There’s a bit of drama unfolding in the Wachovia buyout. The most recent update is that the Wells deal is on, and not the Citigroup deal. Citigroup had brokered a deal to buy the failing bank for $2.1bn, or about $1/share. (Note that Wachovia is worth about $6.00/share right now.) This deal obviously isn’t the [...]
The bailout has passed
Today President Bush signed into law a $700bn bailout plan(Actually closer to $850bn with plenty of Christmas treeing) to allow the Treasury department to buy up “toxic” assets from failing financial institutions. The DJIA immediately reacted by falling nearly 500 points by days end, to close –157 over open that day, and nearly 818 points [...]