Linn Pops Up Higher Today !

NEW YORK, Dec 28 (Reuters) - Despite plummeting natural-gas and oil prices in the past six months that sent Linn Energy's stocks falling, and frozen capital markets that could make it hard for the company to make acquisitions, concerns about the oil and gas driller are probably unwarranted, Barron's wrote in its Dec. 29 edition.

Linn, which is a master limited partnership that pays out about 60 percent to 70 percent of its quarterly cash flow to shareholders in tax-advantaged distributions, has used hedging to lock in the high prices of last summer's energy price bubble for the next three to four years, Barron's wrote.

on its third-quarter distribution of 63 cents per unit, the company is offering a current yield of more than 20 percent, Barron's wrote.

One Citigroup (nyse: C - news - people ) analyst said Linn's distribution level is 'relatively secure,' and has a one-year price target on its stock of $22, while another, at RBC Capital Markets, has a target price of $27, Barron's wrote.

Linn Energy shares closed at $11.98 on Friday in trading on the Nasdaq.
Linn Energy, LLC (Linn Energy) is an independent oil and gas company focused on the development and acquisition of long-lived properties in the United States. The Company’s oil, gas and natural gas liquids (NGL) properties are located in three regions in the United States: Mid-Continent, which includes the core operating areas Texas Panhandle and Oklahoma; Appalachian Basin, which includes fields in West Virginia and Pennsylvania, and Western, which includes the Brea Olinda Field of the Los Angeles Basin in California. The Company’s proved reserves, at December 31, 2007, were 1,616.1 billion cubic feet equivalent (Bcfe), of which approximately 64% were gas, 20% were oil, and 16% were NGL. Approximately 73% were classified as proved developed. At December 31, 2007, Linn Energy operated 5,638, or 77%, of its 7,305 gross productive wells

Chrysler Hits the Wall !

Chrysler halts manufacturing as clock ticks on gov't bailout

Ailing US automaker Chrysler on Wednesday said it would temporarily halt manufacturing as demand plunges and the clock ticks down on a hoped-for bailout from the federal government.
Chrysler, the smallest of the Detroit Big Three automakers, and General Motors, the biggest, say they are on verge of imminent collapse unless the government throws them a financial lifeline.
Chrysler said it was halting its manufacturing for at least a month, beginning Friday, in response to a credit crisis and ongoing debate on a government rescue for the sector.
"As a result of the financial crisis, the automotive market remains depressed due to the continued lack of consumer credit for potential buyers," the privately held firm said in a statement.
"Last week several automakers announced significant downward adjustments in production for the first quarter of 2009, and to make sure our inventory remains aligned with market demand, Chrysler will also extend the holiday shutdown already in place."
As a result it said that "all Chrysler manufacturing operations will be idled at the end of the shift Friday, December 19, and impacted employees will not return to work any sooner than Monday, January 19, 2009."
Chrysler said it had informed the United Auto Workers union, employees and suppliers about the actions.
The company said that dealers have indicated "many willing buyers for Chrysler, Jeep and Dodge vehicles" but have been unable to close the deals, due to lack of financing.
The company, which is owned by private equity firm Cerberus, did not disclose the number of employees affected. A company fact sheet said Chrysler employed 63,480 as of September.
Chrysler has 14 assembly plants, 10 powertrain plants, four stamping operations and five manufacturing affiliations outside of North America.
The news came a day after the White House warned that the US auto industry would have to make "concessions" to win a government bailout.
President George W. Bush said late Wednesday he was "looking at all options," according to the transcript of a Fox News interview.
"A disorganized failure, disorganized bankruptcy or disorderly bankruptcy ... could cause great harm to the economy, beyond that which we're now witnessing. And that concerns me," Bush said.
"And the other point is that, I'm not interested in ... really putting good money after bad."
Asked when he will decide the auto question, the president replied: "I'm thinking through, you know, it needs to get done relatively soon."
The Big Three -- GM, Ford and Chrysler -- have warned that without a package of loans, millions of jobs could be lost, which they say would send ripple effects through the nation's already faltering economy.
The automakers have been seeking a bridge loan of some 14 billion dollars to help weather the crisis but it remained unclear if the US government will come up with the funds.
GM said last week it was idling 30 percent of its North American production "in response to rapidly deteriorating market conditions."
US auto sales dropped 37 percent in November amid talk of a potential bankruptcy at General Motors or Chrysler should Washington fail to deliver a massive bailout package.

Big Three failure may be catastrophe ?? or Worse ??

Big Three failure may be catastrophe
Blow to economy could be costlier than bailout, automaker CEOs say
By S. CARTY and B HAGENBAUGH USA Today

When the heads of General Motors, Chrysler and Ford went to Capitol Hill last week, they tried to persuade lawmakers that if they go under, an already fragile U.S. economy will be dealt a blow far costlier than the $25 billion in aid the companies are seeking.


As lawmakers wrestled, then decided to head home and not quickly approve a bailout, foremost in their thinking was a question the Big Three CEOs apparently failed to answer: If we let these guys fail, how bad will it really be for the economy?

Critics say Detroit created its own problems with poor planning and inferior products, and cite a healthier foreign auto industry operating mostly in southern states that isn't seeking a taxpayer bailout. But even Toyota said over the weekend it fears the impact on the parts suppliers it uses if the U.S. auto industry collapses.

Moody's Economy.com chief economist Mark Zandi estimates that 2.6 million jobs -- about 1.9 percent of the U.S. work force -- would be lost if GM, Chrysler and Ford were to go under.

That includes more than 255,000 people directly tied to the three companies and another 2.3 million whose jobs are indirectly dependent -- everything from people who work in the steel, glass, fabric, tire and electronic industries to the barista who makes $4 cappuccinos for the ad executive who'll be out of work when his auto industry business ceases to exist.

Zandi argues the economy is too weak to absorb that fallout.

"This could be the thing to push us over," he says. "The ripple effect is like throwing a big boulder into the economic pond."

The auto industry is woven into the grass roots of the U.S. economy, through its dealer networks, the advertising it buys in newspapers and local TV and radio stations, the health care it buys for its workers and their families and the retirees it supports.

The domestic auto industry supports nearly 800,000 retirees and spouses with pensions and, until recently, health care for everyone. Now that's being cut back for white-collar retirees, but if the automakers file for bankruptcy, they could shed their pension costs and force the government to pick up the tab.

Advocates of a bailout argue that if one of the Big Three fails, it could take down the entire supply chain that cuts a wide swath from Wisconsin to Ontario, Canada, and south from Florida to Texas. As Toyota officials pointed out, the effect would be on all companies making vehicles in the USA.

The impact of the industry woes already is being felt beyond Detroit. Saturday, a Chrysler-Dodge dealer in North Brattleboro, Vt., closed after 20 years, citing slumping sales. It became one of the projected 700 dealers nationwide expected to have closed by the end of this year.

Advertising agencies and media from New York to local TV stations in New Mexico are seeing revenue dry up because the automakers and their dealers are spending less money hawking cars. Suppliers in North Carolina, host to roughly one-quarter of the parts-manufacturing base for the auto industry, are declaring bankruptcy at an alarming rate.

'Very difficult judgments'
The ripple effect of an industry collapse could further trim consumer confidence and unemployment, said Lyle Gramley, a former Federal Reserve Board governor who is senior economic adviser at the Stanford Group.

"As a general principle, I don't think that bailing out individual companies is a good idea," said Gramley. However, "You have to contemplate the possibility of 1 million employees losing their jobs and the entire industry at risk" if an automaker were to fail.

Comerica Bank chief economist Dana Johnson said there are some "very difficult judgments" for lawmakers to make about the potential impact an auto industry failure would have on the economy. If one or more of the companies were to go under, the U.S. government would be on the hook for unemployment benefits, retraining and pension obligations while receiving less in taxes, he said.

"There are roughly two parts producers for every employee at the car companies, and there are a lot of vendors -- steel producers, paint producers, glass producers, business services, accounting, advertising," he said. "There's no question that it is an important industry, that there are linkages to employment elsewhere."

Zandi and other economists argue there is a better way to aid the auto sector than to provide bailout loans.

There is growing support for allowing the companies go into bankruptcy, using government funds to guarantee financing from banks. That would allow the automakers to restructure, including tearing up old labor contracts and reducing their sizes. Government support could give consumers confidence that the car companies would exist after bankruptcy, soothing worries about car warranties and availability of replacement parts.

"Like the airlines, I think they should go into Chapter 11 bankruptcy and start with a clean slate," said Michael Cusumano, a professor at MIT's Sloan School of Management who has written two books on the auto industry. He said reorganization should include replacing management.

But then, there are two auto industries in the U.S. The first, based in and around Detroit, is GM, Ford and Chrysler. The second is sprinkled around the Southeast and includes foreign automakers Toyota, Honda, Subaru, Nissan, BMW and Mercedes-Benz.

Parts suppliers are spread out between them "like pearls on a necklace" along the highways connecting the South and the Midwest, said Thomas Klier, senior economist with the Federal Reserve Bank of Chicago.

Suppliers in the past tended to focus on one customer, but now almost all have overlapping customer bases. That's why Toyota is worried about the Big Three. About 75 percent of Toyota's suppliers here are North American companies who also make parts for the Detroit companies.

"We are concerned with the industry in general, but we're mostly concerned about our suppliers," Toyota spokesman Mike Goss said. "If the worst happens in Detroit and these companies suffer, we're worried about their longevity as well."

Russian Credit Collapse getting worse ??

Putin Promises Russians to Prevent Another Financial Collapse

By H Meyer L Pronina

(Bloomberg) -- Russian Prime Minister Vladimir Putin vowed tax cuts, defense of the ruble and ``everything'' needed to prevent the kind of financial crises that shook the country after the collapse of the Soviet Union.

Among the measures unveiled by Putin today to counter the effects of the global economic crunch are corporate tax cuts, higher welfare payments and increased government spending.

``We'll do everything we can to prevent a repeat in our country of the problems of past years, the collapse of past years,'' Putin told the annual congress in Moscow of the ruling United Russia party which he heads, broadcast live on state television. ``We have amassed sizable financial reserves which will give us the freedom to maneuver, allow us to maintain macroeconomic stability.''

Putin, 56, is bolstering his public role in response to a global slowdown that has punctured Russia's 10-year oil-fueled boom, sparking growing speculation that he may seek to return to the Kremlin as president next year.

Putin remains at the center of power after handing the presidency in May to his chosen successor, 43-year-old Dmitry Medvedev. He may persuade Medvedev to step down, triggering snap elections that would enable Putin to reclaim the No. 1 post for up to 12 years under a new six-year presidential term, analysts say.

``Medvedev can announce that he isn't coping and it's better if an experienced political leader takes the reins again,'' said Leonid Sedov, a political analyst at the Levada Center research group in Moscow.

Oil, Gas Exports

As the U.S., Europe and Japan slip into recession, the price of oil has fallen to almost $50 a barrel in New York from a July high of almost $150, hurting Russia, the world's largest energy exporter which relies on oil and gas for two-thirds of its export earnings.

Russia's economic growth will slow to 3 percent next year after average expansion of 7 percent a year since 1999, the year after the 1998 financial default, the World Bank estimates. The economy grew 8.1 percent in 2007.

Russia in August 1998 defaulted on $40 billion of debt and devalued the ruble, wiping out the life savings of millions of people overnight and pushing the government to the edge of bankruptcy.

Russia ``won't allow a spike in inflation or sharp changes in the ruble's exchange rate,'' Putin said. Bank deposits are safe in Russia since 98.5 percent of all retail deposits are fully covered by a state guarantee, he said.

Tax Cuts

Putin announced that the government will cut the corporate profit tax rate by 4 percentage points in January, reduce taxes for small businesses and speed refunds of value-added tax. Unemployment benefits will rise next year to 4,900 rubles ($177.79) a month as ``structural'' labor market changes loom, he said.

Plans to inject funds into the health and education sectors and social spending under a long-term strategy until 2020 will not be abandoned, Putin promised.

With Urals crude already $20 below the $70 average required to balance Russia's budget next year, the government is depleting its reserves, the world's third-largest.

