1. The Fed has given Wells Fargo the a-okay on the Wachovia deal, shortening the usual notice period due to "unusual and exigent circumstances affecting the financial markets, the weakened financial condition of Wachovia and all other facts," including the need to, while it might hurt in the short term, give Count Vikula closure.
2. CNBC put its Google to work and informs us that "Sports Day" is in commemoration of the 1964 Olympics.
3. Geoffrey Raymond, the greatest artist of our time, has finally done a Paulson. Our one issue with the piece is that it's called "The Screaming Pope," which sort of brushes the issue of Paulson being a Christian Scientist under the table. (We can't help but being fans of the Bald but can we really trust a man who has no regard for his own well-being? That's still up for debate.) Anyway, Raymond has set the bidding for his latest at $25,000.
Posted by guest , Oct 12, 2008 10:50PM
...but the Fed ain't FIRSTY!
Posted by guest , Oct 12, 2008 11:15PM
That is good news - one big chunk of uncertainty taken out of the equation. Of course MCO and S&P will likely put WFC on "ratings watch" or something hostile like that and WFC may have to raise some additional cash but with Buffet's backing they should get at least as good of a deal as GS did.
If we can get the MS and SOV deals done by tomorrow and maybe that rumor of a Canadian bank taking over NCC...well that should definitely help out the banks.
Any ideas on which Canadian bank that is? The CW last week was BNS.
Posted by guest , Oct 13, 2008 12:09AM
Weed all could learn a thing or to from #1.
SPODE
Posted by guest , Oct 13, 2008 12:52AM
I love The Screaming Pope, but I don't have $25,000.00.
Posted by guest , Oct 13, 2008 1:25AM
Why haven't the useless members of Congress dragged the heads of Moody's and S&P in front of them to pour on the shame they've dealt to Fuld & AIG?
Posted by guest , Oct 13, 2008 1:41AM
@5 Because then every Tom, Dick, Harry, and Mary on Main Street would join us in knowing that Moody's and S&P ratings are nothing but paid advertisements, as reliable as 3AM TV infomercials for baldness remedies; and then the market would REALLY crash.
Posted by guest , Oct 13, 2008 8:11AM
That looks as if it has captured the actual point of incertion, where Paulson lost his virginity to the Chinese.
It must have gotten better, he went back 100's of times.
http://tinyurl.com/4ofhre
Posted by guest , Oct 13, 2008 9:23AM
So what does this mean for WB/WFC? Will the merger happen before the previously expected end of the year?