Media Digest 9/29/2008 Reuters, WSJ, NYTimes, FT, Bloomberg
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 will have it branches sold and the rest will be nationalized.
Reuters reports that weak US bank Wachovia (WB) is likely to be taken over by Citigroup (C) or Wells Fargo (WFC)
Reuters reports that ImClone is expected to announce that it is continuing talks to sell itself to a major pharmaceutical concern.
Reuters writes that private equity firms Bain Capital and Hellman & Friedman are closer to a deal to buy Lehman’s Neuberger Berman unit
The Wall Street Journal writes that the failure of Lehman caused the current credit crunch and that a government takeover would have prevented it.
The Wall Street Journal reports that many small banks are in trouble because of their investment in Fannie Mae (FNM) and Freddie Mac (FRE).
The Wall Street Journal reports that vulture funds may buy up financial assets before the bailout is approved by Congress.
The Wall Street Journal reports that AIG’s (AIG) board met to decide which assets to sell.
The Wall Street Journal reports that a new Tivo (TIVO) package will let PCs record TV.
The Wall Street Journal reports that the new jobless reports is likely to show a spread of the financial crisis.
The Wall Street Journal reports that the bailout has some provisions to let homeowners to keep their houses.
The Wall Street Journal writes that steel companies are seeing a sharp drop in demand.
The New York Times reports that the bailout bill would give Treasury tremendous new power.
The New York Times reports that the bailout bill faces a tough vote in the House.
The New York Times reports that hedge funds are facing huge redemptions.
The FT reports that Goldman Sachs (GS) may buy $50 billion in distressed assets from banks as it transforms itself into a bank holding company.
Douglas A. McIntyre