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8 Dec 2008, 2:12 pm
In the Wachovia Action, the plaintiff seeks to enjoin the merger and asserts that the merger is illegal under the Emergency Economic Stabilization Act, the federal umbrella legislation that authorizes and administers more than $700 billion in rescue funds for banks and investment companies with losses related to subprime loans, because the Wachovia directors and Wells Fargo improperly used the fiscal crisis as an excuse to push through the merger at a "fire… [read post]
8 Dec 2008, 1:28 pm
The Wachovia Suit: Wachovia Bank sued Dreier LLP and Marc Dreier (in addition to a handful of others) today, alleging that a credit revolver and term loan extended to the firm are in default, as of November 1, upon which the bank is owed some $12.7 million. [read post]
26 Nov 2008, 5:00 pm
Wachovia Bank has been one of the casualties of the current financial crisis. [read post]
24 Nov 2008, 5:26 am
That's after Citi, as in its scotched Wachovia deal, takes the hit on the first $29 billion. [read post]
22 Nov 2008, 5:49 am
That means the Wells Fargo - Wachovia merger, the main intended beneficiary of the notice, would not be affected by the bill. [read post]
20 Nov 2008, 2:50 am
Investment Firms with ARS Hotlines: Bank of America 1-866-638-4183 Deutsche Bank 1-866-926-1437 Citi 1-866-720-4802 JP Morgan 1-866-450-8470 Goldman Sachs 1-888-350-2857 Merrill Lynch 1-888-706-1381 UBS 1-800-253-1974 Morgan Stanley 1-800-566-2273 Wachovia 1-866-283-794 Meantime, more investigations are under way into the sales practices of US firms that marketed and sold auction-rate securities to investors. [read post]
18 Nov 2008, 7:27 pm
The short explanation: 20 years ago, Congress passed a law (as part of the justly-celebrated Tax Reform Act of 1986) that prohibited banks from buying loss-ridden banks as a tax dodge. [read post]
18 Nov 2008, 2:04 am
The Affidavit emphasizes that if the Board hadn't voted to approve the Merger, "it was likely . . . that Wachovia would not be able to fund normal banking activities and thus would again face the very real prospect of FDIC receivership. [read post]
17 Nov 2008, 11:00 pm
Flannery, Deutsche Bank John P. [read post]
15 Nov 2008, 6:35 pm
• Citigroup is reportedly looking at acquiring a regional bank after its efforts to acquire Wachovia failed. [read post]
12 Nov 2008, 4:01 pm
Greene, Jr., the Chairman of Bank of Tennessee, said that the only reason the Wachovia Board agreed to the merger was that they had been "beaten down and buggy whipped by the Regulators. [read post]
11 Nov 2008, 4:01 am
Nevertheless, the laid-off, stressed-out, auto worker or former Wachovia bank teller, and even Mr. and Ms. [read post]
6 Nov 2008, 6:46 pm
Isaac said FAS 157 has been "destructive of bank capital" and noted the significant losses suffered by investors at Washington Mutual, Wachovia, and other banks. [read post]
4 Nov 2008, 4:12 am
In response to carping by Barney Frank, Chuck Schumer, and a host of others about banks who receive capital infusions from the US Treasury and then use the capital for purposes other than lending (such as the acquisition of other banks), the Chief Investment Officer of a very large bank, who requests anonymity, made the following brief comments today:[B]anks acquired since the IRS tax law change and the TARP passage (i.e., Wachovia, Sovereign Bancorp and… [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]
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]
1 Nov 2008, 3:12 am
Here is IP Think Tank’s weekly selection of top intellectual property news breaking in the blogosphere and internet. [read post]
31 Oct 2008, 12:30 pm
The event features a faculty of leading outside litigators, renowned jurists, and 24 senior in-house counsel from these companies: American Express • American General Finance • Bank of America • Capital One • Citi • Countrywide • Discover • GMAC • Greenpoint • First Data • Freddie Mac • Hyundai • iQor • MasterCard • Sovereign Bank • TCF… [read post]
28 Oct 2008, 6:41 pm
Wachovia also says that "any bank large enough to consider acquiring Wachovia knows how to formulate and communicate such an offer. [read post]
24 Oct 2008, 9:28 pm
• Wachovia, which is in the process of being acquired by Wells Fargo, reported a loss of almost $24 billion in its most recent quarter. [read post]
