Wachovia news stories on Newser

Wachovia to Be Charged in Mortgage CDO Scandal

Kevin Spak — Mon, 04 Apr 2011 09:07:05 CDT

The SEC is getting ready to bring civil charges against Wachovia for allegedly jacking up prices on its CDOs, even as the loans underlying them fell in value, sources tell the Wall Street Journal . The charges come out of a larger SEC probe into Wall Street’s shady CDO practices, which...

Foreign Banks Got Majority of Secret Fed Loans

Kevin Spak — Fri, 01 Apr 2011 08:00:00 CDT

When the Federal Reserve opened its “discount window” at the height of the financial crisis, a lot of foreign banks lined up. The 97-year-old program hit an all-time high during October 2008, and during its peak week, 70% of the $110.7 billion doled out went to foreign banks, according...

Big Banks Laundered Money for Mexican Drug Gangs

Kevin Spak — Tue, 29 Jun 2010 11:56:00 CDT

Some of the biggest banks in the US have been helping to funnel hundreds of millions of dollars to Mexican drug gangs, Bloomberg reports. Wachovia, for example, has admitted in court that it didn’t do enough to spot the $378.4 billion in drug money the cartels handed off through...

BoA, Wells Fargo Wrap Up Takeovers

Drew Nelles — Thu, 01 Jan 2009 15:27:06 CST

Bank of America and Wells Fargo completed their respective takeovers of Merrill Lynch and Wachovia this week, expected developments that close the books on a year of unprecedented change in the banking industry, Reuters reports. The acquisition of Merrill makes BoA the largest US bank by assets, with $2.7...

Citigroup Looks to Buy Bank After Wachovia Misstep

Jim O'Neill — Mon, 10 Nov 2008 07:54:01 CST

After losing Wachovia to Wells Fargo, Citigroup is again looking to buy a bank to bolster its deposit base in the face of continuing economic turmoil, reports the Wall Street Journal . The latest target is a regional bank considerably smaller than Wachovia. Citi recently drew $25 billion from the Treasury...

Sour Earnings Sink Stocks

Kevin Spak — Wed, 22 Oct 2008 08:51:23 CDT

Recession fears kept bears roaring today, as the Dow shed 230 points at the open on a spate of lousy third-quarter results. Wachovia posted a staggering $23.9 billion loss to lead a group of five gloomy blue chip reports, the Wall Street Journal reports. “We’ve seen a range of...

Wachovia Takes Massive $23.9B 3rd Quarter Loss

Jim O'Neill — Wed, 22 Oct 2008 08:40:46 CDT

Wachovia reported losses of $23.9 billion in the third quarter, a whopping hit of $11.18 per share that blew by analysts’ estimates of a 2-cent-per-share loss, reports Bloomberg. But Wachovia’s loss—virtually all tied to mortgages or mortgage-related securities—may be Wells Fargo’s gain.

Feds Give Green Light to Wells Fargo-Wachovia

Fri, 10 Oct 2008 15:02:01 CDT

Federal antitrust regulators cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp. today, capping a weeklong battle for the Charlotte, NC-based bank. The rapid approval comes a day after Citigroup walked away from its acquisition effort. Citigroup plans to seek $60 billion in damages for breach of contract but...

Citi Drops Wachovia Talks, Will Still Sue for Damages

John Johnson — Thu, 09 Oct 2008 17:23:50 CDT

Citigroup said today it's going to let Wells Fargo go ahead with its acquisition of Wachovia, the Wall Street Journal reports. But all's not chummy in the banking world: Citigroup, which charges that Wachovia illegally backed out of a deal to accept a sweeter offer from Wells Fargo, is still...