Already Russia has spent 24 percent or $144.6 billion of its central bank stockpile since early August, mostly on a failed attempt to defend the ruble, which has lost more than 17 percent of its value against the dollar during that period.

The tax cuts announced today amount to 550 billion rubles, including 400 billion rubles in profit tax relief, Finance Minister Alexei Kudrin said. Putin also pledged 50 billion rubles for the defense industry and 83 billion rubles for new housing.

Boosting Liquidity

The government has already pledged more than $200 billion in loans, tax cuts, delayed tax payments and other measures to boost liquidity in the financial system during the credit crunch.

Putin accused certain politicians of complacency inherited from the years of high prices, which he criticized as ``absolutely unacceptable'' in today's crisis. He didn't name any of the politicians he attacked.

``This will inevitably lead to mistakes that will cost us the trust of the Russian people,'' he said in his speech. ``In difficult circumstances, the real capabilities of public institutions become clear.''

Putin next month will once again take center stage by holding a live call-in show on national television.

Putin Call-in Show

Putin has held a nationwide call-in show every year since 2001, broadcast live and lasting several hours, with questions on a wide range of issues submitted by TV link-up, phone and Internet. The event dominated TV news coverage on the days it aired.

Russia's lower house of parliament on Nov. 14 and Nov. 19 approved in two of the three required readings a constitutional amendment that would extend the president's term to six years from four.

The measure is expected to secure final legislative approval by mid-December. It would allow Putin, who stepped down as president in May after serving two consecutive terms, the constitutional limit, to serve at least another 12 years should he again become president.

World Leaders Gather for the world Summit ( Will They Save The World ? )

By S. STOLBERG

WASHINGTON — When President Bush welcomed leaders from around the world to the White House on Friday night, for what may well be one of the last formal dinners of his administration, the topic was the fragile world economy and the lush menu, belying the financial crisis, featured thyme-roasted rack of lamb. But the real story was in the seating chart.


Economix: Primer on the Economic SummitThere, in the State Dining Room beneath a massive portrait of Abraham Lincoln, to Mr. Bush’s right was President Luiz Inácio Lula da Silva of Brazil, who has complained loudly that developing nations like his were being “infected with problems” not of their making. To Mr. Bush’s left sat a leader with a fat checkbook and the power that comes with it, President Hu Jintao of China.

It was a startling illustration of the way the financial crisis, which originated on Wall Street and has spread around the globe, has remade the international economic world order. By insisting that developing nations be included in the summit meeting, President Bush gave fresh clout to their leaders, each of whom arrived in Washington with his or her own agenda.

But it will be up to a new United States president, Barack Obama, to figure out how to juggle those competing interests — and quickly. The declaration adopted by the leaders on Saturday calls for a second summit just 101 days after Mr. Obama is sworn in. All around Washington this weekend, as black motorcades sped about town and fancy hotels were marked off with the tell-tale police barricades, a sure sign a world leader was in residence, was evidence of Mr. Obama’s challenge.

At the elegant Willard InterContinental Hotel, one of the city’s finest, President Nicolas Sarkozy of France held court after the conference was over. Hours earlier, Mr. Sarkozy was looking chummy with Mr. Bush, giving the president an Obama-style fist bump as the leaders lined up for their official summit “family photo.”

It was Mr. Sarkozy who had pressed a reluctant President Bush into having the summit in the first place, and at the Willard, he was not shy about claiming credit for it — or proclaiming that the era of American hegemony in world finance was over.

“America is the No. 1 power in the world,” he declared. “Is it the only power? No, it isn’t. We are in a new world.”

Over at the Washington Club, an exclusive private club on Dupont Circle, the president of Russia, Dmitri A. Medvedev, addressed an overflow crowd at the Council on Foreign Relations. Mr. Medvedev has been especially combative toward the United States over the economy.

But on Saturday, his talk had little to do with the economy; he spoke at length about the fragile state of United States-Russian relations, and expressed hope that the current chill would thaw under Mr. Obama.

Earlier, at the summit meeting at the National Building Museum, there was lively luncheon talk among the leaders about free trade and the international trade negotiations known as the Doha Round, which have been all but given up for dead. President da Silva of Brazil, who had arrived determined to push for a revival of the trade talks, gave an impassioned speech about what the developing world wants the developed world to do, according to one person who attended.

“We are not asking for assistance; we are not asking for you to give us funds,” Mr. da Silva said, according to this person, who spoke anonymously so he could give a free account of the remarks. “What we want you to do is to fix your own economies. The best thing you can do for us is to return to growth.”

Twenty nations were invited to participate in the meeting, and only two were led by women, neither of whom brought a very strong hand. One of them, Chancellor Angela Merkel of Germany, has become a close ally of Mr. Bush’s, but the German economy has just slipped into recession, and its banks are suffering from having purchased a raft of toxic mortgage-related assets from the United States.

The other, President Cristina Fernández de Kirchner of Argentina, is in the economic doghouse with foreign investors, who are pulling their money out of her country after Argentina decided to nationalize $26 billion of private pension funds, raising fears the government was short on cash.

Mrs. Kirchner did little to enhance her reputation for competence when she showed up late for the official photograph on Saturday. She missed the first picture, but the leaders regrouped and took another after she arrived. Mr. Bush, who prides himself on punctuality, just shrugged.

Photographs were the least of his worries; he arrived with an agenda of his own, determined to use the session to lay down a few markers on his way out of office. His first message, aimed at Democrats who are blocking a free trade agreement with Colombia, was that world leaders favor liberal trade rules. Second, he wanted to push back against the notion that free-market capitalism was the root cause of the global meltdown.

On both counts, Mr. Bush seems to have succeeded; the communiqué issued at the meeting’s conclusion said the leaders “underscore the critical importance of rejecting protectionism,” and it was laden with language about the importance of free markets. When the session was over, Mr. Bush emerged to greet reporters and offer a handoff to his successor

Buy tis Car ??

A new carmaker has a plan for cheap, environmentally friendly cars to be built all over the country

An air-powered car? It may be available sooner than you think at a price tag that will hardly be a budget buster. The vehicle may not run like a speed racer on back road highways, but developer Zero Pollution Motors is betting consumers will be willing to fork over $20,000 for a vehicle that can motor around all day on nothing but air and a splash of salad oil, alcohol or possibly a pint of gasoline.


The expertise needed to build a compressed air car, or CAV, is not rocket science, either. Years-old, off-the-shelf technology uses compressed air to drive old-fashioned car engine pistons instead of combusting gas or diesel fuel to create a burst of air to do the same thing. Indian carmaker Tata has no qualms about the technology. It has already bought the rights to make the car for the huge Indian market.

The air car can tool along at a top speed of 35 mph for some 60 miles or so on a tank of compressed air, a sufficient distance for 80% of consumers to commute to work and back and complete daily chores.


Courtesy of MDI

On highways, the CAV can cruise at interstate speeds for nearly 800 miles with a small motor that compresses outside air to keep the tank filled. The motor isn't finicky about fuel. It will burn gasoline or diesel as well as biodiesel, ethanol or vegetable oil.

This car leaves the highest-mpg vehicles you can buy right now in the dust. Even if it used only regular gasoline, the air car would average 106 mpg, more than double today's fuel sipping champ, the Toyota Prius. The air tank also can be refilled when it's not in use by being plugged into a wall socket and recharged with electricity as the motor compresses air.

Automakers aren't quite ready yet to gear up huge assembly line operations churning out air cars or set up glitzy dealer showrooms where you can ooh and aah over the color or style. But the vehicles will be built in factories that will make up to 8,000 vehicles a year, likely starting in 2011, and be sold directly to consumers.

There will be plants in nearly every state, based on the number of drivers in the state. California will have as many as 17 air car manufacturing plants, and there'll be around 12 in Florida, eight in New York, four in Georgia, while two in Connecticut will serve that state and Rhode Island.

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The technology goes back decades, but is coming together courtesy of two converging forces. First, new laws are likely to be enacted in a few years that will limit carbon dioxide emissions and force automakers to develop ultra-high mileage cars and those that emit minuscule amounts of or no gases linked with global warming. Plug-in electric hybrids will slash these emissions, but they'll be pricey at around $40,000 each and require some changes in infrastructure -- such as widespread recharge stations -- to be practical. Fuel cells that burn hydrogen to produce only water vapor still face daunting technical challenges.

Second, the relatively high cost of gas has expedited the air car's development. Yes, pump prices have plunged since July from record levels, but remain way higher than just a few years ago and continue to take a bite out of disposable income. Refiners will face carbon emission restraints, too, and steeply higher costs will be passed along at the pump.

Tata doesn't plan to produce the cars in the U.S. Instead, it plans to charge $15 million for the rights to the technology, a fully built turnkey auto assembly plant, tools, machinery, training and rights to use trademarks.

The CAV has a big hurdle: proving it can pass federal crash tests. Shiva Vencat, president and CEO of Zero Pollution Motors, says he's not worried. "The requirements can be modeled [on a computer] before anything is built and adjusted to ensure that the cars will pass" the crash tests. Vencat also is a vice president of MDI Inc., a French company that developed the air car.

Ford & GM Car Sales Plunge over 30 % , worst since 1982 ??

Ford Motor Co on Monday posted an unadjusted 30.2 percent plunge in U.S. auto sales in October under pressure across all vehicle segments amid the slowing domestic economy and weak consumer confidence.

Ford, which posted an $8.7 billion second-quarter net loss, on Friday is expected to report a third-quarter net loss and to update its plans for maintaining liquidity to cope with the U.S. sales slowdown now seen continuing through next year.

The sales declines landed hardest on the SUV and crossover segments for the Ford, Lincoln and Mercury brands combined.

For October, sales fell to 132,838 vehicles from 190,195 vehicles a year earlier, including all of Ford's brands, the automaker said.

Ford, Lincoln and Mercury brand sales fell 29 percent from a year earlier. In those brands, car sales fell 26.8 percent, crossover sales 38.8 percent, SUV sales 53.9 percent and truck and van sales 19.2 percent.

The automaker has launched a redesigned version of its top-selling F-150 pickup truck, including a new national ad campaign that started on Sunday. It also has accelerated plans to shift some truck production in North America to cars.

The automaker said it had its highest retail market share in two years, supported by its top-selling F-Series pickups, where sales fell 16.3 percent to 43,324 from a year earlier.

Among other key vehicles, Ford reported that sales of its Focus compact car fell 18.2 percent, while sales of the Fusion midsize sedan fell 3.3 percent.

The results were not adjusted for an additional selling day in October 2008 versus a year earlier.

Another bank take over !

Sovereign Bancorp and Spain's Banco Santander confirmed on Monday that they are in talks about Santander acquiring the Pennsylvania-based banking firm.
In a terse one-sentence statement to the Spanish regulator, Santander (STD:banco santander sa adr


STD 13.24, +0.21, +1.6%) (ES:0113900J3: news, chart, profile) confirmed the media speculation that it would buy out Sovereign (SOV:Sovereign Bancorp Inc
News, chart, profile, more
Last: 3.67-0.14-3.67%
:
SOV 3.67, -0.14, -3.7%) but said no deal has been reached.
Sovereign said on Monday that, "it is not possible currently to know whether such conversations will lead to an agreement, or not, and there can be no assurances that an agreement will be reached or that a transaction will be consummated. Sovereign does not intend to comment further until an agreement is reached or discussions are terminated."
The Wall Street Journal had reported late on Sunday that Santander was in talks to buy Sovereign at roughly the same price as Friday's $3.81-a-share, or $2.53 billion.
"Our initial reaction is that we would be quite surprised if Sovereign management were to sell the company at the current stock price," said Ken Zerbe, an analyst at Morgan Stanley.
"Our view is that after disclosing and writing-off its poor-performing GSE and CDO investments, the company had put its most pressing problems behind it," he added.
If the deal is reached, it would be the third troubled bank Santander has agreed to buy in the last year.
It's reached an agreement to buy Alliance & Leicester (UK:AL: news, chart, profile) as well as the retail deposit business and the branch network of nationalized lender Bradford & Bingley, both of which are based in Britain.
Santander bought a 24.9% stake in Wyomissing, Pa.-based Sovereign three years ago. Terms of that acquisition require Santander to pay $38-a-share for the entire bank, but the Journal report said Santander's directors appeared likely to waive that condition.
Sovereign last week named Paul Perrault as chief executive, replacing Joseph Campanelli, who ran the bank following the ouster of long-time head Jay Sidhu.
Sovereign shares, which have fallen 78% in the last year, fell 0.5% on Monday.
Santander's U.S. shares have dropped a relatively limited 33% over the last year. In U.S. trading Monday, the shares rose 1.2%, to $13.18.

