Oct 14th, 2008 · President Bush announced a $250 billion plan Tuesday in which the government will buy shares in the nation's banks. He vows that a massive purchase of stock in nine major U.S. banks will benefit the economy "by stabilizing the financial system." The president said the steps are not intended to take over the free market.
Oct 14th, 2008 · President Bush announced a series of steps Monday aimed at getting banks to resume lending, including the purchase by the government of stocks in U.S. banks. Read a transcript of his remarks.
Oct 10th, 2008 · Treasury Secretary Henry Paulson has said the government will go ahead with a plan to buy stocks in financial institutions. Meanwhile, The Group of Seven industrialized nations agreed to work together to fix the global economy.
Oct 6th, 2008 · Facing a lawsuit over deceptive mortgage practices, a Bank of America subsidiary will modify tens of thousands of loans to help keep people in 11 states from losing their homes. Borrowers stuck with Countrywide Financial mortgages that they can't afford could see their interest rates reduced or have the loan principal cut. Bank of America purchased Countrywide in June, at the same time Illinois and California sued Countrywide.
Oct 5th, 2008 · Small businesses in a working-class neighborhood of San Francisco are feeling the pinch of the economic slowdown. Sales are down dramatically in many retail stores as consumers hold back on both big and small purchases.
Oct 3rd, 2008 · Wells Fargo & Company stepped in to purchase Wachovia Corp. in a bid to become one of the largest financial services companies in the United States. The combined company will have $1.42 trillion in assets and $787 billion in deposits. It will have bank locations in 39 states.
Sep 19th, 2008 · Investment bank Lehman Brothers will soon be divided up and sold. British bank, Barclays is set to purchase Lehman's broker-dealer operations as well as its New York headquarters and New Jersey data centers. That leaves Lehman's commercial real estate assets, private equity investments and hedge fund investments.
Sep 16th, 2008 · The hottest major player on Wall Street is currently Bank of America. The North Carolina-based bank's recent purchase of Merrill Lynch will create one of the largest financial services firms in the world.