Saturday and Sunday, Oct. 4-6 - Battle of the banks
The battle between Citigroup and Wells Fargo for Wachovia raged on over the weekend.
On Saturday, a New York State Supreme Court judge temporarily blocked the merger of the troubled bank with Wells Fargo.
That ruling was overturned on Sunday, but then Citigroup appealed the decision. Wachovia countered that the Wells Fargo deal would be better for shareholders and taxpayers, since the FDIC backstopped the original Citi deal.
Also Sunday, Massachusetts asked both the Treasury and the Fed for help in raising short-term funds amid the frozen credit markets. Much like the request made by California on Friday, Massachusetts wanted loans to help pay for state operations.
On Sunday night, bailout news began to emerge from Europe. The German government announced it would rescue Hypo Real Estate AG for $69 billion, and guaranteed all of its deposits.
And in a deal with the Belgian government, French bank BNP Paribas took a 75% stake in fast-sinking Belgian bank Fortis NV.
NEXT: Monday, Oct. 6 - A bigger lifeline
On Saturday, a New York State Supreme Court judge temporarily blocked the merger of the troubled bank with Wells Fargo.
That ruling was overturned on Sunday, but then Citigroup appealed the decision. Wachovia countered that the Wells Fargo deal would be better for shareholders and taxpayers, since the FDIC backstopped the original Citi deal.
Also Sunday, Massachusetts asked both the Treasury and the Fed for help in raising short-term funds amid the frozen credit markets. Much like the request made by California on Friday, Massachusetts wanted loans to help pay for state operations.
On Sunday night, bailout news began to emerge from Europe. The German government announced it would rescue Hypo Real Estate AG for $69 billion, and guaranteed all of its deposits.
And in a deal with the Belgian government, French bank BNP Paribas took a 75% stake in fast-sinking Belgian bank Fortis NV.
NEXT: Monday, Oct. 6 - A bigger lifeline
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