When the bank, Wachovia Corp was tossed up in a competing battle between Citicorp and Wells Fargo (where Citicorp won the initial endorsement of the Federal Reserve for control of the troubled Wachovia and then Wells Fargo stepped in with a far better deal, better for Wachovia, better for US taxpayers and for the Federal [...]
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Things look bleak currently on the world economic scenario. The sudden and heated debated plan of $700 billion, meant to shore up US sentiment through the Government buying up the bad mortgage loans and letting credit again flow into the markets, seems to have not done much to help the US and world markets. The [...] Ever since the sub-prime crisis came to the fore November- December of 2008, there has been a lot of worries about where this will eventually take the US economy. And this looks like a slow-action horror movie whose climax is coming. So, there was the shock when Bear Stearns went down, and then for some [...] Things have been happening in the US finance sector that have not happened before for a long time. The US Federal Government is proposing that it is the essential guarantor of most mega-finance companies; only allowing some of them such as Lehman Brothers to fail. The US Government has so far saved or intervened in [...] |
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