The deal everyone first expected to happen is now likely to proceed. Wells Fargo is set to buy Wachovia. Earlier this week, we heard that Wachovia was to be acquired by Citigroup, the beleaguered corporate behemoth that has written down over $50 billion during this credit crisis. What’s more is that Citigroup was only going to pay about $2 a share to acquire Wachovia. That was a big shock to everyone who expected Wachovia to go to Wells Fargo. Analysts were questioning whether there were some time bombs lurking on Wells Fargo’s balance sheet keeping them from the acquisition. Now, Wells has come in and gone over the top and trumped Citigroup’s offer. From my perspective, this is a good deal for Wells Fargo, Wachovia, and the U.S. banking system. This is the sort of deal that will lead the credit crisis to ended sooner rather than later. Citigroup is clearly a riskier company than Wells Fargo, which is the U.S.’s only AAA-rated major bank. Theref...
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Sutter Medical Center of Santa Rosa has announced that it wants to build a 70-bed acute care hospital at the Wells Fargo Center where it once planned a $253 million...... more
(This post was originally posted on Ms Sparky on May 21, 2008. I moved it to Blue Behind Bars when I separated my personal blog from my political blog.)
Continued from “I Got Mugged In Istanbul-Part 1-See Below
Fortunately, Cal had enough taxi fare to get us back to our hotel where there was an internet cafe. I needed to contact Wells Fargo Bank so I logged into my Wells Fargo account. I checked my accounts and and after several tries was able to contact Wells Fargo via the “... more
After stumbling in its attempt to exit public hospital services in Sonoma County, Sutter Health is back with a new plan for a 70-bed hospital in Santa Rosa at the same Wells Fargo Center site, above, it had eyed for a 124-bed facility in 2006.... more
With blood on the street and one flagging financial institution after another gasping for dear life, a quote from the Movie "Wall Street" bears remembering: In the last seven deals that I’ve been involved with, there were 2.5 million stockholders who have made a pretax profit of 12 billion dollars. Thank you. I am not a destroyer of companies. I am a liberator of them! The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed c... more
It has now been confirmed that Bank of America has bought Merrill Lynch for $44 billion. Originally, Bank of America had been in the running to buy Lehman Brothers but balked at Lehman’s black hole of a balance sheet. The US Government was offering no backstop for a Lehman purchase as it had for Bear Stearns. Merrill shrewdly dialed up Bank of America, in fear for their own continued existence. They have been able to strike a deal - and at a decent price. Notch one up for John Thain.... more
Unable to find buyers in around the clock talks, Lehman Brothers is expected to file for bankruptcy later tonight. On Friday, it was learned that Lehman had hired bankruptcy attorneys. Now, it seems the worst is coming to pass: Lehman will declare insolvency. Expect this story to be edited as information becomes available. At the bottom are related stories that are being posted by news sources. Deal Book, the New York Times blog by Andrew Ross Sorkin, is reporting that Lehman is expecte... more
Update: 810 PM EDT : Rush Is On to Prevent A.I.G. From Failing Update: 1045 PM EDT : A.I.G. Seeks $40 Billion in Fed Aid to Survive ---------------------------------------- On Friday, I wrote that AIG, WaMu and Lehman were the big newsmakers. I just posted about Lehman Brothers - they will either be bought, be bailed out or default. Now, it’s AIG’s turn. What are they doing to quell investor worries? According to the FT, they are looking to raise a shed load of cash: u... more
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