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Wells Fargo Did Not Want Bailed Out

The Wall Street Journal is reporting: ?It was Monday afternoon at 3 p.m. at the Treasury headquarters. Messrs. Paulson and Bernanke had called one of the most important gatherings of bankers in American history. For an hour, the nine executives drank coffee and water and listened to the two men paint a dire portrait of the U.S. economy and the unfolding financial crisis. As the meeting neared a close, each banker was handed a term sheet detailing how the government would take stakes valued at a combined $125 billion in their banks, and impose new restrictions on executive pay and dividend policies. Question of the Day The participants, among the nation's best deal makers [sic.], were in a peculiar position. They weren't allowed to negotiate...continue to full post

Full post as published by Crime & Federalism on October 15, 2008 (boomark / email).