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Despite Wachovia losses, exiting execs could walk off with millions

Oct. 9, 2008
The top brass of Wachovia Corp., which lost billions betting on risky mortgages and neared the brink of bankruptcy last week, could walk away with tens of millions of dollars if Wells Fargo & Co. completes its acquisition of the Charlotte, N.C. bank. In...
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Wells Fargo completes Wachovia Corp. deal

SAN FRANCISCO, Jan. 1 (UPI) -- San Francisco bank Wells Fargo & Co. said it had closed on its purchase of Wachovia Corp., making it the fourth-largest U.S. bank measured by assets.
Judge rejects Wachovia lawsuit

Judge rejects Wachovia lawsuit

CHARLOTTE, N.C., Dec. 6 (UPI) -- A North Carolina judge has rejected a lawsuit filed by a Wachovia shareholder seeking to block the bank's sale to Wells Fargo.

Wachovia execs due hefty severance pay

CHARLOTTE, N.C., Nov. 25 (UPI) -- Ten top executives at North Carolina's Wachovia Corp. could receive nearly $100 million in severance pay if displaced by a Wells Fargo merger, records show.

Lawsuit seeks to block Wachovia deal

CHARLOTTE, N.C., Nov. 23 (UPI) -- Shareholders who oppose Wachovia's purchase have filed a class-action lawsuit to block Wells Fargo's impending purchase of the bank.
State treasurer pans Wachovia deal

State treasurer pans Wachovia deal

RALEIGH, N.C., Nov. 12 (UPI) -- North Carolina Treasurer Richard Moore sounded bitter tones about the Wells Fargo takeover of Wachovia Corp. in a television interview Wednesday.

Wells Fargo raises $11 billion, but ...

SAN FRANCISCO, Nov. 7 (UPI) -- Wells Fargo & Co. issued 407.5 million new shares at discount prices, raising $11 billion in fresh capital to help finance the purchase of Wachovia Corp.

Wells Fargo will downsize Wachovia

SAN FRANCISCO, Nov. 6 (UPI) -- Wells Fargo will downsize several of North Carolina bank Wachovia Corp.'s businesses, Chief Financial Officer Howard Atkins said.
Wachovia posts $24B in 3rd-quarter losses

Wachovia posts $24B in 3rd-quarter losses

CHARLOTTE, N.C., Oct. 22 (UPI) -- Wachovia, soon to be swallowed by Wells Fargo, revealed Wednesday just how deep the red ink is at the North Carolina bank -- $24 billion in the third quarter.

Wachovia talked early with Warren Buffett

CHARLOTTE, N.C., Oct. 16 (UPI) -- Wachovia Corp. top executives discussed a $5 billion deal with U.S. billionaire investor Warren Buffet in September, an unnamed source said.
Fed rushes to approve Wachovia purchase

Fed rushes to approve Wachovia purchase

WASHINGTON, Oct. 13 (UPI) -- The U.S. Federal Reserve Board said Monday it had approved the $12.2 billion purchase of Wachovia Corp. by Wells Fargo & Co.

Citigroup gives up quest for Wachovia

CHARLOTTE, N.C., Oct. 9 (UPI) -- Citigroup dropped its bid to acquire Wachovia Corp. late Thursday, clearing the way for a merger between the North Carolina bank and Wells Fargo.

Wachovia brokers Greek Isles cruise is off

CHARLOTTE, N.C., Oct. 9 (UPI) -- A planned all-expenses-paid Greek Isles cruise for some of Wachovia Securities LLC's top brokers has been called off, the company said Thursday.
Citigroup and Wells Fargo still wrangling

Citigroup and Wells Fargo still wrangling

CHARLOTTE, N.C., Oct. 8 (UPI) -- The tug of war for North Carolina's Wachovia Corp. continued Wednesday with Citigroup seeking backers to support its offer, sources said.
Wachovia and suitors agree to talk

Wachovia and suitors agree to talk

WASHINGTON, Oct. 7 (UPI) -- Two companies pursuing North Carolina's struggling Wachovia Corp. agreed to try to settle the deal out of court, the companies said.
Fed steps in to prod Wachovia deal along

Fed steps in to prod Wachovia deal along

WASHINGTON, Oct. 6 (UPI) -- The U.S. Federal Reserve bank is trying to negotiate a compromise between two banks trying to purchase parts or all of Wachovia Corp.
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French Open tennis in Paris
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Russian Maria Sharapova signs autographs after winning her French Open womens first round match against Romanian Alexandra Cadantu at Roland Garros in Paris on May 29, 2012. Sharapova defeated Cadantu 6-0, 6-0 to advance to the next round. UPI/David Silpa