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Today in financial catastrophes…By Nisha | September 29, 2008 Citigroup bought out Wachovia’s banking operations overnight for $2.2 billion just as the ailing bank was nearing collapse. This deal further consolidates most of the banking industry in the hands of three major commercial banks: Citigroup, JPMorgan Chase, and Bank of America. Wachovia stock plunged nearly 90% overnight, but never opened for trading on Monday morning. [NYT] But it’s not over yet, according to some lawmakers!. “The Senate should go first: Act on this bill, attach it to another and send it back to the House,” said Illinois Rep. Rahm Emanuel. Secretary Paulson and congressional leaders are investigating other strategies of getting the bill passed. [Politico]
That hasn’t stopped the blame game in Washington, though. Amidst all the economic turmoil, there is still an election going on…with politicians, journalists, and reporters from both sides of the aisle pointing the finger at each other over why the bailout didn’t pass. The Wall Street Journal has an interesting roundup of commentary from both sides — “Choose your political scapegoat,” says the WSJ, “because there’s plenty to go around.” [Wall Street Journal] Extra credit if you can understand all the ever-changing events of the last three weeks!…well, this handy interactive timeline from the New York Times might help. [NYT] |
This morning we woke up to another Monday, and another financial institution falling before we even had time for our morning coffee…and the news only got crazier as the day went by! If you’re anything like us and scrambling to keep up with all the financial news today, here’s a rundown of the highlights:| ‹ Back | Next › |
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