After Bank of America announced their intent to purchase Merrill Lynch earlier this month, I am not convinced that this deal will actually go through. On the surface it sounds like a great deal for both firms, but BofA is still digesting its purchase of Countrywide Financial. There are many skeletons in that closet. Adding [...]
Early this morning, Wachovia and Citibank have announced that they have materially agreed to negotiate a merger agreement for Citi to acquire Wachovia’s Retail Bank, Corporate and Investment Bank, and Wealth Management business for $2.1 billion in Citi stock paid to Wachovia Corporation. The deal is contingent on a signed merger agreement as well as [...]
After an entire weekend of discussion and political maneuvering, it appears as if congress is set to vote on an approximately $700 billion package to help restructure the US Financial System and loosen up the Capital Markets in this country. The package has been modified slightly from the proposal that Henry Paulson, US Treasury Secretary, [...]
The ancient Chinese verse “May we live in interesting times” sure sums up the last 10 days on Wall Street. Again, over the weekend, actually, yesterday, the last two Wall Street investment banks applied to the US Federal Reserve to become Bank Holding Companies. Goldman Sachs and Morgan Stanley both approached the fed on Sunday and [...]