Wells Fargo Wins Battle over Wachovia Bank!

By D Mildenberg B Keoun

(Bloomberg) -- Wells Fargo & Co. will become the largest U.S. bank by branches with an $11.7 billion offer for ailing rival Wachovia Corp. that trumped a competing bid by Citigroup Inc.

Wells Fargo, based in San Francisco, and Wachovia said late yesterday they will stick to the terms of the all-stock deal they struck Oct. 3, four days after Citigroup's offer. The bid values the Charlotte, North Carolina-based lender at about $5.43 a share, 51 percent more than Wachovia's closing price of $3.60 in New York trading.

The deal marks Wells Fargo Chairman Richard Kovacevich's biggest takeover since he led Minneapolis-based Norwest Corp.'s purchase of Wells Fargo, founded in 1852, 10 years ago. Like JPMorgan Chase & Co., which last month acquired Washington Mutual Inc., he took advantage of the worst financial crisis since the Great Depression to extend his geographic franchise.

``They are going from being a mainly West Coast bank to rivaling Bank of America with a national retail franchise,'' said Tony Plath, a finance professor at the University of North Carolina at Charlotte. ``There will never be another Wells Fargo-Wachovia transaction. This was a defining moment for Kovacevich.''

Citigroup, based in New York, dropped the legal battle it waged to prevent the merger. The bank, led by Chief Executive Officer Vikram Pandit, still plans to sue Wells Fargo for $60 billion in damages, saying news of the competing bid caused its own share price to tumble.

Fed Cease-Fire

A torrent of back-and-forth court filings over the deal generated so much publicity that the Federal Reserve, concerned about its effect on U.S. financial markets, insisted on a cease- fire to allow the two suitors to settle their differences. The pause lasted until late yesterday, when Citigroup said it had ended talks with Wells Fargo.

Pandit, who initially called the deal ``compelling'' and ``one of those high-return acquisitions in which we have contained the risk,'' said in yesterday's statement that the bank's willingness to walk away was a sign of ``discipline.''

``Following several days of negotiations, we continued to have dramatically different views regarding risks involved in the transaction,'' Pandit said in a memo to employees. ``As I said from the beginning, Citi does not need to do this transaction. We were willing to pursue it only if we could limit the risk and generate value for shareholders.''

Missed Opportunity?

Citigroup missed out on an opportunity to keep pace with rivals that have expanded through acquisitions of troubled institutions, said Charles Carlson, a money manager at Horizon Investment Services LLC in Hammond, Indiana. In addition to New York-based JPMorgan's takeover of WaMu and Bear Stearns Cos., Bank of America Corp. acquired Countrywide Financial Corp. and Merrill Lynch & Co.

``The more Citi could beef up its operations and be part of the big bank club, the better,'' Carlson said. ``I'm not sure this is going to be viewed as good for Citi.''

Wells Fargo gains control of a bank with $448 billion of deposits in 21 states. It would have 6,675 branches, compared with Bank of America's 6,139. More than half of Wachovia's branches are on the U.S. East Coast, while Wells Fargo's reach from California to Texas and Minnesota.

Kovacevich said yesterday in a statement that the combination would ``create significant value for Wachovia and Wells Fargo shareholders.'' He added that his management team has ``adequately evaluated the risks inherent'' in Wachovia's loan holdings.

Option ARMS

Wachovia's $498 billion loan portfolio includes about $122 billion of option adjustable-rate mortgages. The home mortgages are prone to default because they allow borrowers to defer part of interest payments, boosting the principal. After housing markets weakened, borrowers were left with loans larger than the value of their homes.

``Credit teams at Wells Fargo have had an opportunity to work with their counterparts at Wachovia,'' Kovacevich said.

Wachovia gained 25 percent in U.S. trading to $4.52 at 8:30 a.m. today. Wells Fargo fell 2.4 percent and Citigroup was down 5.6 percent at $12.22 after dropping 10 percent yesterday in New York.

The Wells Fargo deal was originally valued at $7 a share, or $15.1 billion. It declined this week as the bank's share price fell. Each Wachovia share will be exchanged for 0.1991 Wells Fargo share, based on the terms announced Oct. 3.

Emergency Funds

Wells Fargo said it expects expedited approval of the merger application by the Federal Reserve. The Fed said in a statement yesterday that it will immediately begin reviewing terms of the Wells Fargo offer.

Citigroup on Sept. 29 signed an agreement in principle to pay almost $2.2 billion for Wachovia's banking operations, leaving behind its securities brokerage and asset management businesses.

At the time, Wachovia was on the verge of collapsing into receivership, and Citigroup began plying it with emergency funding. Citigroup also agreed to pay $12 billion to the Federal Deposit Insurance Corp. in exchange for a guarantee that the agency would absorb any losses beyond $42 billion on a $312 billion pool of Wachovia loans.

Later last week, as Congress considered bailout legislation that included tax breaks for buyers of troubled banks, FDIC Chairman Sheila Bair encouraged Wachovia CEO Robert Steel to ``give serious consideration'' to a new offer from Kovacevich, according to court filings submitted by Wachovia in the legal battle with Citigroup.

Breaking the News

After the Wachovia board approved Wells Fargo's bid on Oct. 3, Steel called Pandit to inform him that Citigroup had been trumped and refused to engage in further discussions with his bank, according to a Citigroup court filing. Bair was on the call, according to an affidavit submitted by Steel.

The FDIC said in a statement this week that ``neither Chairman Bair nor any person at the FDIC in any way initiated or solicited the bid from Wells Fargo.''

Bair said yesterday she wanted to ``acknowledge'' Citigroup's willingness to let the acquisition by Wells Fargo proceed. ``While some outstanding issues remain, this announcement brings much needed certainty to the process,'' Bair said.

Wells Fargo may benefit from a notice by the IRS that makes Wachovia's loan losses more valuable as deductions. The new rule means Wachovia's losses can be used to offset an unlimited amount of Wells Fargo's taxable income over 20 years.

The rule change may save Wells Fargo $25 billion in the coming years, said Robert Willens, a former Lehman Brothers Holdings Inc. accounting analyst who teaches at Columbia Business School in New York.

Citigroup is Sueing Wells Fargo & Wachovia !

(Bloomberg) -- Citigroup Inc. sued Wells Fargo & Co. and its takeover target Wachovia Corp. for $60 billion, claiming their agreement violates its rights to buy a portion of the Charlotte, North Carolina-based lender under a previous deal.

Citigroup is seeking more than $20 billion in compensatory damages and $40 billion in punitive damages from the banks, their officers and directors, according to a complaint filed today in New York State Supreme Court in Manhattan.

``The Citi/Wachovia transaction would have been signed and announced on Friday, October 3rd if it had not been subverted by the unlawful conduct of Wachovia, Wells Fargo, and their officers and directors and outside advisers,'' Citigroup said in a statement.

Citigroup seeks to complete its purchase as part of a rebuilding effort following $61 billion in losses tied to the mortgage-market collapse. The bank wants to buy parts of Wachovia for about $2.16 billion. San Francisco-based Wells Fargo's $15 billion bid is for the whole company. Wachovia said the Wells Fargo offer is a better deal for investors, employees and taxpayers because, unlike Citigroup, it doesn't rely on U.S. government assistance.

Wachovia spokeswoman Christy Phillips-Brown and Wells Fargo spokeswoman Melissa Murray declined to comment, saying the banks hadn't seen the complaint.

State Law

The suit, which focuses on state law, alleges breach of contract and tortuous interference, where a third party interferes with an agreement between two others. Citigroup also seeks an order barring Wachovia and Wells Fargo from continuing their merger talks and an order forcing Wachovia to negotiate with it ``in good faith.''

A separate lawsuit is pending between Citigroup and Wachovia across the street in Manhattan federal court. In that case, Wachovia said that the $700 billion federal bailout law for the banking industry signed into law last week includes language that permitted Wells Fargo to top Citigroup's offer, a contention disputed by Citigroup's lawyers. That case was assigned today to U.S. District Judge Lewis Kaplan.

Gregory Joseph, an attorney for Citigroup, told New York State Supreme Court Justice James McGuire of the state appeals court yesterday that his client had sought to file a lawsuit against Wachovia on Oct. 3.

``On Friday we were ready to file and we were told by federal regulators that we should not,'' Joseph said. By Oct. 4, Citigroup decided to file suit and went searching for an available state court judge who handles business cases. They eventually located Justice Charles Ramos at his home in Cornwall, Connecticut.

Extended Right

Ramos on Oct. 4 extended Citigroup's sole right to negotiate with Wachovia after lawyers for Citigroup sought an emergency extension of an ``exclusivity agreement.''

Yesterday, McGuire reversed that ruling. Ramos has scheduled an Oct. 10 hearing in the case.

According to Citigroup's state court complaint, Wells Fargo's proposed transaction triggers severance payments that may enable Wachovia Chief Executive Officer Robert Steel and other senior executives to receive a combined $225 million.

The consummation of Citigroup's offer wouldn't prompt similar agreements because the New York-based bank was buying Wachovia's banking operations and not the entire company, according to Citigroup.

Citigroup dropped $1.57 to $16.78 at 1:25 p.m. in New York Stock Exchange composite trading. Wachovia fell 47 cents to $5.74 and Wells Fargo fell $1.68 to $32.88.

The case is Citigroup Inc. v. Wachovia Corp., 08-602872, New York State Supreme Court for New York County (Manhattan).

Depression Or Recession ??

