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13 Dec 2008, 5:49 pm
Today’s post analyzes this decision as well as the similar decision by the North Carolina Superior Court arising from the Wachovia/ Wells Fargo merger.) [read post]
9 Dec 2008, 6:00 pm
, 121 Tax Notes 1193 (Dec. 8, 2008): Wells Fargo & Co. [read post]
9 Dec 2008, 10:06 am
We previously reported on a Wachovia shareholder's attempt to enjoin the Wells Fargo-Wachovia merger (please click here to view previous post). [read post]
8 Dec 2008, 2:12 pm
Prior to receiving this proposal, Wachovia had been negotiating with Citigroup to complete a merger transaction that included assistance from the federal government.Following the announcement of the Well Fargo merger, a Wachovia shareholder brought a lawsuit in the North Carolina business court seeking to enjoin the merger between Wells Fargo and Wachovia on an expedited basis, arguing that the merger should be enjoined because it violates the… [read post]
8 Dec 2008, 12:50 am
The Wachovia and Wells Fargo merger was arranged in similarly unusual circumstances in light of the economic turmoil that in very short order saw some of the countries largest financial institutions "go under" or need "bailouts. [read post]
7 Dec 2008, 9:23 pm
The decision, here, was submitted to the court in North Carolina (mentioned below) hearing the Wachovia/Wells Fargo litigation that involved similar issues. [read post]
5 Dec 2008, 7:58 pm
If Wachovia's Board had not taken the Wells Fargo deal, it faced "the obliteration of most, if not all, of the shareholder equity. [read post]
4 Dec 2008, 5:37 pm
Prudential Financial plans to sell its minority stake in Wachovia’s brokerage unit to Wells Fargo in a deal that could yield the nation’s second-largest life insurance company a $1.7 billion after-tax gain. [read post]
29 Nov 2008, 2:40 pm
One of the unusual things about the litigation over the Wachovia-Wells Fargo merger (which I'm hoping will come to a close soon so this blog won't be all Wachovia all the time) was the flood of letters and emails written to the Court. [read post]
26 Nov 2008, 5:00 pm
The report laid bare the serious financial straits the company was in before Wells Fargo announced earlier this month that it would buy Wachovia. [read post]
26 Nov 2008, 3:10 am
To drug dealers, "an exempt rating is like gold," says a Wells Fargo Bank vice president. [read post]
25 Nov 2008, 3:43 am
But Wells Fargo never says that they will. [read post]
22 Nov 2008, 11:11 pm
Can it be that the Share Exchange Agreement, which gave Wells Fargo 40% of the voting control over Wachovia stock, is invalid? [read post]
18 Nov 2008, 2:04 am
As it's spun out by Wachovia, one could argue that Wachovia, near financial death, out-negotiated Wells Fargo on this deal. [read post]
15 Nov 2008, 8:06 pm
Citizens for Tax Justice (CTJ) issued a report on the IRS rulingon November 7th: [W]hile the major presidential candidates debated solutions for reforming the federal corporate income tax, a little-noticed ruling by the Internal Revenue Service (IRS) opened the door for widespread corporate tax avoidance by a few of the biggest, most profitable financial institutions in the country. [read post]
11 Nov 2008, 9:06 am
At least eighteen states that tax corporate profits will likely take a hitfrom the new IRS ruling—and any state that taxes the profits of financial companies is at riskof helping to fund the next bank that chooses to purchase another financial company.With state budgets already going up in flames, this is a problem state lawmakers don't need. [read post]
4 Nov 2008, 2:47 am
For example, Schumer claims that Wells Fargo will save $19.4 billion in federal taxes for its win over Citibank to purchase Wachovia, an amount which surpasses the proposed purchase price. [read post]
4 Nov 2008, 2:05 am
"Wells Fargo, one of the few banks to swim through this mess with little problems, is using $4.4 billion of its $25 billion bailout to hand over to shareholders. [read post]
1 Nov 2008, 10:39 pm
For example, the new ruling will allow Wells Fargo to save $19.4 billion in taxes from their acquisition of Wachovia, according to published reports.The senator is referring to IRS Notice 2008-83, which interprets Section 382 of the Internal Revenue Code, which was enacted by Congress to prevent tax-motivated acquisitions of loss corporations. [read post]
31 Oct 2008, 2:30 pm
Nor does Wells Fargo (WFC) which also filed a TARP-related 8K yesterday. [read post]
