They're falling like dominoes. Fortis, a huge Euro bank, just failed and got a bailout. Bradford & Bingley, a UK bank/mortgage lender also failed and got nationalized. Wachovia probably won't last past Tuesday at this rate. It also looks like the bailout won't save them even if/when it gets signed, since according to the analyst call they're at least weeks away from actually getting the money. Wonder who's next.
The crisis continues to spread ... Bill Heard, the world's largest GM dealership has filed for Chapter 11 bankruptcy protection. Bill Heard Chevrolet (subsidiary) also filed for Chapter 11.
fdic reporting citi buying wb banking ops aka wb = wamu edit...waiting to see for more details but looks like citi is assuming senior and sub debt
I was so wrong ... as of last night I was thinking they would make it through today. I guess the failures of Fortis and co. in Europe accelerated things a bit. WFC is weathering this drop extremely well. I'm so glad they pulled out of the deal...and go DTO!