Crisis Hits Main Street as Employers Cut More Jobs (Update3)
By S. Chandra and R.Miller
(Bloomberg) -- U.S. payrolls plunged in September, signaling the economy may be heading for its worst recession in at least a quarter century as the 13-month-old credit crisis on Wall Street finally hits home on Main Street.
Employers cut the most jobs in five years in September as cash-squeezed companies pulled back in an effort to bolster pinched profits. In its last employment report before Americans choose their next president, the Labor Department said the unemployment rate was 6.1 percent, a climb of 1.4 percentage points from a year before.
``If credit markets remain dysfunctional, the current recession could turn out to be as severe as any in the postwar period,'' said former Federal Reserve governor Lyle Gramley, now senior economic adviser at the Stanford Group Co. in Washington.
The spreading crisis is also having reverberations on the campaign trail, as polls show anxious voters increasingly see Democrat Barack Obama as the candidate best placed to see the U.S. through its economic travails. The unemployment rate has only risen twice in the year leading up to elections since World War II, and in each case the incumbent party lost.
`This country can't afford Senator McCain's plan to give America four more years of the same policies that have devastated our middle class and our economy for the last eight,'' Obama, 47, said in a statement.
McCain's Reaction
Arizona Senator John McCain, 72, took the opportunity to paint his opponent as a tax-and-spend liberal, whose prescriptions would exacerbate the crisis.
``Unlike Senator Obama, I do not believe we will create one single American job by increasing taxes, going on a massive spending binge, and closing off markets,'' McCain said in a statement. ``Our nation cannot afford Senator Obama's higher taxes.''
Job losses accelerated as the credit crisis deepened last month, forcing the failure or government takeovers of Lehman Brothers Holdings Inc., Fannie Mae, Freddie Mac and American International Group Inc.
The figures came hours before the House of Representatives passed a $700 billion rescue plan for the U.S. financial industry pushed by Treasury Secretary Henry Paulson. The Senate approved the legislation two days ago after the House rejected an initial version of the bill Sept. 29.
Market Reaction
Stocks rose and Treasury securities fell. The Standard & Poor's 500 index climbed 1.8 percent to 1,134.6 at 1:39 p.m. in New York. The yield on the benchmark 10-year note rose to 3.71 percent from 3.63 percent late yesterday.
Today's report showed that hours worked -- considered a good proxy for the state of the overall economy -- matched the lowest level since records began in 1964. That indicates the likely current recession may be at least as severe as the 1981-82 slump, during which gross domestic product shrank by 2.7 percent.
Payrolls fell by 159,000 in September, the Labor Department said in Washington. Aside from a 9,000 gain in government payrolls, all major categories showed declines except education and healthcare.
``The really bad news here is that job losses are now widespread,'' said Nariman Behravesh, chief economist at Global Insight Inc., a Lexington, Massachusetts, forecasting firm. ``The problems in housing and manufacturing are now spreading everywhere. We are in a recession, there is no debate about that.''
Health Services
Even the vibrant health-services industry is showing signs of succumbing to the economy's troubles. Health care employment rose 17,000, about half the average monthly gain for the prior 12 months.
Walgreen Co., the largest U.S. drugstore chain, reported Sept. 29 that its profits rose less than analysts estimated after it posted its smallest sales increase in a decade.
A private report today showed that services-industry growth remained stagnant in September. The Institute of Supply Management's non-manufacturing index slipped to 50.2 from 50.6 the month before. Fifty is the dividing line between growth and expansion.
Total payrolls were forecast to drop 105,000 after declining by a previously estimated 84,000 in August, according to the median of 76 economists surveyed by Bloomberg News. The jobless rate was projected to remain at 6.1 percent.
Rate Forecasts
Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York, said the unemployment rate may eventually rise to more than 7 percent as the credit crunch takes its toll on the economy. If that happens, that would make the overall rise in unemployment the biggest since the early 1980's.
Edelmira Clark, 53, of Chicago, said she was concerned about losing her job as a hotel housekeeper. Her company has already cut her work hours to two days a week.
``I'm trying to find a part-time job in the morning to balance, because I can't do only two days of work,'' said Clark, who immigrated to Chicago from Belize in 1997. ``But a lot of people, my friends, have lost their jobs for good.''
Workers' average hourly wages rose 3 cents, or 0.2 percent, to $18.17 from the prior month. Hourly earnings were 3.4 percent higher than September 2007. Economists surveyed by Bloomberg had forecast a 0.3 percent increase from August and a 3.6 percent gain for the 12-month period.
After today, the total decline in payrolls so far this year has reached 760,000. The economy created 1.1 million jobs in 2007.
Americans will go to the polls on Nov. 4 and the October jobs report is due Nov. 7.
`Angry' Voters
``Voters are extremely angry, and they want someone to blame,'' said Scott Anderson, senior economist at Wells Fargo & Co. in Minneapolis.
Obama has opened up a lead over Republican rival John McCain in the aftermath of their first debate and amid growing concerns about the economy, according to a Pew Research Center survey taken Sept. 27 to Sept. 29. A mid-September poll from Washington- based Pew had shown the candidates were in a statistical tie.
Earlier in September, a Bloomberg/Los Angeles Times poll showed more respondents said Obama would do a better job handling the financial crisis than McCain, and almost half of the voters believed he had better ideas to strengthen the economy than his rival.
Factory Firings
Factory payrolls fell 51,000 after decreasing 56,000 in August. Economists had forecast a drop of 57,000.
Today's report also reflected the housing slump. Payrolls at builders declined 35,000 after falling 13,000. Financial firms decreased payrolls by 17,000, the most since November last year.
Service industries, which include banks, insurance companies, restaurants and retailers, subtracted 82,000 workers after eliminating 16,000 in the previous month. Retail payrolls slid by 40,100 after a 25,400 drop.
In the past month, Hewlett-Packard Co., the world's largest personal-computer maker, announced it will cut 24,600 jobs, and auto-parts maker Federal-Mogul Corp. said it would eliminate 4,000 positions globally.
Marriott International Inc., the world's largest hotel chain, yesterday reported third-quarter profit fell 28 percent as U.S. companies and consumers cut back on travel.
Without action from Congress, ``the resulting credit squeeze could threaten businesses,'' Chief Financial said on a conference call. There are ``tens of thousands of jobs at stake in our company alone, and we are typical.''
Mounting job cuts will further limit consumer spending, which accounts for more than two-thirds of the economy. A Bloomberg survey in September predicted spending will be unchanged this quarter, the weakest performance since 1991.
The ISM on Oct. 1 said manufacturing shrank in September at the fastest pace since the last recession in 2001. The odds the central bank will lower its benchmark rate by a half percentage point, to 1.5 percent, were almost 100 percent today, up from 32 percent a week ago.

Mr. Marriott, Says Tough Year Ahead 2009 !!!!!!

NEW YORK (Reuters) - Hotel operator Marriott International Inc (MAR.N: Quote, Profile, Research, Stock Buzz) on Thursday said third-quarter profit fell as its time-share business slowed and the company warned that 2009 would be tough.
Marriott, which typically manages hotels instead of owning them, reported income from continuing operations of $94 million compared with $122 million in the year-ago quarter.
The company reported diluted earnings per share from continuing operations of 26 cents compared with 31 cents in the third quarter of 2007.
Third-quarter Revenue rose 1 percent to $3 billion.
Looking ahead, Marriott said it expects the 2009 business environment to remain "unusually challenging."
The company expects its worldwide revenue-per-available room (RevPAR), a key industry measure, to decline 1 percent to 3 percent in the fourth quarter of 2008.

The Market is down 400, 500, 600,700 plus points!

House vote did not go thru , however the vote is not over yet ! it can be changed !Despite the bank bailout plan moving forward, stock investors remain worried and credit markets remain tight. they need 218 votes we only have 207 as of 2:00 pm est. ! will the market go down 1000 points ???

Bail out vote at 1pm est. on congress - will it pass??

(CNNMoney.com) -- The House started Monday what was expected to be a short debate ahead of a quick vote on a sweeping $700 bailout of the nation's financial system.
The vote comes after lawmakers and the Bush administration finalized legislation following a weekend of high-stakes negotiations over the controversial measure, which is designed to get battered U.S. credit markets working normally again.
"Today is the decision day," said Barney Frank, D-Mass., on the House floor. "If we defeat this bill today, it will be a very bad day for the financial sector of the American economy and the people who will feel the pain are not the top bankers and top corporate executives but average Americans."
Rep. Gary Miller, R-Calif., also urged passage of the bill, despite reservations he admitted all members had on the proposal.
"I have yet to talk to a member who wants to vote on this today," Miller said. "This is probably the toughest vote any of any of us have taken since we've been in Congress. If you just solely rely on the phone calls we're getting from home, listening to people who don't understand the complexities of our marketplace and what we're dealing with here, the easiest vote for you to make would be a no vote today. You have to go beyond that."
Indeed, with leading House Republicans signing on to the proposal on Sunday after expressing earlier reservations, the bill is now expected to pass. Senate Majority Leader Harry Reid said Sunday he hoped for a vote in that chamber by Wednesday at the latest.
Earlier, President Bush and Federal Reserve Chairman Ben Bernanke hailed the measure and urged Congress to move quickly to pass it.
Bush, speaking at the White House, called the proposed measure "an extraordinary agreement to deal with an extraordinary problem." He said he is confident the measure will win bipartisan support.
"With this strong and decisive legislation, we will help restart the flow of credit so American families can meet their daily needs and American businesses can make purchases, ship goods and meet their payrolls," Bush said. "We'll make clear that the United States is serious about restoring confidence and stability in our financial system."
Bush acknowledged that many voters were opposed to helping out Wall Street with tax dollars, but said there is little choice to move forward with the plan. He said most if not all of the tax money spent to buy distressed mortgage-backed securities should be recouped when the Treasury sells them in the coming years.
"Every member of Congress and every American should keep in mind - a vote for this bill is a vote to prevent economic damage to you and your community," Bush said.
Bernanke, who had spent hours before Congress last week testifying in favor of the measure, issued a brief written statement also promising that it would restore the flow of credit to households and businesses.
"I look forward to swift passage of the legislation," he said.
House Speaker Nancy Pelosi, D-Calif., said the provisions added by Congress will protect taxpayers from having to pay for the bailout.
"We sent a message to Wall Street - the party is over," she said at a press conference with Senate Majority Leader Harry Reid, D-Nev., and other Democratic leaders from the House and Senate.
The core of the bill is based on Treasury Secretary Henry Paulson's request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.
But Democrats and Republicans - concerned about the potential cost - have added several conditions and restrictions to protect taxpayers on the down side and give them a chance at some of the potential upside if the companies benefit from the plan. "People have to know that this isn't about a bailout of Wall Street. It's a buy-in so we can turn our economy around," Pelosi said.
Key negotiators for the financial rescue plan were e busy trying to line up votes on Capitol Hill on Sunday. House Majority Leader Steny Hoyer, D-Md., told CNN he believes a majority of representatives on both sides of the aisle can and will support the bill.
On Sunday evening, the House Republican working group, which stringently opposed earlier drafts of the plan and offered a counterproposal, indicated it would support the bill, and its members are encouraging other Republicans in the House to do the same.
"Nobody wants to have to support this bill, but it's a bill that we believe will avert the crisis that's out there," House Minority Leader John Boehner, R-Ohio, told reporters.
Banks and Wall Street firms, worried about both their own needs for cash and the condition of other institutions, essentially stopped loaning money to one another in recent weeks. That choked off the money being made available on Main Street in the form of mortgage loans, business loans and other consumer borrowing.
The basis for the crisis is problems in mortgage-backed securities, which saw their value plunge as home prices have gone into their worst slide since the Great Depression and foreclosures soared to record levels. In turn, the market for trillion of dollars worth of those securities held by major firms evaporated, sending them down to fire sale prices and raising the risk of widespread failures among the nation's major financial firms.
Under the plan, Treasury will buy the mortgage backed securities, either directly from the firms or through an auction process. It may also arrange to provide guarantees for the securities up to their original values in return for premiums they would charge current holders of the securities.
To make the legislation more politically palatable, the bill calls for the government, as an owner of a large number of mortgage securities, to exert influence on loan servicers to modify more troubled loans to help prevent additional foreclosures. It also provides that the government will take equity in the firms that sell the securities to the government, and limits pay packages for top executives.
The legislation comes amid great upheaval in the nation's financial system. On Monday morning, the Federal Deposit Insurance Corp., which insures deposits at failed banks, arranged for the sale of the banking assets of Wachovia (WB, Fortune 500), the nation's No. 4 bank holding company, to Citigroup (C, Fortune 500) for $2.2 billion in stock.
That follows three weeks of other shocks: the Treasury Department's seizure of mortgage finance firms Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500); Wall Street firm Lehman Brothers' bankruptcy filing; rival Merrill Lynch (MER, Fortune 500) purchase by Bank of America (BAC, Fortune 500).
In addition, the Fed bailed out insurance giant American International Group (AIG, Fortune 500), loaning it $85 billion in return for a nearly 80% stake. while Washington Mutual (WM, Fortune 500), the nation's largest savings and loan, became the largest bank failure in history.

McCain Bail Out??

McCain Stops at Senate en Route to White House

By M. Shear and Lori Montgomery
Sen. John McCain returned to Washington on Thursday after declaring that he has suspended his campaign, but he appeared largely detached from the flurry of negotiations on a $700 billion economic rescue package that appeared to be headed to a successful conclusion.

McCain's "Straight Talk Air" landed at National Airport just after noon, and McCain's motorcade sped toward the Senate. But by then, senior Democrats and Republicans were already announcing that a deal in principle had been reached.

That news appeared to be somewhat premature as House Republican leader John Boehner told his members that "no deal" had yet been reached. McCain arrived at 3:40 p.m. at the White House, where he and his rival, Sen. Barack Obama, were scheduled to meet with President Bush and congressional leaders at 4 p.m.

The leading Democratic negotiator on the Bush administration's $700 bailout plan accused John McCain of undermining the proposal and prodding House Republicans to lay out a wholly different approach that is opposed by the White House.

