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One of the most successful tournaments on the PGA Tour is getting a new name as a result of the fallout from the financial crisis.
How could a $24 billion loss possibly be good news? When it comes from Wachovia as an effort to primp itself for its acquisition by Wells Fargo.
The Federal Reserve on Sunday approved Wells Fargo's $11.7 billion acquisition of Wachovia, removing the deal's last major regulatory hurdle.
Federal antitrust regulators on Friday cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank.
Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.
Federal officials continued their fervent quest Wednesday to reach an agreement between Citigroup and Wells Fargo over the fate of Wachovia Corp. — which could include the splitting up of the bank.
Wachovia Corp. said Wednesday it lowered its prime lending rate to 4.5 percent from 5 percent.
Wachovia, Citigroup and Wells Fargo on Monday agreed to a standstill of all formal litigation activity — a sign that the banks and the Federal Reserve are working feverishly to reach an agreement over the fate of Wachovia.
Citigroup Inc. said Monday it has filed a complaint in New York Supreme Court against Wachovia, Wells Fargo and the directors of both companies seeking more than $60 billion in damages for interfering with the bank's planned takeover of Wachovia's banking operations.
Once hailed for running their savings-and-loan company like an endearing mom-and-pop shop, Herb and Marion Sandler are now being vilified as ruthless home lenders who helped destroy Wachovia Corp. and contributed to the financial decay that led to the U.S. government's $700 billion rescue plan to buy rotten mortgages.
The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup.
Citigroup agreed Monday to buy Wachovia's banking operations for $2.1 billion in a deal arranged by federal regulators, making the Charlotte, N.C.-based bank the latest casualty of the widening global financial crisis.
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.
Morgan Stanley and Wachovia Corp. are in talks about a possible combination as the investment bank tries to come up with ways to survive the ongoing credit crisis, according to media reports.
Wachovia Corp. has agreed to buy back $8.5 billion in auction-rate securities as part of a wide-ranging investigation by the New York Attorney General and other state regulators into the collapse of the market.
The "nightmare" is over for thousands of investors whose money was tied up in auction-rate securities purchased through Wachovia Corp., Missouri Secretary of State Robin Carnahan said Friday in announcing an $8.5 billion settlement with the company.
Wachovia Corp. is close to agreeing to buy back $8 billion of auction-rate securities and pay fines to settle charges it misled investors about the risks, according to a person close to the negotiations.
Wachovia Corp. said Monday it plans to cut 600 more jobs than it previously expected as it works to reduce expenses in the face of staggering losses tied to mortgage debt.
Wachovia Corp.'s President and Chief Executive Robert Steel has bought 1 million shares in the nation's fourth-largest bank, according to a regulatory filing late Wednesday.
Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
Wachovia Corporation, the nation's fourth largest-bank, said Monday that it is leaving the wholesale mortgage lending business.
Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company's sales practices.
Wachovia Corp. named Treasury Undersecretary Robert Steel chief executive on Wednesday, ending a nearly six-week search for a new leader.
Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest.
It's the most basic rule of investing: Buy low, sell high. Former Wachovia Corp. chief executive Ken Thompson couldn't escape his disastrous decision to buy Golden West Financial Corp. for roughly $25 billion at the height of the nation's housing boom. He was pushed out Monday, the same day crosstown rival Ken Lewis was busy defending his deal at Bank of America Corp. to buy Countrywide Financial Corp.
Fed Rules Would Restrict Overdraft Fees on Debit Cards"The final overdraft rules represent an important step forward in consumer protection," the Federal Reserve Chairman Ben S. Bernanke said. "Both new and existing account holders will be able to make informed decisions about whether to sign up for an overdraft service."
Hard times in Charlotte, a city dependent on the banking industryNow Charlotte is suffering. Unemployment has spiked to 12 percent, well above the national average. Subdivisions sit unfinished. Mansions cannot be sold.
A Bigger Bank Bust Is On The WayThis weekend is the one-year anniversary of the bailout. But the Daily Beast's Nomi Prins says the too-big-to-fail banks have only gotten bigger—and much worse could be on its way.
