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...lead in pricing up the market are the institutions most battered by the credit crisis and flagging economy. Among the companies offering the highest yields on CDs are GMAC, the financing arm of the carmaker GM; Corus, a Chicago bank that has lost substantial money on construction loans; Wachovia, the Charlotte, N.C., bank whose sale to Wells Fargo was brokered by regulators in October; and the bank affiliate of the insurance company AIG, which the Federal Government started bailing out in September...

Author: /time Magazine | Title: The CD-Rate Scramble: Better for Depositors than for Banks | 12/8/2008 | See Source »

Financials were among the worst performing sectors of the day, with bank stocks dropping more than 17% on average. Shares of Citigroup, Merrill Lynch, Bank of America and Wachovia all fell more than 20%, largely erasing last week's financial-stock rally. Shares of oil companies fell sharply as well on Monday, as the price of crude sank to $49.28 per barrel, a decline of more than 9%. (See the Top 10 Wall Street Meltdowns...

Author: /time Magazine | Title: The Recession Is Made Official — and Stocks Take a Dive | 12/1/2008 | See Source »

...guaranteeing money-market funds after a run began on them in October; opening the Fed lending windows wide to keep credit from freezing completely; and intervening to wind down big players with a semblance of order, without which we could have seen a retail panic against a Merrill or Wachovia or AIG. As Treasury Secretary, Geithner will play a large role in erecting the last pillar - regulating risk and leverage in the shadow banking system...

Author: /time Magazine | Title: Obama Picks Geithner, an Insider, for Treasury | 11/22/2008 | See Source »

...walk the mall, and consumers look like zombies. They're there in person, but not in spirit.' JOHN MORRIS, a Wachovia retailing analyst, on the nation's rising unemployment rate and the disappointing sales figures reported in October by dozens of major stores...

Author: /time Magazine | Title: Verbatim | 11/13/2008 | See Source »

...real estate services provider CB Richard Ellis - by far the best in the nation - even if the building's 1.3 million square feet went empty, the city would still be comfortably ahead of the national rate of 13.6%. Figures from the local chamber of commerce hold that even without Wachovia's contribution, Charlotte will remain the nation's second largest banking center behind New York; $3.3 trillion in assets alone come from the combined Bank of America and its recent acquisition of Merrill Lynch...

Author: /time Magazine | Title: Charlotte Stays Optimistic After the Banking Fallout | 10/28/2008 | See Source »

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