages Higher On Fed Cut, Global Banks Could Lose $1.4b, Jobless Claims Up
Fear and greed… greed and fear. They influence our lives, whether it is on the playground or on Wall Street. We’re dealing with fear right now, but at some point greed will step in. Here’s a decent article on fear and greed.
Fed To Buy Up Commercial Paper To Ease Credit Crunch, Other Bank/Lender News Roundup
Fed/Treasury to Buy Short-Term Paper “Commercial paper” is defined as an unsecured, short-term loan issued by a corporation, often for financing accounts receivable and inventories, and typically at a discount which reflects current market rates. In yet another step in showing just how far they will go to help alleviate the crisis, the U.S. Federal [...]
Countrywide’s $8.5b Lawsuit, Fed Increases TAF to $900b, Wachovia Drama, Does Rescue Bill Help Me?
As the attorneys for Wells and Citi grapple over Wachovia, and their pick-a-pay portfolio, I am trying to figure out who to contact there regarding selling them some of my worthless belongings:
Now Wells AND Citi Might Buy Wachovia In Bits & Pieces
The drama continues on the Wachovia acquisition. First it was Citi, then it was Wells, and now it might be Citi and Wells:
Wells Muscles Out Citi, Will Pay $15.1b for Wachovia, No FDIC Involvement
On Monday night Wells Fargo was in first position to acquire Wachovia. Then on Tuesday morning, it turned out that Citigroup would pay $2.16 billion for the bulk of Wachovia, including five depository institutions, and assume its senior and subordinated debt. Wachovia would retain ownership of its retail brokerage unit, AG Edwards, and its asset-management [...]
Wells Back In Play on Wachovia Deal, California Need Fed Aid, Oil Psychology, Jobs Down, Rates Even
Oil psychology The good news is that with the drop in oil prices down into the low $90’s per barrel, I will save $150 per year in gasoline. The bad news is that in the last two weeks, my stock portfolio and 401(k) is down by $8,920. The question is, “Will the average consumer be [...]
FDIC Head Sheila Bair’s Growing Role In The Crisis
Who says investment banking is deal. The new deal brokers on The Street are the Fed, Treasury and, increasingly, the FDIC. Under Sheila Bair, the FDIC’s role in the credit crunch is getting larger and larger. When Indymac went down, it caused great concern that the FDIC’s industry-funded deposit insurance fund would quickly be depleted [...]
WeeklyBasis 9/29/08: Rates May Drop Further On Credit Market Chaos
Fixed and ARM rates are down about .375% in the three weeks since my last report. Since then Fannie/Freddie were taken over by Treasury; AIG was bailed out by the Fed; WAMU was taken over by JP Morgan Chase; Wachovia was taken over by Citigroup; Lehman Brothers went bankrupt; Merrill Lynch was acquired by Bank [...]
