Sep 29 2008
Wachivia - Wachovia bank failure - Citigroup
» Escrito en Cash Loan Business Tips por admin a las 11:57Citigroup & Wachovia, Bradford and Bingley, Fortis – Vialoux
U.S. equity index futures are sharply lower this morning. S&P 500 futures are down 21 points despite news that a $700 billion rescue package for the U.S. financial service sector has been approved by Congressional leaders on a bi-partisan basis. President Bush approved the package in a national television message this morning. Federal Reserve Chairman Bernanke also approved the package this morning.
Approval of the package is far from a “slam dunk”. The House of Representative is scheduled to vote on the package at approximately noon today. The Senate is expected to vote on Wednesday. Congressional leaders have been unable to confirm that they have a majority before the votes.
Despite the rescue package, fears of a meltdown in the world’s financial system continue to grow. This morning, the FDIC brokered a deal for Citigroup to purchase most of Wachovia’s banking unit. Wachovia’s common share value will be virtually wiped out. Its stock closed on Friday at $10.00 and is trading at $0.90 in pre-opening trade. Citigroup is down 5% on the news.
Most of the fear came from news that major banks and trust & loan companies in Europe are in difficulty and need central bank or government support. Bradford and Bingley, a major mortgage lender has been nationalized by the U.K. government. Fortis received a $16 billion capital infusion by the European Central Bank overnight. Share prices of several other European financial institutions including Dexia and Royal Bank of Scotland are under significant pressure on European equity markets.
Don Vialoux, chartered market technician, is the author of a free daily report on equity markets, sectors, commodities, equities and Exchange-Traded Funds. For more visit Don Vialoux’s Web site
nationalpost.com
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