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Have We Seen the Worst of the Financial Industry's Problems?
Another week, another bank bailout. The most recent recipient of government aid is Citigroup, and the government's bailout package includes a $20 billion investment in the company and a $306 billion guarantee of risky assets.
Monday's market close was met with cheers as investor enthusiasm sent the market soaring, reflecting a general investor bet that the worst of the financial industry's problems may be over.
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Citigroup Surrenders to Wells Fargo in Wachovia Battle
Citigroup waved a white flag late Thursday as it bowed out of the battle with Wells Fargo over which bank would buy ailing Wachovia. Early last week, Wells Fargo had backed out of talks as the federal government brokered a deal that arranged for Citigroup to pay $2.2 billion for Wachovia’s banking operations and $12 billion in stock to the FDIC. Later in the week, after the deal with Citi had been agreed upon, Wells Fargo came back and offered $15 billion in stock to buy all of Wachovia.
How Your Zero-Balance Credit Card Could Cost You
Think you’re avoiding extra fees by being savvy and paying off your credit cards in full every month? Maybe not any more. Some companies, including Bank of America and Citigroup, may start charging credit card holders for not using their cards enough.
The Customer Service Halls of Shame and Fame
Nobody wants a customer service experience that leaves you swearing under your breath, but these situations aren't exactly avoidable. MSN Money knows how important customer service is to consumers and conducts an annual survey that measures customer satisfaction.
It's named 10 companies that need a lot of improvement in the customer service department and 10 that would be good examples to the companies in the Hall of Shame.
Front Page: AL Community in Shock After Gunman Kills 11
- A gunman in Alabama killed 11 people yesterday, including his mother, his grandparents, his aunt and uncle, the wife and child of a sheriff deputy, and himself. — CNN
- Stocks opened with a gain again today, as Wall Street hopes to extend big gains made yesterday. — MSN
- Pakistan arrested hundreds of opposition activists today and banned protests in two regions ahead of a planned rally outside parliament.
Front Page: White House Plans Public Lottery For State Diners
- The White House social secretary has promised an online public lottery to attend state dinners. — The Washington Post
- The US Treasury announced plans today to take a bigger stake in Citigroup, perhaps as much as 36 percent. — AP
- The US economy shrank 6.2 percent in the fourth quarter, a rate worse than expected.
Banks Play Tug-of-War Over Wachovia
Scooping up troubled banks is the new thing to do for financial institutions that have managed to keep themselves above water, and things are getting competitive out there. Failing Wachovia was the apple of Citigroup's eye until Wells Fargo tried to swoop on its courting efforts. The game of tug-of-war is an important one, as banks compete to see who will survive the economic crisis and come out in a stronger position than when it started.
Front Page: Home Values Fall by Nearly 20 Percent
- Home prices across 20 major US cities fell an average of 18.2 percent in November, compared to prices from a year earlier. While the slide has made homes more affordable, foreclosures have resulted in $1 trillion in losses worldwide. — Bloomberg
- Timothy Geithner officially became Treasury Secretary yesterday, after the Senate confirmed his nomination.
CEOs on the Spot For Mortgage Crisis
An overstated gap between the rich and poor is nothing new in this country, but some of the guys on the high end of the spectrum have been putting in some time in the courtroom instead of in the office. The CEO of Countrywide and former CEOs of Merrill Lynch and Citigroup — three of the biggest banks involved with the subprime mortgage crisis — testified in front of the House Committee on Oversight and Government Reform. According to ABC News, these three CEOs received over $460 million in compensation in just five years, while in the second half of 2007 Countrywide lost $1.6 billion, Merrill Lynch lost $10.3 billion, and Citigroup lost $9.8 billion.
Front Page: Southern California Fires Rage On
- Three major fires in Southern California continue to blaze, but the powerful Santa Ana winds have subsided for now. As firefighters battle the massive flames, agencies are helping displaced families. — Los Angeles Times
- Citigroup plans to cut about 53,000 jobs soon, in addition to 22,000 already announced.
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