"This is the presidential campaign of John McCain undermining what Hank Paulson tells us is essential for the country," said Democratic Rep. Barney Frank, (D-Mass.), chairman of the House Financial Services Committee. "This is McCain at the last minute getting House Republicans to undermine the Paulson approach."

Republican leadership aides reacted incredulously to Frank's broadside, saying there was no way McCain's chief economic adviser, Douglas Holtz-Eakin, could undermine a deal with House Republicans that has never had rank-and-file support.

Holtz-Eakin met this morning with Boehner, House Minority Whip Roy Blunt (R-Mo.) and House Republican Conference Chairman Adam Putnam (R-Fla.), but the GOP leaders did virtually all of the talking, and what they told him was how little support the $700 billion package had with their rank-and-file. When McCain emerged from the back door of Boehner's office in the Capitol, both Holtz-Eakin and Sen. Lindsey O. Graham (R-S.C.), a key McCain ally, said they knew very little about the deal.

GOP aides familiar with the alternative proposal said that it had been in a draft stage for several days, with one adviser saying the lawmakers wanted to unveil it yesterday, but that McCain's entree into the deliberations actually made them wait a day.

The White House meeting was in part the result of McCain's stunning pronouncement Wednesday that he would stop campaigning to return to Washington, where he had urged Bush to convene a summit to address the crisis.

But for most of the afternoon, McCain has not visibly been part of the action on the issue. He was not present when House and Senate negotiators emerged from a two-hour meeting to declare success. That announcement was made by Sen. Christopher J. Dodd (D-Conn.), chairman of the Senate Banking Committee, Sen. Robert F. Bennett (Utah) and Frank.

McCain, by contrast, spent some time in his office with several Republican colleagues, briefly stopped at Boehner's office, then left for lunch at the Capitol's Mansfield Room before returning to his office in the Russell Senate Office Building.

Republican Rep. Spencer Bachus (Ala.) said he had spoken to McCain yesterday, had breakfast with two McCain advisers this morning and spoke to McCain again immediately after today's meeting. But, Bachus said, "John's not trying to call the shots for the House caucus, I can tell you that. He's just opposed to the plan in its present form."

Frank reacted angrily to Bachus's statements, insisting that lawmakers were well on their way toward an agreement they could put to a vote, and that this afternoon's meeting at the White House was largely irrelevent.

"We'll be glad to go and tell them there really isn't that much of a deadlock to break," Frank said. "But I'm always glad to go to the White House."

McCain aides expressed cautious optimism, saying that there is "no deal until there's a deal," but McCain made no comments to the reporters trailing him around the Capitol.

Meanwhile, the status of the planned Friday night debate with Obama remained up in the air Thursday afternoon. Senior McCain adviser Mark Salter said, "We've got to see," when asked whether the debate would go on as planned.

McCain said on Wednesday that the debate should be postponed so that the two candidates, the president and the congressional leadership could lock themselves in a room for 100 hours to solve the economic crisis.

Obama arrived in Washington later in the afternoon, accompanied by one Senate staffer. Democrats cried foul when a White House list of attendees indicated that McCain planned to take a campaign aide, former Congressional Budget Office director Doug Holtz-Eakin, with him to the White House meeting.

No Short Selling Or Go To Jail ??

SEC bans short selling in 799 financial stocks
Regulator says ban is needed to protect market integrity
By S. Kennedy

LONDON (MarketWatch) -- The Securities and Exchange Commission early Friday issued an emergency order temporarily banning short selling in the shares of 799 financial institutions.
The regulator said it was acting in concert with the U.K.'s Financial Services Authority, which announced a similar ban on Thursday, and added the move was needed "to protect the integrity and quality of the securities market and strengthen investor confidence."
The ban takes effect immediately and runs until midnight on Oct. 2. The SEC said it may extend the order if it's necessary to protect investors, but it won't last more than 30 days. See full list of companies.
Financial services stocks soared in Europe following the U.K. ban, with Barclays (UK:BARC: news, chart, profile) (BCS:
Barclays PLC
Last: 27.93+5.33+23.58%4:00pm 09/18/2008Delayed quote data

Sponsored by:
BCS 27.93, +5.33, +23.6%) , the bank that is buying part of Lehman Brothers, up over 30%.
U.S. stock market futures also surged. Dow industrial futures jumped 313 points and S&P 500 futures were up 46.50 points.
In pre-market trading, Goldman Sachs (GS:
Goldman Sachs Group, Inc
Last: 108.00-6.50-5.68%4:02pm 09/18/2008Delayed quote data

Sponsored by:
GS 108.00, -6.50, -5.7%) and Morgan Stanley (MS:
morgan stanley com new

Last: 22.55+0.80+3.68%8:03am 09/19/2008Delayed quote data
Sponsored by:
MS 22.55, +0.80, +3.7%) were both up over 10%.
"The commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets," said SEC Chairman Christopher Cox in a statement.
"The emergency order temporarily banning short selling of financial stocks will restore equilibrium to markets. This action, which would not be necessary in a well-functioning market, is temporary in nature and part of the comprehensive set of steps being taken by the Federal Reserve, the Treasury and the Congress," he added.
U.S. authorities are reportedly trying to find a way to move toxic assets off the balance sheets of major U.S. firms in a bid to find a longer-term solution to the credit crisis. See full story.
Alongside the bar on short selling, the SEC introduced other temporary measures requiring institutional money managers to reveal short positions in certain securities and easing restrictions on the ability of securities issuers to re-purchase their own shares.
Allowing companies to more-easily buy back their own shares will help restore liquidity, the regulator argued.
European regulators take action
Following the move from the U.S. and U.K. watchdogs, some European regulators were also beginning to take action Friday.
The Irish regulator said it has banned anyone except market makers from entering a trade with the aim of profiting from a fall in the shares of Irish banks. That move helped drive the main Irish index up nearly 12%.
Other regulators didn't change their rules, but indicated they would be taking a tougher stance of monitoring and enforcing them.
The Swiss Federal Bank Commission and SWX Swiss Exchange both issued statements emphasizing that naked short selling -- where a stock is sold without making arrangement to borrow it first -- is not permitted and contravenes the code of conduct on market abuse.
France's Autorite des Marches Financiers similarly warned anyone selling shares in France that they must deliver the stock within three days and said it will crack down on anyone breaching that rule.
A spokeswoman for Germany's regulator, the BaFin, said short selling is not banned in Germany but declined to comment on the situation for naked short selling or whether it is considering a temporary restriction.
The Wall Street Journal also reported that large shareholders had already begun to cut back on their lending of shares -- a crucial element of short selling.
Among the investors reigning-in lending is Calpers, the largest U.S. public pension fund, which had stopped lending out shares of Goldman Sachs, Morgan Stanley and Wachovia Corp. (WB:
Wachovia Corp
Sponsored by:
WB 14.50, +5.38, +59.0%) even before the SEC's announcement

Here is the list of Companies !

