According to Reuters, Congress is ready to vote on a $700 billion financial bailout package. Reuters reports that Belgian-Dutch group Fortis was nationalized Reuters reports that British mortgage lender Bradford & Bingley…
Two European financial firms fell apart during the last 24 hours. The U.K. government said that mortgage bank Bradford & Bingley is being nationalized after investors and lenders lost confidence in the…
According to The Times of London, the Treasury is poised today to nationalize Bradford & Bingley, the troubled mortgage bank. The Times also reports that hedge funds and institutions could be forced…
The rumor mill and the deal-making mill might not be dead. The New York Times’ DealBook noted that Citigroup Inc. (NYSE:C) and Wachovia Corporation (NYSE: WB) were in early merger talks. Citi…
There is one interesting irony in this whole financial meltdown which goes which many will not want to admit. Citigroup Inc. (NYSE:C) and the financial supermarket model may actually be emulated by…
The cut-off for the last short interest data was September 15, before a number of financial stocks got protection from the SEC. Before the ban, short sellers were already moving out of…
Oppenheimer’s star banking analyst Meredith Whitney is out with another scathing note on major banks this morning despite the government bailout plan. She slashed estimates on Bank of America Corp. (NYSE: BAC),…
T. Boone Pickens can get out of the alternative energy business. Under new regulations, he is allowed to buy Citigroup (C) or Bank of America (BAC). The Fed has decided that banks…
General Motors (GM) said on Friday that it will draw down $3.5 billion on the $4.5 billion line of credit it put in place with JPMorgan Chase (JPM) and Citigroup (C) back…
Vikram Pandit’s job was to cut Citigroup (C) down to size. "Reverse the insanity of the empire builders who came before you", his investors said. Dump the damaged assets and maintain the…
According to Reuters, Citigroup (C) is considering buying Washington Mutual (WM). Reuters reports that US markets rallied on word of a potential plan for the government to take over the toxic assets…
Wells Fargo’s (WFC) shares are up 8% on strong volume. The bank stock should be trading down along with Citigroup (C) and Wachovia (WB). Due to the perverse reasoning of traders, Well…
Covering financial stocks this morning looks a bit like an assassination happening live on television. Futures are being pulled sharply lower by the financial stocks melting down. We are going to skip…
We few, we happy few, we band of brothers; For he to-day that sheds his blood with me Shall be my brother; be he ne’er so vile… Saint…
There are hundreds of thousands of jobs at stake if the current trends continue in the financial services sector. When you tally up the employment just at five troubled firms noted below,…
