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In one brain-melting two-minute clip, watch all the media frenzy, punditry, and cable-news excitement of the financial meltdown, courtesy of CNN’s own Rick “The Twitter Board Is Blowing Up!” Sanchez. [YouTube]
For three weeks, Alan Fishman was the CEO of WaMu before it went bust. For his excellent stewardship during these turbulent times, Fishman is eligible for at least $18 million, thanks to his signing bonus. Not blaming the guy, the place was screwed well before he got there, but, man, $6,000,000 a week, not a bad gig, eh?
Despite the fact that unprecedented outcry from taxpayers overwhelmed the servers hosting the Web sites of the House and its members, forcing administrators to limit e-mails from the public for the first time ever, the steady push toward a bailout plan continues. The newest version of the plain contains what CNN is calling “sweeteners” — tax cuts and health care reforms that are meant to appeal to the holdouts.
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Word is Sovereign Bank and National City Corp are “next on the FDIC’s to-do-list.” [Clusterstock]
Web Extra: Rumor Control! [On The Money]
The New York Times has quoted an expert from Rice University who thinks that the gas shortages in Georgia, North Carolina and Tennessee could continue for two more weeks.
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.
Kiplinger’s has put together a list of 10 things that you, fair consumer, can expect from our new post-wall-street-apocalypse economy. Should you be scared? Maybe.
Citi’s been burned enough by its cardholders’ profligate spending, apparently. Check out the message on this activation sticker on a new card. We like the inclusion of a sort of Yin-yang background, as if to remind us that debt and repayment are equal elements of the consumer credit world. A balance must be maintained! Just, you know, not so high a balance that you can’t make your monthly payments.(Thanks to Jerry!)
After reading these 10 links, the I Will Teach You To Be Rich blog believes they will make you smarter than 99% of other people about the financial crisis, what it means, and what to do about it. [I Will Teach You To Be Rich]
We received a tip today that Bank of America supposedly plans to close nearly all of its customers’ credit cards on October 1st, but the only source we can find for this rumor is a single post at iReport.com, CNN’s public journalism free-for-all. Everything else online that mentions this is traced back to that one short post. So, until we find out more, we’re going to say this one is bunk—and a great example of how wild rumors can pop up during desperate times. (Thanks to Joseph!)
Seeing the greatest single-day point drop in the Dow is probably not the kind of history anyone wants to be living through right now. The failure of the bailout bill to pass caused a big freakout in the market, which thought we were going to get a bailout today. But before you click the button to transfer all your investments to 0% return T-bonds (aka I give up on investing), first ask yourself if that’s really in line with your long-term investment goals. Secondly, realize that point-wise it might the greatest drop, but it’s not the greatest drop percentage-wise. In other words, we’ve been here, and bounced back, before. If you’re decades away from retirement, today’s plunge is a buying opportunity. Here are some thoughts about fighting the urge to panic.
Reader Pierre is a small business owner who has an American Express Business Account that used to have a $25,000 limit, but has now been cut to $1,800. He says his company’s bill is usually around $12,000 a month, and it is always paid in full — on time. While Pierre is clearly upset with American Express, the Wall Street Journal says that all banks are cutting access to credit.
What do Wachovia customers need to do now that Citigroup owns your ass? Absolutely nothing. You can do all your online and offline banking just like nothing happened. No temporarily held funds, no chained and locked bank branches. Everything is the same. Even your bank’s regulator remains the Office of the Comptroller of Currency. Down the road there will likely be a few alterations, most of them cosmetic. Read our post “Insiders: Probable 1-Year Timeline For Customers In WaMu To Chase Transfer” for some of the changes you can expect.
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Dow industrials fell 700 on fears bailout package vote would fail, but later recovered to a loss of about 400. Right now the “Nays” are winning, but the voting is still open, and arms are apparently still being twisted and anything could happen. No bailout. The House defeats the bill on the $700 billion rescue plan 228-205.[WSJ]
Reader Steve says this photo was taken at the Austin City Limits Festival on the same day that WaMu was seized by federal regulators — making it not only funny, but extremely accurate.
There’s a gas shortage in Atlanta, GA, so consumers are using Twitter to help each other find gas. They’re tagging their posts #atlgas whenever they spot some and letting others know the price and location, as well as tossing out requests for information. The tag was created by Tessa Horehled who writes the DriveAFasterCar blog.
Part of Wachovia will remain independent — including its massive brokerage business which ballooned after it purchased AG Edwards in 2007, as well as its Evergreen investment management division.
Part of 