ATLANTIC AMERICAN CORP
AANB
ABIGAIL ADAMS NATL BANCORP INC
ABBC
ABINGTON BANCORP INC PA
ABCB
AMERIS BANCORP
ABCW
ANCHOR BANCORP WISCONSIN INC
ABK
AMBAC FINANCIAL GROUP INC
ABNJ
AMERICAN BANCORP OF NJ INC
ABVA
ALLIANCE BANKSHARES CORP
ACAP
AMERICAN PHYSICIANS CAPITAL INC
ACBA
AMERICAN COMMUNITY BNCSHRS INC
ACE
ACE LTD
ACFC
ATLANTIC COAST FED CORP
ACGL
ARCH CAPITAL GROUP LTD NEW
ADVNA
ADVANTA CORP
ADVNB
ADVANTA CORP
AEG
AEGON N V
AEL
AMERICAN EQUITY INVT LIFE HLDG C
AET
AETNA INC NEW
AF
ASTORIA FINANCIAL CORP
AFFM
AFFIRMATIVE INSURANCE HLDGS INC
AFG
AMERICAN FINANCIAL GROUP INC NEW
AFL
A F L A C INC
AGII
ARGO GROUP INTL HLDGS LTD
AGO
ASSURED GUARANTY LTD
AGP
AMERIGROUP CORP
AGX
ARGAN INC
AHD
ATLAS PIPELINE HOLDINGS L P
AHL
ASPEN INSURANCE HOLDINGS LTD
AIB
ALLIED IRISH BANKS PLC
AIG
AMERICAN INTERNATIONAL GROUP INC
AINV
APOLLO INVESTMENT CORP
AIZ
ASSURANT INC
ALL
ALLSTATE CORP
ALLB
ALLIANCE BANCORP INC PA
ALNC
ALLIANCE FINANCIAL CORP NY
AMCP
AMCOMP INC NEW
AMFI
AMCORE FINANCIAL INC
AMG
AFFILIATED MANAGERS GROUP INC
AMIC
AMERICAN INDEPENDENCE CORP
AMNB
AMERICAN NATIONAL BANKSHARES INC
AMP
AMERIPRISE FINANCIAL INC
AMPH
AMERICAN PHYSICIANS SVC GROUP
AMRB
AMERICAN RIVER BANKSHARES
AMSF
AMERISAFE INC
AMTD
T D AMERITRADE HOLDING CORP
ANAT
AMERICAN NATIONAL INS CO
ANNB
ANNAPOLIS BANCORP INC
AOC
AON CORP
APAB
APPALACHIAN BANCSHARES INC
AROW
ARROW FINANCIAL CORP
ASBI
AMERIANA BANCORP
ASFI
ASTA FUNDING INC
ASFN
ATLANTIC SOUTHERN FINL GROUP INC
ASRV
AMERISERV FINANCIAL INC
ATBC
ATLANTIC BANCGROUP INC
ATLO
AMES NATL CORP
AUBN
AUBURN NATIONAL BANCORP
AWBC
AMERICAN WEST BANCORPORATION
AWH
ALLIED WORLD ASSUR CO HLDGS LTD
AXA
A X A UAP
AXG
ATLAS ACQUISITION HOLDINGS CORP
AXS
AXIS CAPITAL HOLDINGS LTD
BAC
BANK OF AMERICA CORP
BANF
BANCFIRST CORP
BANR
BANNER CORP
BARI
BANCORP RHODE ISLAND INC
BAYN
BAY NATIONAL CORP
BBNK
BRIDGE CAPITAL HOLDINGS
BBT
B B & T CORP
BBX
BANKATLANTIC BANCORP INC
BCA
CORPBANCA
BCAR
BANK OF THE CAROLINAS CORP
BCBP
B C B BANCORP INC
BCP
BROOKE CAPITAL CORP
BCS
BARCLAYS PLC
BCSB
B C S B BANCORP INC
BDGE
BRIDGE BANCORP INC
BEN
FRANKLIN RESOURCES INC
BERK
BERKSHIRE BANCORP INC DEL
BFF
B F C FINANCIAL CORP
BFIN
BANKFINACIAL CORP
BFNB
BEACH FIRST NATL BANCSHARES INC
BHB
BAR HARBOR BANKSHARES
BHBC
BEVERLY HILLS BANCORP INC
BHLB
BERKSHIRE HILLS BANCORP INC
BK
ANK OF NEW YORK MELLON CORP
BKBK
BRITTON & KOONTZ CAPITAL CORP
BKMU
BANK MUTUAL CORP NEW
BKOR
OAK RIDGE FINANCIAL SERVICES INC
BKSC
BANK SOUTH CAROLINA CORP
BKUNA
A BANKUNITED FINANCIAL CORP
BLX
BANCO LATINOAMERICANO DE EXP SA
BMRC
BANK OF MARIN BANCORP
BMTC
BRYN MAWR BANK CORP
BNCL
BENEFICIAL MUTUAL BANCORP INC
BNCN
B N C BANCORP
BNS
BANK OF NOVA SCOTIA
BNV
BEVERLY NATIONAL CORP
BOCH
BANK OF COMMERCE HOLDINGS
BOFI
B OF I HOLDING INC
BOFL
BANK OF FLORIDA CORP NAPLES
BOH
BANK OF HAWAII CORP
BOKF
B O K FINANCIAL CORP
BOMK
BANK MCKENNEY VA
BOVA
BANK OF VIRGINIA
BPFH
BOSTON PRIVATE FINL HLDS INC
BPSG
BROADPOINT SECURITIES GROUP INC
BRK
BERKSHIRE HATHAWAY INC DEL
BRK
BERKSHIRE HATHAWAY INC DEL
BRKL
BROOKLINE BANCORP INC
BSRR
SIERRA BANCORP
BTFG
BANCTRUST FINANCIAL GROUP INC
BUSE
FIRST BUSEY CORP
BWINA
A BALDWIN & LYONS INC
BWINB
B BALDWIN & LYONS INC
BX
LACKSTONE GROUP L P
BXS
BANCORPSOUTH INC
BYFC
BROADWAY FINANCIAL CORP DEL
C
CITIGROUP INC
CAC
CAMDEN NATIONAL CORP
CACB
CASCADE BANCORP
CADE
CADENCE FINANCIAL CORP
CAFI
CAMCO FINANCIAL CORP
CAPB
CAPITALSOUTH BANCORP
CAPE
CAPE FEAR BANK CORP
CART
CAROLINA TRUST BANK
CARV
CARVER BANCORP INC
CASB
CASCADE FINANCIAL CORP
CASH
META FINANCIAL GROUP INC
CATY
CATHAY GENERAL BANCORP
CB
HUBB CORP
CBAN
COLONY BANKCORP INC
CBBO
COLUMBIA BANCORP ORE
CBC
CAPITOL BANCORP LTD
CBIN
COMMUNITY BANK SHRS INDIANA INC
CBKN
CAPITAL BANK CORP NEW
CBNK
CHICOPEE BANCORP INC
CBON
COMMUNITY BANCORP
CBU
COMMUNITY BANK SYSTEM INC
CCBD
COMMUNITY CENTRAL BANK CORP
CCBG
CAPITAL CITY BANK GROUP
CCBP
COMM BANCORP INC
CCFH
C C F HOLDING COMPANY
CCNE
C N B FINANCIAL CORP PA
CCOW
CAPITAL CORP OF THE WEST
CEBK
CENTRAL BANCORP INC
CFBK
CENTRAL FEDERAL CORP
CFFC
COMMUNITY FINANCIAL CORP
CFFI
C & F FINANCIAL CORP
CFFN
CAPITOL FEDERAL FINANCIAL
CFNL
CARDINAL FINANCIAL CORP
CFR
CULLEN FROST BANKERS INC
CHCO
CITY HOLDING CO
CHEV
CHEVIOT FINANCIAL CORP
CHFC
CHEMICAL FINANCIAL CORP
CI
I G N A CORP
CIA
CITIZENS INC
CINF
CINCINNATI FINANCIAL CORP
CITZ
C F S BANCORP INC
CIZN
CITIZENS HOLDING CO
CJBK
CENTRAL JERSEY BANCORP
CLBH
CAROLINA BANK HOLDINGS INC
CLFC
CENTER FINANCIAL CORP
CLMS
CALAMOS ASSET MANAGEMENT INC
CMA
COMERICA INC
CME
C M E GROUP INC
CMFB
COMMERCEFIRST BANCORP INC
CMGI
C M G I INC
CMSB
C M S BANCORP INC
CNA
C N A FINANCIAL CORP
CNAF
COMMERCIAL NATIONAL FINL CORP
CNB
COLONIAL BANCGROUP INC
CNBC
CENTER BANCORP INC
CNBKA
A CENTURY BANCORP INC
CNC
CENTENE CORP DEL
CNLA
COMMUNITY NATL BANK LAKEWAY AREA
CNO
CONSECO INC
CNS
COHEN & STEERS INC
COBH
PENNSYLVANIA COMMERCE BANCORP IN
COBZ
COBIZ FINANCIAL INC
COLB
COLUMBIA BANKING SYSTEM INC
COOP
COOPERATIVE BANCSHARES INC
CORS
CORUS BANKSHARES INC
COWN
COWEN GROUP INC
CPBC
COMMUNITY PARTNERS BANCORP
CPBK
COMMUNITY CAPITAL CORP
CPF
CENTRAL PACIFIC FINANCIAL CORP
CPHL
CASTLEPOINT HOLDINGS LTD
CRBC
CITIZENS REPUBLIC BANCORP INC
CRFN
CRESCENT FINANCIAL CORP
CRMH
C R M HOLDINGS LTD
CRRB
CARROLLTON BANCORP
CRVL
CORVEL CORP
CSBC
CITIZENS SOUTH BANKING CORP DEL
CSBK
CLIFTON SAVINGS BANCORP INC
CSFL
CENTERSTATE BANKS OF FLORIDA INC
CSHB
COMMUNITY SHORES BANK CORP
CSNT
CRESCENT BANKING CO
CTBC
CONNECTICUT BANK & TRUST CO
CTBI
COMMUNITY TRUST BANCORP INC
CTBK
CITYBANK LYNNWOOD WASHINGTON
CTZN
CITIZENS FIRST BANCORP INC
CVBF
C V B FINANCIAL CORP
CVBK
CENTRAL VIRGINIA BANKSHARES INC
CVCY
CENTRAL VALLEY COMM BANCORP
CVH
COVENTRY HEALTH CARE INC
CVLL
COMMUNITY VALLEY BANCORP
CVLY
CODORUS VALLEY BANCORP INC
CWBC
COMMUNITY WEST BANCSHARES
CWBS
COMMONWEALTH BANKSHARES INC
CWLZ
COWLITZ BANCORPORATION
CZFC
CITIZENS FIRST CORP
CZWI
CITIZENS CMNTY BANCORP INC MD
DB
EUTSCHE BANK AG
DCOM
DIME COMMUNITY BANCSHARES
DEAR
DEARBORN BANCORP INC
DFG
DELPHI FINANCIAL GROUP INC
DGICA
A DONEGAL GROUP INC
DGICB
B DONEGAL GROUP INC
DHIL
DIAMOND HILL INVESTMENT GRP INC
DLLR
DOLLAR FINANCIAL CORP
DR
ARWIN PROFESSIONAL UNDERWRITERS
DSL
DOWNEY FINANCIAL CORP
DUF
DUFF & PHELPS CORP NEW
EBSB
MERIDIAN INTERSTATE BANCORP INC
EBTX
ENCORE BANCSHRES INC
ECBE
E C B BANCORP INC
EGBN
EAGLE BANCORP INC
EIHI
EASTERN INSURANCE HOLDINGS INC
EII
ENERGY INFRASTRUCTURE ACQUI CORP
EMCI
E M C INSURANCE GROUP INC
EMITF
F ELBIT IMAGING LTD
ENH
ENDURANCE SPECIALTY HOLDINGS LTD
ESBF
E S B FINANCIAL CORP
ESBK
ELMIRA SAVINGS BANK FSB NY
ESGR
ENSTAR GROUP LTD
ETFC
E TRADE FINANCIAL CORP
EV
ATON VANCE CORP
EVBN
EVANS BANCORP INC
EVBS
EASTERN VIRGINIA BANKSHARES INC
EVR
EVERCORE PARTNERS INC
EWBC
EAST WEST BANCORP INC
FABK
FIRST ADVANTAGE BANCORP
FAC
FIRST ACCEPTANCE CORP
FAF
FIRST AMERICAN CORP CALIF
FBC
FLAGSTAR BANCORP INC
FBCM
F B R CAPITAL MARKETS CORP
FBIZ
FIRST BUSINESS FINL SVCS INC
FBMI
FIRSTBANK CORP
FBMS
FIRST BANCSHARES INC MS
FBNC
FIRST BANCORP NC
FBP
FIRST BANCORP P R
FBSI
FIRST BANCSHARES INC MO
FBSS
FAUQUIER BANKSHARES INC
FBTC
FIRST BANCTRUST
FCAL
FIRST CALIFORNIA FINL GROUP INC
FCAP
FIRST CAPITAL INC
FCBC
FIRST COMMUNITY BANCSHARES INC
FCCO
FIRST COMMUNITY CORP SC
FCCY
1ST CONSTITUTION BANCORP
FCFL
FIRST COMMUNITY BANK CORP AMER
FCNCA
A FIRST CITIZENS BANCSHARES INC NC
FCVA
FIRST CAPITAL BANCORP INC VA
FCZA
FIRST CITIZENS BANC CORP
FDEF
FIRST DEFIANCE FINANCIAL CORP
FDT
FEDERAL TRUST CORP
FED
FIRSTFED FINANCIAL CORP
FFBC
FIRST FINANCIAL BANCORP OHIO
FFBH
FIRST FEDERAL BANCSHARES ARK INC
