NYT Dealbook |
October 10th, 2008 |
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One of the biggest showdowns on Wall Street ended with a whimper Thursday when Citigroup walked away from efforts to block a deal between Wachovia and Wells Fargo, paving the way for a merger that would concentrate power within the American banking industry to just a few firms. So why [...]
NYT Dealbook |
October 9th, 2008 |
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National City, a regional bank based in Cleveland, is in talks with a number of banks about a possible sale, The Wall Street Journal reported, citing people familiar with the situation. PNC Financial Services Group and Toronto-based Bank of Nova Scotia are among the potential bidders, according to the newspaper. [...]
NYT Dealbook |
October 9th, 2008 |
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Citigroup and Wells Fargo, the two banks vying for control of the Wachovia Corporation, are negotiating a compromise that would hand the bulk of the troubled bank to Wells Fargo, according to The New York Times's Eric Dash. On Wednesday, Citigroup and Wells Fargo extended their legal cease-fire until 8 [...]
NYT Dealbook |
October 8th, 2008 |
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Citigroup, Wells Fargo and Wachovia have extended their cease-fire through Friday morning. Although things are still murky, it appears that Wells Fargo will get the bulk of Wachovia’s operations, with Citi obtaining a face-saving helping of Wachovia’s depository institutions. According to DealBook, the parties are still negotiating over who purchases [...]
NYT Dealbook |
October 7th, 2008 |
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As Wells Fargo and Citigroup haggle over who will get to acquire Wachovia, many news reports are pointing out that Wells Fargo's $15 billion offer for Wachovia doesn't require government assistance. By contrast, the Federal Deposit Insurance Corporation is backstopping some of the potential losses in Citi's $2 billion deal. [...]
NYT Dealbook |
October 7th, 2008 |
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Vikram Pandit is playing a dangerous game with Citigroup’s public image in his battle for Wachovia, Breakingviews says. The more Citi stakes its claim to Wachovia on the terms it reached a week ago, the worse it looks to shareholders, regulators, legislators and the bank’s customers, the publication argues. The [...]
NYT Dealbook |
October 7th, 2008 |
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With Washington Mutual, JPMorgan Chase will extend its branch network across the country, giving it a major foothold in California and Florida and a giant pool of customer deposits. And it will thrust the young head of the banking giant's retail operations into the spotlight.[...]
NYT Dealbook |
October 6th, 2008 |
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Citigroup finally filed its complaint against Wachovia, Wells Fargo and a slew of other individuals in New York state court on Monday. "This was always a deal Citi wanted rather than one we needed," the banking giant said in a statement. "The Citi/Wachovia transaction would have been signed and announced [...]
NYT Dealbook |
October 6th, 2008 |
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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. But the latest bombshell may have gone mostly unnoticed Sunday afternoon. Included in Wachovia's [...]
NYT Dealbook |
September 30th, 2008 |
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After having emblazoned its logo on Lehman Brothers' New York headquarters, Barclays has now stamped its logo on the American firm's equity trading and research business.[...]
NYT Dealbook |
October 5th, 2008 |
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Wells Fargo's move to buy Wachovia on Monday - which bumped aside a previous deal with Citigroup - blindsided most of Wall Street on Monday. But it was probably no surprise to Warren Buffett. Mr. Buffett is Wells Fargo's largest shareholder, holding a 9.4 percent stake in the San Francisco-based [...]
NYT Dealbook |
October 5th, 2008 |
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Wachovia’s announcement of a sale to Wells Fargo is a lesson in parsing press releases, according to the Deal Professor.[...]
NYT Dealbook |
October 2nd, 2008 |
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Efforts by Embarq to sell itself have stalled, as current market conditions have made it difficult for potential suitors to raise cash to finance a deal, The Wall Street Journal reported. According to The Journal, the fourth-largest U.S. phone company by customers hired JPMorgan Chase to explore a sale. But [...]
Auditing is usually routine, fairly predictable work. But it's important work, as Phil Baumann tells us on his blog recently.In the past, relationships were multiyear, both for the firm and the key partners. Over time, the audit firm became very familiar with the clients business, sometimes too comfortable. Audit was [...]
Lehman Brothers employees who still work at the former headquarters building at 745 Seventh Avenue that now bears the Barclays name, soon won't have to worry that they might bump into their reminder of better days, ex-leader Dick Fuld. He's[...]
NYT Dealbook |
October 1st, 2008 |
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The governor of the Bank of England, Mervyn King, gave a speech last spring denouncing the hubris of bankers. That same day, the British bank Barclays, despite a 1.6 billion pound write-down in 2007, disclosed a bonus of 21 million pound, or about $38 million, to its president, Robert Diamond [...]
NYT Dealbook |
October 1st, 2008 |
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The Blackstone Group and JPMorgan Chase are teaming to raise over $1 billion to help fund the conversion of 20,000 U.S. cinema screens to digital technology, in a deal due to be announced later on Wednesday, The Financial Times reported. Blackstone and JPMorgan are arranging the financing for a consortium [...]
GuestOfAGuest shows us that investing in $1000 worth of beer would have been a way better investment than blowing the same amount in either (or all three) of AIG, Wachovia or Lehman Brothers shares. (We note that hey seem to[...]
NYT Dealbook |
September 30th, 2008 |
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Most of it may have been snapped up by Citigroup for a song, but Wachovia isn't dead yet. Even after selling its enormous banking operations to stave off a financial crisis, Wachovia will remain a publicly traded company with two main units: Wachovia Securities, its St. Louis-based brokerage business once [...]
re: The Auditors |
September 30th, 2008 |
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Update:Chicago's John "Dr. J." Najarian co-founder of OptionMONSTER on the need for transparency when the assets bought by the US government are eventually sold.On YouTube.Part 2 from Jon Najarian is here. I have been updating this information throughout the weekend as other banks failed and other deals have been done.A [...]
