Results tagged “wellsfargo”

During testimony to the Senate Banking Committee, executives from Wells Fargo, Goldman Sachs, Bank of America and J.P. Morgan Chase promised not to use bailout funds "to pay their executives and employees," according to the AP. These four institutions account for $75 billion of the Treasury Department's Troubled Asset Relief Program. AIG received $40 billion from TARP on Monday--just after it was revealed the company went forward with a $343,000 conference in Phoenix. AIG claims there was important training and that its sponsors paid for 90% of the event--still, there's nothing like seeing men in suits enjoying hotel patios.

After claiming it should still be allowed to purchase--with the help of the government-- Wachovia for $2 billion, Citigroup is now allowing Wells Fargo buy Wachovia for $15 billion. Wachovia issued a statement saying, "We're pleased Citigroup has abandoned its efforts to interfere with Wachovia's planned merger with Wells Fargo. We look forward to completing our merger with Wells Fargo, which we have always believed is in the best interest of shareholders, employees, creditors and retirees as well as the American taxpayers, and it imposes no risk to the FDIC fund." Of course, Citigroup is still suing for $60 billion in breach of contract damages!

Citigroup may have gotten a NY judge to block Wells Fargo from taking over Wachovia on Saturday, but that was overturned by an appellate court judge yesterday! Apparently a NY judge can't issue an order from outside of NY--and the judge was in Connecticut at the time (it's like a mistake that would happen on Law & Order!). The NY Times' Dealbook tries to explain the lawsuits piling up--Citigroup is suing Well Fargo for interfering with its federally-arranged $2+ billion purchase of Wachovia, while now Wachovia is suing Citigroup claiming that their agreement is not exlusive and its can purse the $15+ billion offer from Wells Fargo. Bloomberg News reports that squabble could mean Wachovia gets split up between Citigroup and Wells.

The NY Times reports that Citigroup says it "persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia." Wells Fargo's $15 billion deal was announced on Friday, surprising Citigroup which had worked with the feds to acquired Wachovia for $2.2 billion. Citigroup says their agreement prohibited Wachovia from any other discussions until after October 6 but Wachovia spokesperson said its Wells deal is "proper, valid and is in the best interest of shareholders, employees and the American taxpayers. Under that agreement, Citigroup is always free to make a superior offer to Wachovia." Wells' chairman further emphasized, "The taxpayer doesn't pay a penny." Oh, and the TImes's source said, "Citigroup was seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction."

Forget the federally-backed deal for Citigroup to buy Wachovia, because now Wells Fargo will take over Wachovia for $15.4 billion--and the Wall Street Journal says it won't require any government assistance. Earlier this week, Wachovia agreed to sell its banking operations to Citigroup," and the FDIC would have been responsible for any potential loan losses. Bell Rock Captial CIO Cassandra Toroian told CNBC, "For Citigroup, this is a real loss...this was a deal that was going to save them as much as it was saving Wachovia," while Wachovia was "smart" and is getting a "better deal."

The Dow ended the day up over 276 points to 11,239.28, thanks to higher-than- estimated profit at mortgage underwriter Wells Fargo. Even Fannie Mae and Freddie Mac rose over 15% today. The bad news: Consumer prices increased "at the fastest pace in 26 years", the FBI is investigating IndyMac for fraud and even usually "recession- proof" chocolate is hit during these harder times.

We all knew the real estate bubble was causing insanity, but we should have known it's encouraged people to divorce. There's a NY Times Styles section article about some who wait until the market's at its peak to divorce - that way, they can benefit from an even bigger profit when selling their homes.

With Tina Fey gone from the writers' staff to primetimier pastures and Chris Parnell, Horatio Sanz and Finesse Mitchell axed from the staff, people were wondering how this season of Saturday Night Live would stack up. And while articles calling it "Saturday Night Dead" are a mainstay every fall, Gothamist wasn't very confident given that the host would be Dane Cook, who already hosted not even a year ago! Here's our thoughts about the season premiere: