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(Updates with information from Wells Fargo)
DOW JONES NEWSWIRES
Bank of America Corp. (BAC) confirmed that a "large group" of employees were on a plane that crashed into the Hudson River Thursday afternoon.
According to a spokeswoman with the Transportation Security Administration, US Airways flight 1549 took off from Laguardia Airport at 2:49 p.m. carrying about 148 passengers and five crew members. The plane was bound for Charlotte.
US Airways Group Inc.'s (LCC) chief executive has said everyone is off the plane and accounted for.
Wells Fargo & Co. (WFC) had three employees on the plane and "all three are safe," said spokeswoman Mary Eshet. Wells Fargo employs about 20,000 people in the Charlotte area following its recent acquisitions of Wachovia Corp.
For immediate release - January 16, 2009
Treasury, Federal Reserve, and the FDIC Provide Assistance to Bank of America
The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access, and capital as part of its commitment to support financial market stability.
Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses...
...the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan.
Originally posted by audas
Yeah this is the item of the day -
Bank of America being bailed out SPECIFICALLY for the Merrill Lynch deal. Now lets be CLEAR about this Lewis was asked categorically WHY he was taking over the bank before it went down and paying above the market rates for it ?
Every man and his dog thought it was moronic - and they were absolutely right so too was Fido (the dog). So now it appears that this incompetence is to be rewarded - think I might go and buy a bank, if i cant pay its ok as the TAX PAYER WILL ??!!
This is the same Bank that supports Mountain Top Lopping as a mining practice (well so long as no more than HALF your coal comes from this method) - one of the most environmentally unsound sources there is - OBAMA - or should that read OOOOHHH-bummer.
Seriously this guy was hailed as the messiah - yet here he is backing israel to the hilt in its destruction of Gaza and supporting a corrupt bank who destroys the environment....so far so good.
Originally posted by St Udio
the media is saying it was Canadian Geese
Irony has it that it was actually a 'Black Swan event