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Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets. [3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate ...
In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset ...
Details from the Detroit bankruptcy filing. The city of Detroit, Michigan, filed for Chapter 9 bankruptcy on July 18, 2013. It is the largest municipal bankruptcy filing in U.S. history by debt, estimated at $18–20 billion, exceeding Jefferson County, Alabama 's $4-billion filing in 2011. [1] Detroit is also the largest city by population in ...
A daily look at legal news and the business of law: Wachovia Admits Violations, Will Pay $160 Million Wachovia, now a subdivision of Wells Fargo (WFC), had a relationship with a Mexican "casas di ...
List of bank failures in the United States (2008–present) On average, between 1980 and 1994, a US bank failed every three days. The pace of bankruptcies peaked immediately after the 2008 financial crisis. [1] The 2007–2008 financial crisis led to many bank failures in the United States. The Federal Deposit Insurance Corporation (FDIC ...
1976 - 2008. G. Kennedy Thompson, also known as Ken Thompson, (born November 25, 1950) is an American banker and businessman who was chairman, president, and CEO of Wachovia Corporation, formerly First Union Corporation, from 2000 through 2008. [1] During his leadership, Wachovia grew to become the nation's fourth largest bank. [2][3]
Golden West Savings and Loan Association was purchased in 1963 for $4 million by Herbert Sandler and Marion Sandler, through their newly created corporation, Golden West Financial. Some of the capital for the acquisition came from bank loans, with the balance coming from Marion's family money. [2] Marion Sandler, a former Wall Street analyst ...
CoreStates Financial Corporation, previously known as Philadelphia National Bank (PNB), was an American bank holding company in the Philadelphia, Pennsylvania, metropolitan area. The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to ...
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