Attention Wachovia customers: Wells Fargo just rode on on that stagecoach thing of theirs and stole your bank from Citibank, says the NYT. Rather than pick apart the pieces of Wachovia, Wells Fargo is going to buy the whole darn thing.
Surprise! Wells Fargo is buying Wachovia, even though Citibank said at the beginning of the week that it was going to. (Check out the full post here.) Unlike Citibank, Wells Fargo will absorb all parts of Wachovia, including its securities and retail brokerage biz, in a “$15.1 billion all-stock merger.” [DealBook] (Thanks to Stephen!)
TechCrunch has posted this “March Madness” style bracket of the recent financial meltdown. It was reportedly created by a general partner at Sansome Partners named Mark Slavonia, says TC.
Space. The final frontier. These are the voyages of Sirius-XM. Its continuing mission: to explore strange new anti-consumer practices. To seek out new revenue streams and crowd out new competitors. To boldly safeguard the dangerous monopoly granted last night by the FCC.
If you’re still on the fence about whether to spend your stimulus check, pay off debt with it, or stock up on ramen noodles, this checklist may help you decide. Some of the tips are pretty unnecessary—”your job duties are marginalized” and “your company plans to move to a smaller building” shouldn’t be hard to decipher. It never hurts to remind yourself about some of the signs of an impending downsize, however.
An unnamed source has told Reuters that American Airlines is in talks with US Airways about a possible merger—and that it’s also in talks with Continental about sharing passengers! Meanwhile, Continental is currently in talks with United about a possible merger of its own, and has said it will only choose one partner eventually. United, on the other hand, is not only pursuing Continental but is also in talks with US Airways about a merger. Yes, we have an airlines romantic triangle, folks. Someone’s heart is going to end up broken.
Delta and Northwest have finally agreed to merge together and form the world’s crappiest airline. The new airlines will be known as “Delta.” Are airline mergers like bank mergers, where the losing party in the deal usually gets to become the new namesake? [NYT]
The DOJ has approved a merger between Sirius and XM satellite radio, ruling that there wasn’t enough evidence to show that it would result in higher prices for consumers. We’ll see. [OrbitCast]
Stock market to Delta: “Just merge with someone already.” Yeah, Delta. Pick someone so we know which airline we’ll never be using again as long we live. (Ooooh, that was mean.) [NYT]
FTC head said she won’t recuse herself from the review of Google’s acquisition of the DoubleClick online advertising firm, despite petitions by some consumer groups alleging conflict of interest. [AP]
Two consumer groups have asked Deborah Platt Majoras, the chair of the FTC, to recuse herself from the antitrust review of Google’s purchase of Doubleclick. Majoras is married to a partner at Jones Day law firm, which represents Doubleclick.
The Wall Street Journal has it in their pretty little heads that AT&T is in the market for either EchoStar or DirecTV. And hey, why not? AT&T owns everything else.
Naked DSL, (DSL without the requirement to have a landline), will be available nationwide by the end of the year, according to statement made by AT&T to the Wall Street Journal.
According to the Chicago Sun-Times, Macy’s has cut their yearly outlook after their second quarter profits dropped 77%. What’s the big problem?
Back in 2005, when the (currently being opposed by the FTC) Whole Foods/Wild Oats merger was just a glint in the Whole Foods CEO’s eye… John “Anonymous Troll” Mackey was on Yahoo! forums bashing Wild Oats stock.
AT&T is required to offer a $10 DSL option to those consumers who are in AT&T’s 22 state coverage area and who have not previously subscribed to AT&T DSL. This requirement is part of concessions made to the FTC so that AT&T could merge with BellSouth and take over Cingular.
As part of a concession made to the FCC in order to get its mitts on BellSouth, AT&T is required to offer basic DSL for $10 a month to its entire 22 state coverage area for a period of 2 years.