Update:
10/03/08 - 4
The House has ok’d the revised bailout bill with a 263-171 vote. President Bush acted quickly and signed the bill providing his approval. The bill will provide money for banks to keep their payroll expenses going and allow them to lend money to each other. What it won’t fix is easy credit for [...]
All Posts Tagged With: "Credit Crisis"
Update-4 : House passes bailout plan, Bush signs the bill
It’s Wachovia now, Citi acquires banking assets
Wachovia is the next big bank to fall and it’s banking assets have been acquired by Citi. Under the terms of the agreement, Citi will pay Wachovia approximately $2.16 billion in stock and assume Wachovia’s senior and subordinated debt, totaling approximately $53 billion. This will create a U.S. retail bank with 9.8% U.S. market deposit [...]
September 29th, 2008 | rp | Comments | ContinuedBiggest bank bail out in decades
The fed is working on, what amounts to the biggest bail out for banks in over a decade. With AIG, Lehman Brothers, Merrill Lynch, Morgan Stanley, Washington Mutual all falling prey to their own practices and a panic stricken economy, the fed and treasury have come together with separate measures to help struggling banks.
The Treasury [...]
Update: Dow slips below 11000, Lehman Brothers files for Bankruptcy protection, Merrill bought by BOA
Update: The Dow Jones is down 500 points and closed below 11,000 erasing about $700 billion in shareholder wealth.
In a shocking turn of events over the weekend, financial firm Lehman brothers has filed for federal bankruptcy protection. The news comes within days of Lehman assuring Wall Street and investors of its survival, and putting itself [...]
FDIC: rough quarter for banks, 27 more banks join problem list
FDIC today released data on commercial banks insured by them. Net Earnings for these commercial entities fell to $5 billion, a decline of $31.8 billion (86.5 percent) from the $36.8 billion that the industry earned in the second quarter of 2007. The latest earnings were the lowest for the industry since the fourth quarter of [...]
August 26th, 2008 | rp | Comments | Continued[Updated] Banks borrowed record $17.45b per day from Fed
As the credit crisis continues to affect economy, banks have been relying more and more on Federal Reserve for funds. According to the data release by Fed on Thursday, banks borrowed at the rate of $17.45 billion per day in the latest week, a record figure surpassing last week of record borrowing at the rate [...]
July 31st, 2008 | supa | Comments | Continued
