Even though the President signed the Bailout bill after the House approved it today by a vote of 263-171, stocks continued to slide. European banks are swooping in getting the business that is left unclaimed by the financial demise of some US banking institutions.
A majority of Republicans, 108-91, voted against the bailout bill.
After the House rejected the plan, the Senate stepped in, and attached a $150.5 billion package of popular provisions, including tax breaks for the production and use of renewable energy and protection for millions of American families from paying the alternative minimum tax, which was initially aimed at the wealthy.
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The final agreement called for the $700 billion to be disbursed in parts: $250 billion at first, to get the program started, followed by $100 billion at the discretion of Mr. Bush and the remaining $350 billion upon request of the Treasury with Congress empowered to block the last installment by acting within 15 days.
Wells Fargo is buying all of Wachovia for $15.1 billion. This trumps the deal Wachovia had with Citigroup, which was for $2.2 billion.
Wachovia’s deal with Wells Fargo will further concentrate Americans’ bank deposits in the hands of three banks: Bank of America, JPMorgan Chase and Wells Fargo would control more than 30 percent of the industry’s deposits. Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. *
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