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A spokesman for the insurance brokerage confirmed that Wachovia Insurance Services Inc. will not become part of Citigroup in the New York-based banking giant’s $2.2 billion buyout of Wachovia Corp.’s banking operations. On Monday Wachovia announced plans to sell its retail bank, corporate and investment bank and wealth management businesses to Citigroup, marking the latest… Continue reading Wachovia’s Insurance Will Not Be a Part of Citi Deal

A day after the House rejected a $700 billion proposal, the top Democrat and Republican in the Senate promised swift action to pass a bipartisan financial rescue plan. Senate Majority Leader Harry Reid and Senate Minority Leader Mitch McConnell called for an end to partisan bickering. “We will get the job done. We’ll get it… Continue reading Lawmakers Say They Will Act to Pass Rescue Plan Legislation

U.S. President George W Bush has warned the US economy is at a “critical moment”, and vowed to get his Wall Street rescue plan through Congress.    He said the consequences would be “painful and lasting” if the $700 billion deal rejected by the US House of Representatives was not passed.    Bush offered reassurances… Continue reading President Bush Warns that Economy Needs Rescue Plan from Congress

Stocks skidded Monday afternoon, with the Dow’s nearly 778-point drop being the worst single-day point loss ever, after the House rejected the government’s $700 billion bank bailout plan. Stocks tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit… Continue reading Update: Dow Drops A Record 778 Points, Fear Accelerated as Rescue Plan Gets Nixed

The House rejected a $700 billion Wall Street bailout bill, sending financial markets skidding on worries about the consequences of the move. The vote was held open after the allotted time had expired, with a majority already having cast votes against the bill. Under the latest tally, 226 lawmakers had voted against the bill and… Continue reading BREAKING NEWS: HOUSE SAYS NO TO FINANCIAL BAIL-OUT, STOCKS PLUNGE

Federal prosecutors have issued grand jury subpoenas to Fannie Mae and Freddie Mac, seeking information on the companies’ accounting, disclosures and corporate governance matters. Federal prosecutors from U.S. Attorney for New York’s southern district delivered the subpoenas Friday, the two companies said in corporate filings. The companies are already the subject of investigations by the… Continue reading Fannie, Freddie Get Subpoenas from Federal Prosecutors

To restore stability and confidence in our distressed financial markets, The Property Casualty Insurers Association of America (PCI) urged Congress to promptly give the Treasury Department authority to acquire and dispose of distressed mortgage-related assets. The latest economic reports suggest the commercial credit market is locked in a vicious downward spiral that threatens the entire… Continue reading PCI Urges Congress to Pass Treasury Rescue Plan

As tremors from the U.S. credit crisis reverberated around the world, European governments stepped in to rescue Fortis, Bradford & Bingley Plc, and Hypo Real Estate Holding AG.     The U.K. Treasury seized Bradford & Bingley, Britain’s biggest lender to landlords, while governments in Belgium, the Netherlands and Luxembourg threw an 11.2 billion-euro ($16.3… Continue reading European Banks Rescue Companies as U.S. Crisis Spreads

Following much speculation over the weekend about the fate of the nation’s fourth-largest bank, Citigroup will acquire the banking operations of Wachovia for $2.2 billion in an all-stock deal.        Citigroup, the nation’s largest bank based on assets, also announced it would raise $10 billion through a sale of common stock and that it would… Continue reading Citigroup Takes Over Wachovia’s Commercial Retail Operation

On Friday American International Group Inc (AIG) said that the insurer will not be seeking shareholder approval for a plan to issue convertible preferred shares that will give the U.S. government 79.9 percent stake in the insurer.    Last week AIG signed a definitive agreement to borrow up to $85 billion from the U.S. Federal… Continue reading AIG Not to Seek Shareholder Approval in Government Plan