JPMorgan & Bank of America Overhaul Overdraft FeesJPMorgan Chase & Co said on Wednesday that it was eliminating some overdraft fees altogether and trimming others, after Bank of America Corp announced a similar move on Tuesday. More Articles
Unruly Teen Charges $23 Quadrillion At Drugstore - Visa BuxxThe embarrassingly-named VISA BUXX card is a debit card for teenagers: parents get reports, control, etc. My daughter has one.
Getting unbiased news has been a challenge these days. Between the Left controlling the Liberal Media and the Fox News portraying the Conservative views; getting a straight story has been even more difficult than it was during the campaign.
Summary of the proposed Credit Cardholders' Bill of RightsThe "Credit Cardholders' Bill of Rights," provides crucial protections against unfair, but unfortunately common, credit card practices. Ends Unfair, Arbitrary Interest Rate Increases. More Articles
Obama to Meet with Credit Card Execs, Make his CaseThe White House meeting comes a day after credit card legislation opposed by the financial services industry moved forward on Capitol Hill.
Wells works to ignite Wachovia as a new growth engineOvernight, Wells essentially doubled in size by almost every measure, entering New York, Miami, Atlanta and other cities to create a coast-to-coast branch network.
Creditors Sue Catterton for Archway Cookies FraudThe official creditors committee of bankrupt cookie baker Archway Cookies LLC has filed a lawsuit against company officers and directors, plus principals and affiliates of Greenwich-based Catterton Partners, the controlling shareholder.
(ANP Video) Bank CEO and TARP Recipient Says Government Bailout is Failing Community BanksAs another $350 billion goes out the door, ANP looks at one small bailed-out bank. Eagle Bank, a community bank headquartered in Maryland, received many millions of dollars of TARP money, but is having trouble making loans.
Citigroup's Top Executives to Forgo BonusesWall Street is hitting its bankers where it hurts — in the wallet.
Congress Ignored Critical Bailout OversightOn December 19th, Henry Paulson urged Congress to release the second half of the $700 billion of the bailout money. But no one seems know what banks have done with the first $350 billion.
How can Wachovia lend $8 mill to the Nat'l Republican Congr. Committee when Wachovia is a nearly-failed bank that's denying credit to most customers?In a move that should turn into an attack ad all on its own, the NRCC somehow secured an $8 million loan from Wachovia today.
Faltering Wachovia lends GOP $8 millionWachovia Corp., a once-thriving financial giant now teetering on the brink of collapse, confirmed today that it was extending an $8 million loan to the cash-strapped National Republican Congressional Committee for last-minute activites to support GOP House candidates.
In Which Michelle Malkin Performs a Rare Public Service: Transcript of Pulled SNL Bailout SkitNBC is furiously erasing its tracks. Any attempts to upload the forbidden SNL bailout skit skewering George Soros and his left-wing subprime schemer friends Herbert and Marion Sandler will likely be squashed.
Why Is The FDIC Favoring Citibank's Taxpayer-Sponsored Acquisition of Wachovia Over Wells-Fargo's Proposal, That Doesn't Depend on Taxpayer Assistance?Hmmm, here's a head-scratcher for you. Why is the FDIC so devoted to putting taxpayer money into Citibank's proposal to buy Wachovia, when Wells-Fargo will pay more for Wachovia and without taxpayer assistance?
Wachovia says it will press ahead with Wells deal"Wachovia Corp., at the center of a fight between Wells Fargo & Co. and Citigroup Inc.
Citigroup says N.Y. judge halts Wachovia-Wells Fargo deal New York State Supreme Court Justice Charles Ramos issued the order late Saturday, saying that Citigroup and Wachovia must appear before him on Friday, Citigroup said, adding that the order was granted over the objection of Wachovia.
Main Street Chickens Incensed As Congress Builds Opulent New Wall Street HenhousePundits have egg on their faces all over the nation.
Wachovia rescue sparks takeover rumbleA corporate takeover battle without precedent in history broke out as shareholders fought back against an emergency rescue brokered by U.S.
Wells Fargo usurps Citi with $15.4bn Wachovia bid It's nice to see someone has money to buy something.
Wells Fargo agrees to buy Wachovia for $15B, Citigroup Demands Deal be CancelledWachovia says it agreed to be acquired by San Francisco-based Wells Fargo & Co. in a $15.1 billion all-stock deal. But Citigroup now demands that Wachovia abide by the terms of its earlier deal to buy Wachovia's banking operations.
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