FFCH
FIRST FINANCIAL HOLDINGS INC
FFCO
FEDFIRST FINANCIAL CORP
FFDF
F F D FINANCIAL CORP
FFFD
NORTH CENTRAL BANCSHARES INC
FFG
F B L FINANCIAL GROUP INC
FFH
FAIRFAX FINL HOLDINGS LTD
FFHS
FIRST FRANKLIN CORP
FFIC
FLUSHING FINANCIAL CORP
FFIN
FIRST FINANCIAL BANKSHARES INC
FFKT
FARMERS CAPITAL BANK CORP
FFKY
FIRST FINANCIAL SERVICE CORP
FFNM
FIRST FED NORTHN MI BANCORP INC
FFNW
FIRST FINANCIAL NORTHWEST INC
FFSX
FIRST FEDERAL BANKSHARES INC DEL
FHN
FIRST HORIZON NATIONAL CORP
FIFG
1ST INDEPENDENCE FNL GROUP INC
FIG
FORTRESS INVESTMENT GROUP L L C
FII
FEDERATED INVESTORS INC PA
FISI
FINANCIAL INSTITUTIONS INC
FKFS
FIRST KEYSTONE FINANCIAL INC
FLIC
FIRST LONG ISLAND CORP
FMAR
FIRST MARINER BANCORP
FMBI
FIRST MIDWEST BANCORP DE
FMER
FIRSTMERIT CORP
FMFC
FIRST M & F CORP
FNB
F N B CORP PA
FNBN
F N B UNITED CORP
FNFG
FIRST NIAGARA FINL GROUP INC NEW
FNLC
FIRST BANCORP INC ME
FNM
FEDERAL NATIONAL MORTGAGE ASSN
FNSC
FIRST NATIONAL BANCSHARES INC SC
FPBI
F P B BANCORP INC
FPBN
1ST PACIFIC BANCORP CA
FPFC
FIRST PLACE FINANCIAL CORP NM
FPIC
F P I C INSURANCE GROUP INC
FPTB
FIRST PACTRUST BANCORP INC
FRBK
REPUBLIC FIRST BANCORP INC
FRE
FEDERAL HOME LOAN MORTGAGE CORP
FRGB
FIRST REGIONAL BANCORP
FRME
FIRST MERCHANTS CORP
FSBI
FIDELITY BANCORP INC
FSBK
FIRST SOUTH BANCORP INC
FSGI
FIRST SECURITY GROUP INC
FSNM
FIRST STATE BANCORPORATION
FTBK
FRONTIER FINANCIAL CORP
FULT
FULTON FINANCIAL CORP PA
FUNC
FIRST UNITED CORP
FWV
FIRST WEST VIRGINIA BANCORP INC
FXCB
FOX CHASE BANCORP INC
GABC
GERMAN AMERICAN BANCORP INC
GAN
GAINSCO INC
GBCI
GLACIER BANCORP INC NEW
GBH
GREEN BUILDERS INC
GBL
GAMCO INVESTORS INC
GBNK
GUARANTY BANCORP
GBTS
GATEWAY FINANCIAL HLDGS INC
GCA
GLOBAL CASH ACCESS HOLDINGS INC
GFED
GUARANTY FEDERAL BANCSHARES INC
GFIG
G F I GROUP INC
GFLB
GREAT FLORIDA BANK
GGAL
GRUPO FINANCIERO GALICIA S A
GHL
GREENHILL & CO INC
GIW
WILBER CORP
GLBZ
GLEN BURNIE BANCORP
GLRE
GREENLIGHT CAPITAL RE LTD
GNW
GENWORTH FINANCIAL INC
GOV
GOUVERNEUR BANCORP INC
GRAN
BANK GRANITE CORP
GRNB
GREEN BANKSHARES INC
GROW
U S GLOBAL INVESTORS INC
GS
OLDMAN SACHS GROUP INC
GSBC
GREAT SOUTHERN BANCORP INC
GSLA
G S FINANCIAL CORP
GTS
TRIPLE S MANAGEMENT CORP
HABC
HABERSHAM BANCORP INC
HAFC
HANMI FINANCIAL CORP
HALL
HALLMARK FINANCIAL SERVICES INC
HARL
HARLEYSVILLE SAVINGS FINAN CORP
HAXS
HEALTHAXIS INC
HBAN
HUNTINGTON BANCSHARES INC
HBHC
HANCOCK HOLDING CO
HBNK
HAMPDEN BANCORP INC
HBOS
HERITAGE FINANCIAL GROUP
HCBK
HUDSON CITY BANCORP INC
HCC
H C C INSURANCE HOLDINGS INC
HEOP
HERITAGE OAKS BANCORP
HFBC
HOPFED BANCORP INC
HFFC
H F FINANCIAL CORP
HFWA
HERITAGE FINANCIAL CORP WA
HGIC
HARLEYSVILLE GROUP INC
HIFS
HINGHAM INSTITUTION FOR SVGS MA
HMN
HORACE MANN EDUCATORS CORP NEW
HMNF
H M N FINANCIAL INC
HMPR
HAMPTON ROADS BANKSHARES INC
HNBC
HARLEYSVILLE NATIONAL CORP PA
HNT
HEALTH NET INC
HOMB
HOME BANCSHARES INC
HOME
HOME FEDERAL BANCORP INC MD
HRZB
HORIZON FINANCIAL CORP WASH
HS
EALTHSPRING INC
HTBK
HERITAGE COMMERCE CORP
HTH
HILLTOP HOLDINGS INC
HTLF
HEARTLAND FINANCIAL USA INC
HUM
HUMANA INC
HWBK
HAWTHORN BANCSHARES INC
HWFG
HARRINGTON WEST FINANCIAL GRP IN
IAAC
INTERNATIONAL ASSETS HLDG CORP
IBCA
INTERVEST BANCSHARES CORP
IBCP
INDEPENDENT BANK CORP MICH
IBKC
IBERIABANK CORP
IBKR
INTERACTIVE BROKERS GROUP INC
IBNK
INTEGRA BANK CORP
IBOC
INTERNATIONAL BANCSHARES CORP
ICE
INTERCONTINENTALEXCHANGE INC
ICH
INVESTORS CAPITAL HOLDINGS LTD
IFC
IRWIN FINANCIAL CORP
IFSB
INDEPENDENCE FEDERAL SAVINGS BK
IHC
INDEPENDENCE HOLDING CO NEW
IMP
IMPERIAL CAPITAL BANCORP INC
INCB
INDIANA COMMUNITY BANCORP
INDB
INDEPENDENT BANK CORP MA
ING
I N G GROEP N V
IPCC
INFINITY PROPERTY & CASUALTY COR
IPCR
I P C HOLDINGS LTD
IRE
IRELAND BANK
ITC
I T C HOLDINGS CORP
ITG
INVESTMENT TECHNOLOGY GP INC NEW
ITIC
INVESTORS TITLE CO
JAXB
JACKSONVILLE BANCORP INC FL
JEF
JEFFERIES GROUP INC NEW
JFBC
JEFFERSONVILLE BANCORP
JFBI
JEFFERSON BANCSHARES INC TENN
JLI
JESUP & LAMONT INC
JMP
J M P GROUP INC
JNS
JANUS CAP GROUP INC
JPM
JPMORGAN CHASE & CO
JXSB
JACKSONVILLE BANCORP INC
KCLI
KANSAS CITY LIFE INS CO
KENT
KENT FINANCIAL SERVICES INC
KEY
KEYCORP NEW
KFED
K FED BANCORP
KFFB
KENTUCKY FIRST FEDERAL BANCORP
KFS
KINGSWAY FINANCIAL SERVICES INC
KRNY
KEARNY FINANCIAL CORP
L
LOEWS CORP
LAB
LABRANCHE & CO INC
LABC
LOUISIANA BANCORP INC
LARK
LANDMARK BANCORP INC
LAZ
LAZARD LTD
LBBB
LIBERTY BELL BK CHERRY HILL NJ
LBCP
LIBERTY BANCORP INC MO
LEGC
LEGACY BANCORP INC
LEH
LEHMAN BROTHERS HOLDINGS INC
LFC
CHINA LIFE INSURANCE CO LTD
LION
FIDELITY SOUTHERN CORP NEW
LKFN
LAKELAND FINANCIAL CORP
LNC
LINCOLN NATIONAL CORP IN
LNCB
LINCOLN BANCORP IND
LPSB
LAPORTE BANCORP INC
LSBI
L S B FINANCIAL CORP
LSBK
LAKE SHORE BANCORP INC
LSBX
L S B CORP
LTS
LADENBURG THALMANN FIN SVCS INC
LUK
LEUCADIA NATIONAL CORP
LYG
LLOYDS TSB GROUP PLC
MAIN
MAIN STREET CAPITAL CORP
MASB
MASSBANK CORP
MBFI
M B FINANCIAL INC NEW
MBHI
MIDWEST BANC HOLDINGS INC
MBI
M B I A INC
MBP
MID PENN BANCORP INC
MBR
MERCANTILE BANCORP INC
MBRG
MIDDLEBURG FINANCIAL CORP
MBTF
M B T FINANCIAL CORP
MBVA
MILLENNIUM BANKSHARES CORP
MBVT
MERCHANTS BANCSHARES INC
MBWM
MERCANTILE BANK CORP
MCBF
MONARCH COMMUNITY BANCORP INC
MCBI
METROCORP BANCSHARES INC
MCGC
M C G CAPITAL CORP
MCY
MERCURY GENERAL CORP NEW
MER
MERRILL LYNCH & CO INC
MERR
MERRIMAN CURHAN FORD GROUP INC
MF
MF GLOBAL LTD
MFC
MANULIFE FINANCIAL CORP
MFLR
MAYFLOWER BANCORP INC
MFNC
MACKINAC FINANCIAL CORP
MFSF
MUTUALFIRST FINL INC
MGYR
MAGYAR BANCORP INC
MHLD
MAIDEN HOLDNGS LTD
MI
MARSHALL & ILSLEY CORP NEW
MIG
MEADOWBROOK INSURANCE GROUP INC
MIGP
MERCER INSURANCE GROUP INC
MKL
MARKEL CORP
MKTX
MARKETAXESS HLDGS INC
MNRK
MONARCH FINANCIAL HOLDINGS INC
MOFG
MIDWESTONE FINANCIAL GRP INC NEW
MOH
MOLINA HEALTHCARE INC
MORN
MORNINGSTAR INC
MRH
MONTPELIER RES HOLDINGS LTD
MROE
MONROE BANCORP
MS
ORGAN STANLEY DEAN WITTER & CO
MSBF
M S B FINANCIAL CORP
MSFG
MAINSOURCE FINANCIAL GROUP INC
MSL
MIDSOUTH BANCORP INC
MTG
M G I C INVESTMENT CORP WIS
MTU
MITSUBISHI UFJ FINANCIAL GP INC
MXGL
MAX CAPITAL GROUP LTD
NAHC
NATIONAL ATLANTIC HOLDINGS CORP
NAL
NEWALLIANCE BANCSHARES INC
NARA
NARA BANCORP INC
NATL
NATIONAL INTERSTATE CORP
NAVG
NAVIGATORS GROUP INC
NBBC
NEWBRIDGE BANCORP
NBN
NORTHEAST BANCORP
NBTB
N B T BANCORP INC
NBTF
N B & T FINANCIAL GROUP INC
NCBC
NEW CENTURY BANCORP INC NC
NCC
NATIONAL CITY CORP
NDAQ
NASDAQ O M X GROUP INC
NEBS
NEW ENGLAND BANCSHARES INC
NECB
NORTHEAST COMMUNITY BANCORP INC
NEWT
NEWTEK BUSINESS SVCS INC
NFBK
NORTHFIELD BANCORP INC
NFS
NATIONWIDE FINANCIAL SERVICES IN
NFSB
NEWPORT BANCORP INC
NHTB
NEW HAMPSHIRE THRIFT BNCSHRS INC
NICK
NICHOLAS FINANCIAL INC
NITE
KNIGHT CAPITAL GROUP INC
NKSH
NATIONAL BANKSHARES INC
NMR
NOMURA HOLDINGS INC
NMX
NYMEX HOLDINGS INC
NOVB
NORTH VALLEY BANCORP
NPBC
NATIONAL PENN BANCSHARES INC
NRIM
NORTHRIM BANCORP INC
NSEC
NATIONAL SECURITY GROUP INC
NSFC
NORTHERN STATES FINANCIAL CORP
NSH
NUSTAR G P HOLDINGS LLC
NTQ
N T R ACQUISITION CO
NTRS
NORTHERN TRUST CORP
NVSL
NAUGATUCK VLY FINANCIAL CORP
NWFL
NORWOOD FINANCIAL CORP
NWLIA
A NATIONAL WESTERN LIFE INS CO
NWSB
NORTHWEST BANCORP INC PA
NXTY
NEXITY FINANCIAL CORP
NYB
NEW YORK COMMUNITY BANCORP INC
NYM
N Y M A G I C INC
NYX
N Y S E EURONEXT
OCFC
OCEANFIRST FINANCIAL CORP
OFG
ORIENTAL FINANCIAL GROUP INC
OKSB
SOUTHWEST BANCORP INC OKLA
OLBK
OLD LINE BANCSHARES
OLCB
OHIO LEGACY CORP
ONB
OLD NATIONAL BANCORP
ONFC
ONEIDA FINANCIAL CORP
OPHC
OPTIMUMBANK HOLDINGS INC
OPOF
OLD POINT FINL CORP
OPY
OPPENHEIMER HOLDINGS INC
ORH
ODYSSEY RE HOLDINGS CORP
ORI
OLD REPUBLIC INTERNATIONAL CORP
ORIT
