Yeah, I know these are getting old by now, but isn’t that the point? How many more banks have to collapse and get bought-out before we can just go on with our little lives?
Turns out while lawmakers were scurrying around Washington hatching out that big bailout deal this weekend, execs at Wachovia were realizing how much they suck. It must have been a tough realization, but they were consoled nicely when news broke that Citigroup would be taking over. I guess Citi CEO Vikram Pandit and his elf friends actually never sleep.
Surprisingly, the huge, much-anticipated bailout resolution that everyone was all a twitter about over the weekend was not the biggest news today. First Wachovia turns into WachoviaCiti. Which sounds a lot like ‘Watch Over Ya Ciy’. As in what Superman would do, perhaps? (The bank’s CEO is Robert K. Steel aka ‘The Man of Steel’, so maybe?)
Now news is spreading that the bailout hasn’t worked and the world’s markets are realizing it. The markets in England and Germany, along with many Asian markets realized this wouldn’t cut it and they fell into a spiral. This prompted the Fed and 9 other central banks to announce another gigantic liquidity injection into the markets.
Throw more money at it! It can’t be stopped! It’s gonna be a busy day, so stay tuned.
NYT: Fed makes billions available to battle crisis, September 29, 2008