Search for: "WACHOVIA BANK "
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7 Oct 2008, 9:06 am
Citigroup, which announced on Sept. 29 that it had received federal government backing to acquire the banking assets of Wachovia Corp. for $2.1 billion, or the equivalent of about $1 a share, said it would appeal the decision. [read post]
7 Oct 2008, 12:51 am
The topics vary but as with most days over the past couple weeks, there's a few posts on the economy and the ongoing banking crisis. [read post]
6 Oct 2008, 11:23 pm
It describes the chronology of the negotiations between Wachovia and the two banks which so badly want to acquire it. [read post]
6 Oct 2008, 4:51 pm
“This was always a deal Citi wanted rather than one we needed,” the banking giant said in a statement. [read post]
6 Oct 2008, 4:05 pm
March 13, 2008) the other is Wachovia Bank v. [read post]
6 Oct 2008, 2:16 pm
If a court sends Citigroup away with nothing despite the fact that Wachovia clearly breached its Exclusivity Agreement, that will send a message to other solvent banks not to be the first to step in to save a failing bank. [read post]
6 Oct 2008, 12:37 pm
A showdown between two of the nation's largest banks over the Wachovia Corporation grew into a widening battle involving two courts and a cast including Federal Reserve Chairman Ben S. [read post]
6 Oct 2008, 12:37 pm
The bank released an angry statement Friday morning , responding to the news that Wachovia had agreed to a much sweeter $15.1bn (£8.38bn) deal with Wells Fargo.The legal battle was launched, full force, this weekend. [read post]
6 Oct 2008, 12:14 pm
On Oct. 6, bizjournals noted:And on Friday, Sept. 26, a "silent run" began on Wachovia's deposits, as borrowers drew down on lines of credit and depositors removed funds from their accounts, the suit states.The company's ability to borrow from other banks was also compromised as the price of credit-default swaps â€â [read post]
6 Oct 2008, 9:41 am
The bank released an angry statement Friday morning , responding to the news that Wachovia had agreed to a much sweeter $15.1bn (£8.38bn) deal with Wells Fargo.The legal battle was launched, full force, this weekend. [read post]
6 Oct 2008, 9:12 am
(I sat up and took notice when Wachovia went down since a subsidiary was accused last year of laundering money for a Mexican drug cartel.) [read post]
6 Oct 2008, 9:06 am
Our deal colleagues tell us that, whatever the outcome of the court battle(s), the transaction is certain to reshape the country’s banking industry. [read post]
6 Oct 2008, 5:59 am
Ramos of the New York State Supreme Court appeared to have taken that to heart late Sunday night after reaching agreement with Wachovia on a new order extending the exclusivity agreement between the two banks, despite Wachovia's concurrent litigation in federal court. [read post]
6 Oct 2008, 3:33 am
According to the CEO of Wachovia, Robert Steel, Wachovia's two options then became (a) file for bankruptcy or (b) agree to sell its banking assets to Citigroup in a deal in which the FDIC agreed to backstop Citigroup's losses on Wachovia's bad debts. [read post]
6 Oct 2008, 3:22 am
After all, it was only days ago that the world thought that Wachovia had reached a $2.16 billion deal with Citigroup (albeit a deal only for Wachovia's banking operations). [read post]
6 Oct 2008, 2:30 am
The increasingly messy fight over Wachovia spilled over into federal district court in lower Manhattan Sunday afternoon, as lawyers of various stripes assembled to argue over the Charlotte bank’s proposed $15.1 billion merger with Wells Fargo. [read post]
6 Oct 2008, 2:13 am
Wachovia. [read post]
5 Oct 2008, 4:53 pm
As of Friday, we heard a lot of saber-rattling coming out of the Citigroup camp, with senior executives upset over the fact that Wachovia was turning its back on its decision to sell its banking operations to Citigroup for $2.2 billion and had instead agreed to sell itself (in its entirety) to Wells Fargo for $15.4 billion. [read post]
5 Oct 2008, 3:55 pm
Do I think Citigroup will ultimately acquire Wachovia’s banking assets? [read post]
5 Oct 2008, 3:52 pm
A State Supreme Court Judge in New York (the Supreme Court is the trial court) has heard arguments at his home Saturday and, Citigroup claims, temporarily blocked a signed takeover deal between Well Fargo Bank and Wachovia. [read post]