ORITANI FINANCIAL CORP
OSBC
OLD SECOND BANCORP INC
OSBK
OSAGE BANCSHARES INC
OSHC
OCEAN SHORE HOLDING CO
OVBC
OHIO VALLEY BANC CORP
OXPS
OPTIONSXPRESS HOLDINGS INC
OZM
OCH ZIFF CAPITAL MANGMNT GRP LLC
OZRK
BANK OF THE OZARKS INC
PABK
P A B BANKSHARES INC
PACW
PACWEST BANCORP DE
PBCI
PAMRAPO BANCORP INC
PBCT
PEOPLES UNITED FINANCIAL INC
PBHC
PATHFINDER BANCORP INC
PBIB
PORTER BANCORP INC
PBIP
PRUDENTIAL BANCORP INC PA
PBKS
PROVIDENT BANKSHARES CORP
PBNY
PROVIDENT NEW YORK BANCORP
PCBC
PACIFIC CAPITAL BANCORP NEW
PCBI
PEOPLES COMMUNITY BANCORP INC
PCBK
PACIFIC CONTINENTAL CORP
PCBS
PROVIDENT COMMUNITY BANCSHRS INC
PEBK
PEOPLES BANCORP NC INC
PEBO
PEOPLES BANCORP INC
PFBC
PREFERRED BANK LOS ANGELES
PFBI
PREMIER FINANCIAL BANCORP INC
PFBX
PEOPLES FINANCIAL CORP
PFED
PARK BANCORP INC
PFG
PRINCIPAL FINANCIAL GROUP INC
PFS
PROVIDENT FINANCIAL SVCS INC
PGR
PROGRESSIVE CORP OH
PHLY
PHILADELPHIA CONSOLIDATED HLG CO
PICO
P I C O HOLDINGS INC
PJC
PIPER JAFFRAY COMPANIES
PKBK
PARKE BANCORP INC
PL
ROTECTIVE LIFE CORP
PLCC
PAULSON CAPITAL CORP
PLFE
PRESIDENTIAL LIFE CORP
PMACA
A P M A CAPITAL CORP
PMBC
PACIFIC MERCANTILE BANCORP
PMI
P M I GROUP INC
PNBC
PRINCETON NATIONAL BANCORP INC
PNBK
PATRIOT NATIONAL BANCORP INC
PNC
P N C FINANCIAL SERVICES GRP INC
PNFP
PINNACLE FINANCIAL PARTNERS INC
PNSN
PENSON WORLDWIDE INC
PNX
PHOENIX COS INC
PPBI
PACIFIC PREMIER BANCORP INC
PRA
PROASSURANCE CORP
PRE
PARTNERRE LTD
PRK
PARK NATIONAL CORP
PROS
PROCENTURY CORP
PROV
PROVIDENT FINANCIAL HOLDINGS INC
PRSP
PROSPERITY BANCSHARES INC
PRU
PRUDENTIAL FINANCIAL INC
PRWT
PREMIERWEST BANCORP
PSBC
PACIFIC STATE BANCORP
PSBH
PSB HOLDINGS INC
PSEC
PROSPECT CAPITAL CORP
PTA
PENN TREATY AMERICAN CORP
PTP
PLATINUM UNDERWRITERS HLDGS LTD
PUK
PRUDENTIAL PLC
PULB
PULASKI FINANCIAL CORP
PVFC
P V F CAPITAL CORP
PVSA
PARKVALE FINANCIAL CORP
PVTB
PRIVATEBANCORP INC
PWOD
PENNS WOODS BANCORP INC
PZN
PZENA INVESTMENT MANAGEMENT INC
QCRH
Q C R HOLDINGS INC
QNTA
QUANTA CAPITAL HOLDINGS LTD
RAMR
R A M HOLDINGS LTD
RBCAA
REPUBLIC BANCORP INC KY
RBNF
RURBAN FINANCIAL CORP
RBPAA
ROYAL BANCSHARES PA INC
RBS
ROYAL BANK SCOTLAND GROUP PLC
RCBK
RIVER CITY BANK
RCKB
ROCKVILLE FINANCIAL INC
RDN
RADIAN GROUP INC
RE
EVEREST RE GROUP LTD
RF
REGIONS FINANCIAL CORP NEW
RGA
REINSURANCE GROUP OF AMERICA INC
RIVR
RIVER VALLEY BANCORP
RJF
RAYMOND JAMES FINANCIAL INC
RKH
REGIONAL BANK HOLDRS TRUST
RLI
R L I CORP
RNR
RENAISSANCERE HOLDINGS LTD
RNST
RENASANT CORP
RODM
RODMAN & RENSHAW CAP GRP INC NEW
ROMA
ROMA FINANCIAL CORP
ROME
ROME BANCORP INC
RPFG
RAINIER PACIFIC FINL GROUP INC
RVSB
RIVERVIEW BANCORP INC
RY
ROYAL BANK CANADA MONTREAL QUE
SAF
SAFECO CORP
SAFT
SAFETY INSURANCE GROUP INC
SAL
SALISBURY BANCORP INC
SAMB
SUN AMERICAN BANCORP
SASR
SANDY SPRING BANCORP INC
SAVB
SAVANNAH BANCORP INC
SBBX
SUSSEX BANCORP
SBCF
SEACOAST BANKING CORP FLA
SBIB
STERLING BANCSHARES INC
SBKC
SECURITY BANK CORP
SBNY
SIGNATURE BANK NEW YORK N Y
SBP
SANTANDER BANCORP
SBSI
SOUTHSIDE BANCSHARES INC
SCA
SECURITY CAPITAL ASSURANCE LTD
SCB
COMMUNITY BANKSHARES INC S C
SCBT
S C B T FINANCIAL CORP
SCHW
SCHWAB CHARLES CORP NEW
SCMF
SOUTHERN COMMUNITY FINCL CORP
SEAB
SEABRIGHT INSURANCE HOLDINGS INC
SF
STIFEL FINANCIAL CORP
SFG
STANCORP FINANCIAL GROUP INC
SFNC
SIMMONS 1ST NATIONAL CORP
SFST
SOUTHERN FIRST BANCSHARES INC
SGB
SOUTHWEST GEORGIA FINANCIAL CORP
SHG
SHINHAN FINANCIAL GROUP CO LTD
SIEB
SIEBERT FINANCIAL CORP
SIFI
SI FINANCIAL GROUP INC
SIGI
SELECTIVE INSURANCE GROUP INC
SIVB
S V B FINANCIAL GROUP
SLF
SUN LIFE FINANCIAL INC
SLM
S L M CORP
SMBC
SOUTHERN MISSOURI BANCORP INC
SMCG
MILLENNIUM INDIA ACQUISIT CO INC
SMHG
SANDERS MORRIS HARRIS GROUP INC
SMMF
SUMMIT FINANCIAL GROUP INC
SMTB
SMITHTOWN BANCORP INC
SNBC
SUN BANCORP INC
SNV
SYNOVUS FINANCIAL CORP
SOCB
SOUTHCOAST FINANCIAL CORP
SOMH
SOMERSET HILLS BANCORP
SONA
SOUTHERN NATIONAL BANCORP VA INC
SOV
SOVEREIGN BANCORP INC
SRCE
1ST SOURCE CORP
SSBI
SUMMIT STATE BANK
SSBX
SILVER STATE BANCORP
SSFN
STEWARDSHIP FINANCIAL CORP
STBA
S & T BANCORP INC
STBC
STATE BANCORP INC NY
STBK
STERLING BANKS INC
STEL
STELLARONE CORP
STFC
STATE AUTO FINANCIAL CORP
STI
SUNTRUST BANKS INC
STL
STERLING BANCORP
STSA
STERLING FINANCIAL CORP WASH
STT
STATE STREET CORP
STU
STUDENT LOAN CORP
SUAI
SPECIALTY UNDERWRITERS ALL INC
SUBK
SUFFOLK BANCORP
SUFB
SUFFOLK FIRST BANK VA
SUPR
SUPERIOR BANCORP
SUR
C N A SURETY CORP
SUSQ
SUSQUEHANNA BANCSHARES INC PA
SVBI
SEVERN BANCORP INC MD
SWS
S W S GROUP INC
SYBT
S Y BANCORP INC
TAMB
TAMALPAIS BANCORP
TAQ
TRANSFORMA ACQUISITION GROUP INC
TAYC
TAYLOR CAPITAL GROUP INC
TBBK
BANCORP INC
TBHS
BANK HOLDINGS THE
TCB
T C F FINANCIAL CORP
TCBI
TEXAS CAPITAL BANCSHARES INC
TCBK
TRICO BANCSHARES
TCHC
21ST CENTURY HOLDING CO
TDBK
TIDELANDS BANCSHARES INC
TFIN
TEAM FINANCIAL INC
TFSL
TFS FINANCIAL CORP
TGIC
TRIAD GUARANTY INC
THFF
FIRST FINANCIAL CORP IN
THG
HANOVER INSURANCE GROUP INC
THRD
T F FINANCIAL CORP
TIBB
T I B FINANCIAL CORP
TIL
TRANS INDIA ACQUISITION CORP
TMCV
TEMECULA VALLEY BANCORP INC
TMK
TORCHMARK CORP
TMP
TOMPKINS FINANCIAL CORP
TNCC
TENNESSEE COMMERCE BANCORP INC
TOFC
TOWER FINANCIAL CORP
TONE
TIERONE CORP
TOWN
TOWNEBANK
TRH
TRANSATLANTIC HOLDINGS INC
TROW
T ROWE PRICE GROUP INC
TRST
TRUSTCO BANK CORP NY
TRUE
CENTRUE FINANCIAL CORP NEW
TRV
TRAVELERS COMPANIES INC
TSBK
TIMBERLAND BANCORP INC
TSFG
SOUTH FINL GROUP INC
TSH
TECHE HOLDING CO
TWGP
TOWER GROUP INC
TWPG
THOMAS WEISEL PARTNERS GROUP INC
UAM
UNIVERSAL AMERICAN CORP
UB
UNIONBANCAL CORP
UBCP
UNITED BANCORP INC
UBFO
UNITED SECURITY BANKSHARES
UBNK
UNITED FINANCIAL BANCORP INC MD
UBOH
UNITED BANCSHARES INC
UBS
U B S AG
UBSH
UNION BANKSHARES CORP
UBSI
UNITED BANKSHARES INC
UCBA
UNITED COMMUNITY BANCORP
UCBH
U C B H HOLDINGS INC
UCBI
UNITED COMMUNITY BANKS INC GA
UCFC
UNITED COMMUNITY FINL CORP OHIO
UFCS
UNITED FIRE & CAS CO
UMBF
U M B FINANCIAL CORP
UMPQ
UMPQUA HOLDINGS CORP
UNAM
UNICO AMERICAN CORP
UNB
UNION BANKSHARES INC
UNH
UNITEDHEALTH GROUP INC
UNIB
UNIVERSITY BANCORP INC
UNM
UNUM GROUP
UNTY
UNITY BANCORP INC
USB
U S BANCORP DEL
USBI
UNITED SECURITY BANCSHARES INC
UTR
UNITRIN INC
UVSP
UNIVEST CORP OF PENNSYLVANIA
UWBK
UNITED WESTERN BANCORP INC
VBFC
VILLAGE BANK AND TRUST FINL CORP
VCBI
VIRGINIA COMMERCE BANCORP
VIST
V I S T FINACIAL CORP
VLY
VALLEY NATIONAL BANCORP
VNBC
VINEYARD NATIONAL BANCORP
VPFG
VIEWPOINT FINANCIAL GROUP
VR
VALIDUS HOLDINGS LTD
VSBN
V S B BANCORP INC NY
VYFC
VALLEY FINANCIAL CORP VA
WABC
WESTAMERICA BANCORPORATION
WAIN
WAINWRIGHT BANK & TRUST CO BOSTN
WAL
WESTERN ALLIANCE BANCORPORATION
WASH
WASHINGTON TRUST BANCORP INC
WAUW
WAUWATOSA HOLDINGS INC
WAYN
WAYNE SAVINGS BANCSHARES INC NEW
WB
ACHOVIA CORP 2ND NEW
WBCO
WASHINGTON BANKING COMPANY
WBNK
WACCAMAW BANKSHARES INC
WBS
WEBSTER FINL CORP WATERBURY CONN
WCBO
WEST COAST BANCORP ORE NEW
WCG
WELLCARE HEALTH PLANS INC
WDR
WADDELL & REED FINANCIAL INC
WFBC
WILLOW FINANCIAL BANCORP INC
WFC
WELLS FARGO & CO NEW
WFD
WESTFIELD FINANCIAL INC
WFSL
WASHINGTON FEDERAL INC
WGNB
W G N B CORP
WHG
WESTWOOD HOLDINGS GROUP INC
WHI
W HOLDING CO INC
WIBC
WILSHIRE BANCORP INC
WL
WILMINGTON TRUST CORP
WLP
WELLPOINT INC
WM
WASHINGTON MUTUAL INC
WPL
STEWART W P & CO LTD
WRB
BERKLEY W R CORP
WSB
W S B HOLDINGS INC
WSBC
WESBANCO INC
WSFG
W S B FINANCIAL GROUP
WSFS
WSFS FINANCIAL CORP
WTBA
WEST BANCORPORATION INC
WTFC
WINTRUST FINANCIAL CORPORATION
WTM
WHITE MOUNTAINS INS GROUP INC
WTNY
WHITNEY HOLDING CORP
WVFC
WVS FINANCIAL CORP
XL
XL CAPITAL LTD
Y
ALLEGHANY CORP DE
YAVY
YADKIN VALLEY FINANCIAL CORP
ZION
ZIONS BANCORP
ZNT
ZENITH NATIONAL INSURANCE CORP