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Magic Takes on the Economy

Paige Donner | Posted 05.25.2011 | Business
Paige Donner

"Minorities have to get out of dominating sports and entertainment and get into dominating money," said Johnson who is part-owner of the Los Angeles Lakers.

Citi, Wells Fargo Extend Cease-Fire Over Wachovia

Reuters | Dan Wilchins | Posted 05.25.2011 | Business

Citigroup Inc and Wells Fargo & Co agreed to extend their legal standstill for two more days as they scrambled to come to a deal that could see them d...

Citi, Wells Call Truce On Wachovia, But Wells May Win Anyway

Reuters, BloggingStocks | Dave Burdick | Posted 05.25.2011 | Business

The bizarre battle for a troubled bank that started on Friday continues this week. Citigroup, which claims it had an exclusive deal with the FDIC and ...

Citigroup Lays Out Wachovia Claims

New York Times | Jonathan D. Glater | Posted 05.25.2011 | Business

The financial giant, Citigroup, on Monday finally filed its complaint against rivals banks Wachovia and Wells Fargo, laying out the claims underlying ...

Wachovia, Citigroup, Wells Fargo Drama Worries Fed

Dave Burdick | Posted 05.25.2011 | Business

Last week, Citigroup and the FDIC seemed to be close to a deal to acquire the troubled Wachovia Corp. Then, on Friday, Wells Fargo swooped in and made...

The New Meaning Of Diversification

Ron Galloway | Posted 05.25.2011 | Business
Ron Galloway

Like stocks, institutions go down too. Having all your money with one brokerage firm or financial advisor is foolhardy, even if they are "diversifying" your investments.

Jim Cramer Admits: "I Screwed Up" In Recommending Wachovia Stock Two Weeks Ago Because I Liked The CEO

Huffington Post | Posted 05.25.2011 | Business

Jim Cramer apologized Monday on "Mad Money" for recommending that his viewers buy Wachovia stock just two weeks ago, a recommendation he acknowledged ...

Citigroup To Buy Wachovia Banking Operations For $1 A Share

New York Times | Posted 05.25.2011 | Business

Citigroup has agreed to buy Wachovia's banking operations for $1 a share, a move that that would concentrate power within the nation's banking industr...

Wachovia, Citi Begin Early Deal Talks, Reports

NY Times | Posted 05.25.2011 | Business

Updated: Wachovia has begun preliminary talks with Citigroup about a potential merger, people briefed on the matter said Friday afternoon. Feelers ha...

John Mack, Morgan Stanley Chief, Springs Into Action

BusinessWeek | Emily Thornton | Posted 05.25.2011 | Business

With financials taking the biggest hits in the Wall Street crisis, Morgan Stanley CEO John Mack has sprung into action, reports BusinessWeek: As Morg...

Source: Morgan Stanley Holds Takeover Talks With Wachovia, CITIC

Reuters | Posted 05.25.2011 | Business

Morgan Stanley (MS.N), which saw its stock pummeled Wednesday on worries it may not survive the credit crunch, has held preliminary takeover talks wit...

Cramer On A Great Depression: Is It Just Worth Having? (VIDEO)

CNBC | Posted 05.25.2011 | Business

Jim Cramer, host of CNBC's "Mad Money," asked Wachovia CEO Robert Steel about the various crises in the U.S. economy and the Federal Reserve's respons...

Housing Values Drop, Sting Bank Stocks

Wall Street Journal | James R. Hagerty and Jonathan Karp | Posted 05.25.2011 | Business

The steep losses on sales of foreclosed homes are painful for banks and investors in the short run but should help clear the backlog. That would allow...

Wachovia CEO Feels Investors' Pain, But Still Has $14 Million In Stock, So It's Cool

ClusterStock | Henry Blodget | Posted 05.25.2011 | Business

Wachovia's incoming CEO, Bob Steel, made a smart PR move a couple of weeks ago: He reached into his (deep) pocket and bought $16 million of Wachovia s...

Stemming A Banking Crisis: Regulators, Managers And Banks Try To Calm Nation

Huffington Post | Posted 05.25.2011 | Business

How could this not have been the next link in the chain? The mortgage crisis that became a credit crisis appears to now be a banking crisis, and inv...

Wachovia Ends Pay-What-You-Want Mortgages

Blogging Stocks | Zac Bissonnette | Posted 05.25.2011 | Business

In a rare indication that there may be some reasonably intelligent executives running things at America's top banks, Wachovia Corp. (NYSE: WB) has dec...

Wachovia Investigated By Feds In Drug Money Laundering Probe

CNNMoney | Posted 05.25.2011 | Business

Wachovia Corp. is being investigated by Federal prosecutors as part of a probe into alleged drug money laundering by Mexican and Colombian money-trans...

How The Press Failed Readers On The Changing Credit Card Industry

Columbia Journalism Review | Dean Starkman | Posted 05.25.2011 | Media

One of the paradoxes of the business press is that while everyone should read it, since we all live in the economy, not everyone does. In fact, most p...

"Headwinds" Jumps The Shark

Stanley Bing | Posted 05.25.2011 | Business
Stanley Bing

It seems impossible to describe the current business environment without using the word "headwinds".

Will You Cash Out Before The Market Crashes?

Motley Fool | Tim Hanson | Posted 05.25.2011 | Business

Six -- count 'em, six -- major financial firms now declare that the United States is in recession. That list includes heavyweights such as Goldman S...

Wachovia Papers Prove Bank Knew About Frauds

New York Times | Charles Duhigg | Posted 05.25.2011 | Business

Last spring, Wachovia bank was accused in a lawsuit of allowing fraudulent telemarketers to use the bank's accounts to steal millions of dollars from ...

Merrill CEO O'Neal Rumored To Have Angered Board With Merger Talk

New York Times | JENNY ANDERSON, LANDON THOMAS, Jr. | Posted 05.25.2011 | Business

Facing billions of dollars in losses from the subprime mortgage crisis, Merrill Lynch chairman and chief executive, E. Stanley O'Neal, floated the ide...