Fed approves purchase of Wachovia
October 13, 2008 9:33 AM
The Federal Reserve approved Wells Fargo’s $11.7 billion purchase of Charlottes, N.C.-based Wachovia. Wells Fargo, based in San Francisco, wants to complete the sale by the end of the year.
Citigroup drops Wachovia bid
October 10, 2008 9:39 AM
Roundup: Citigroup announced it would end its bid for Wachovia, paving the way for Wells Fargo to purchase all of Wachovia for $15 billion; Jenmar to create 50 new jobs in Giles County; U.S. government considers bank investments
Virginia stocks fall along with Dow’s plunge
October 09, 2008 4:48 PM
The Dow Jones Industrial Average plunged 679 points in late-afternoon trading as the U.S. Treasury’s proposal to invest in bank assets failed to soothe investors. Virginia stocks plummeted as well.
Prince William considers land use plan based around mass transit
October 09, 2008 9:32 AM
Roundup: Prince William County officials are considering a new land-use design for the county, creating 25 walkable communities based around mass transit; Virginia housing officials are meeting to decide how to spend $46 million in federal aid to slow foreclosures
Fed cuts key rate to 1.5 percent
October 08, 2008 8:26 AM
Roundup: The Federal Reserve ordered an emergency interest rate cut Wednesday morning in coordination with other global central banking authorities; Gateway Financial Holdings to recoup some Freddie, Fannie losses through federal tax benefits
Dow plunges 500 points, Virginia stocks fall too
October 07, 2008 5:02 PM
The Federal Reserve’s move to loosen credit markets Tuesday failed to assuage investors, as the Dow Jones Industrial Average plummeted another 500 points to a five-year low. Virginia stocks also fell.
SCC approves transmission line in Northern Virginia
October 07, 2008 2:08 PM
The Virginia State Corporation Commission approved Virginia’s portion of a controversial power line on Tuesday, ruling it is needed to provide reliable electric service.