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Market Watch (Free subscription) | 7 hours ago
LONDON (MarketWatch) -- Wachovia Corp. is selling around $40 million of land and construction loans to a joint venture headed by LandCap Partners in what could be an early sign investors are starting to pounce on loans in the troubled sector, The Wall Street Journal reported Wednesday. LandCap is a residential-land company run by Jeffrey Gault. The loans, which have a book value of $75 million to...
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Banking Times: Daily Banking News (Free subscription) | yesterday
Evergreen Investments, the investment management brand of Wachovia Corporation, has announced a range of appointments in its municipal bond group. Mathew Kiselak, portfolio manager, is to take on responsibility for leading Evergreen’s municipal bond group. He brings more than 20 years of experience to his new job, and has been with Evergreen or its predecessors for the [...]
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The Earth Times Online Newspaper (Free subscription) | 08/15/2008
New York - Wachovia Corp reached a multibillion-dollar settlement with regulators and governments on Friday, joining the banks settling allegations they improperly urged customers to buy a type of bond that fell apart in conjunction with the subprime...
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Market Watch (Free subscription) | 08/15/2008
State and federal regulators say that Wachovia Corp. has agreed to a preliminary settlement related to the sale of roughly $9 billion in auction-rate securities, the market for which collapsed earlier this year.
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Market Watch (Free subscription) | 08/15/2008
State and federal regulators say Wachovia Corp. has agreed to a preliminary settlement related to sales of auction-rate securities, the market for which collapsed earlier this year.
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Market Watch (Free subscription) | 08/15/2008
BOSTON (MarketWatch) -- The Securities and Exchange Commission on Friday said Wachovia Corp. has agreed to a settlement related to sales of auction-rate securities, the market for which collapsed earlier this year. Under the settlement, Wachovia will offer to purchase roughly $5.7 billion of auction-rate securities held by individual investors, small businesses and charitable organizations, the SEC...
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Market Watch (Free subscription) | 08/15/2008
BOSTON (MarketWatch) -- BluePoint Re Ltd., a unit of banking giant Wachovia Corp. , is being liquidated in Bermuda and is seeking protection from a U.S. court to protect its assets, The Wall Street Journal reported Friday. BluePoint was hit by higher defaults on mortgage securities and ratings downgrades, according to the story. Wachovia shares were up 3% in premarket action Friday morning. Market...
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Calculated Risk (Free subscription) | 08/14/2008
From Bloomberg: Wachovia's BluePoint Insurance Unit Files Bankruptcy Wachovia Corp.'s BluePoint Re Ltd. unit, which insures structured finance and municipal transactions, filed for bankruptcy protection, citing defaults on securitized mortgages.This is a small reinsurer, but it's interesting that Wachovia has decided not to provide additional funding.
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Examiner (Free subscription) | 08/14/2008
Wachovia Corp. is close to agreeing to buy back $8 billion of auction-rate securities and pay fines to settle charges it misled investors about the risks, according to a person close to the negotiations.
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kansascity.com (Free subscription) | 08/14/2008
Wachovia Corp. is close to agreeing to buy back $8 billion of auction-rate securities and pay fines to settle charges it misled investors about the risks, according to a person close to the negotiations.
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Boston Globe (Free subscription) | 08/14/2008
Wachovia Corp. shares surged 8 percent Thursday, rebounding sharply after suffering steep losses this week due to a wave of negative financial news.
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Market Watch (Free subscription) | 08/13/2008
NEW YORK (MarketWatch) -- North Carolina banks Wachovia Corp. and Bank of America led financial-sector shares lower early Wednesday. Shares of both Wachovia and Bank of America lost more than 4% at the opening bell. The Financial Select Sector SPDR , an ETF that tracks financials in the S&P 500, lost 1.4%, while the Amex Securities Broker/Dealer Index was flat in early action. Market Pulse Stories...
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The Big Picture (Free subscription) | 08/13/2008
Correct me if I am wrong, but I do believe Robert Steel of Wachovia owes a royalty payment to John Thain of Merrill Lynch. Why? For for this manuevuer: "Wachovia Corp increased its previously reported second-quarter loss to $9.11 billion to cover costs to settle a probe of auction-rate securities sales, and said it will cut more jobs as the housing market deteriorates. The fourth-largest U.S. bank...
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Market Watch (Free subscription) | 08/12/2008
Wachovia Corp. continues to drag down financials after the bank revises lower its quarterly loss, and the broader sector suffers further after the hammering of bad news.
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Market Watch (Free subscription) | 08/12/2008
J.P. Morgan Chase is writing off $1.5 billion of bad mortgage loans, and Wachovia Corp. has added a further $500 million reserved for a regulatory settlement to its previously reported second-quarter loss, as the nation’s largest banks continue to untangle themselves from market meltdowns.
