Wells Fargo to raise $10 billion to fund Wachovia deal (Reuters)
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Reuters - Wells Fargo & Co said on Wednesday it plans to sell at least $10 billion of stock to help fund its purchase of Wachovia Corp , which will create the fourth-largest U.S. bank by assets.
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November 5th, 2008
Wells Fargo to sell $10 billion stock to fund Wachovia deal (Reuters)
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Reuters - Wells Fargo & Co on Wednesday said it plans to sell at least $10 billion of stock to help fund its purchase of Wachovia Corp , which will create the fourth-largest U.S. bank by assets.
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GMAC has $2.52 billion loss; ResCap unit may fail (Reuters)
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Reuters - Finance company GMAC LLC lost $2.52 billion in the third quarter, hurt by slumps in the housing and auto markets, and said its Residential Capital LLC mortgage unit may fail.
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GMAC 3Q loss widens, blames economic woes (AP)
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AP - GMAC Financial Services says its third-quarter loss widened to $2.52 billion, pulled down by steep losses at its mortgage division.
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