AIG bailout swells to more than 150 billion dollars
The federal lifeline to American International Group grew to 153 billion dollars, adding 40 billion from the 700 billion rescue plan. The move aims to stabilize markets while GM Ford and Chrysler seek relief and AmEx gains bank holding status.
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Banks reap tax breaks atop bailout billions
The Treasury Department issued a quiet tax policy offering large breaks to firms acquiring distressed banks hit by the mortgage crisis. Analysts warn the policy could cost the Treasury up to 140 billion, letting buyers use the acquired banks losses to offset profits. Wells Fargo and others eyed Wachovia bids amid the changes.
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Wachovia Corp
Notable Tax Savings Tied to Change and Wachovia Deal
Brief note says the notice yields about 20 billion in extra tax savings after the change, per analyses. It also records Wells Fargo’s 14.8 billion stock purchase to acquire Wachovia, outlining the financial maneuver.
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Wells Fargo
Wachovia
Detroit GM shares sink to 60 year low amid bailout fears
Detroit General Motors shares plunged to a 60 year low as analysts warned collapse without government aid. The company said it would cut 1900 factory jobs in addition to 3600 cuts on Friday, with shares closing down 1.00 at 3.36 dollars.
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