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Academic

: Conglomerate

A Busy Sunday for the Fed

By Gordon Smith, Christine, Hurt, Vic Fleischer, Fred Tung, Lisa Fairfax, David Zaring

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Once again, the emergency means the usual rules are being disregarded for Wells Fargo-Wachovia, who got the Fed to meet on Sunday to approve their application for a merger:

In light of the unusual and exigent circumstances affecting the financial markets, the weakened financial condition of Wachovia, and all other facts and circumstances, the Board has shortened to 10 days the notice period to the primary regulators of the banks and savings associations involved in, and waived public notice of, this proposal...

So let's hope that nobody had any issues they wanted to raise with regard to this.  Or that the shareholders might want to vote on the merger.

Full post as published by Conglomerate on October 13, 2008 (boomark / email).

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