The government says Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.
The FDIC says Wachovia didn't fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund. Washington Mutual Inc. - the largest bank failure in U.S. history.
Wachovia has been among the banks hardest hit by the ongoing crisis in the mortgage market. Its current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments.
Laura, 11th named storm, forms far out in Atlantic
The National Hurricane Center says Laura has formed over the north central Atlantic as the 11th named storm of the season.
The storm was centered about 695 miles south-southeast of Cape Rice, Newfoundland, at 11 a.m. Monday and moving west-northwest near 8 mph early Monday.
Laura's maximum sustained winds are near 60 mph. Some strengthening is forecast during the next day or two.
But the hurricane center says Laura is not expected to affect any land areas and will only be a threat to shipping interests in the far north Atlantic.
Laura is a subtropical storm, which forecasters say is different from a tropical storm but can still turn into a hurricane.
Gun groups to appeal Hartsfield decision
Gun rights groups are appealing a federal judge's decision to dismiss a lawsuit that sought to allow licensed gun owners to pack heat in certain parts of the world's busiest airport.
U.S. District Judge Marvin Shoob tossed the lawsuit on Friday, ruling that GeorgiaCarry.org presented no evidence why a new Georgia law would allow weapons into unsecured areas of Hartsfield-Jackson Atlanta International Airport.
State Rep. Tim Bearden, a Republican who co-sponsored the law, said he was not surprised by the ruling. He said he hopes for a better result in appellate court.
The legal showdown erupted when the state law that allows people with a concealed weapons permit to carry guns into restaurants, state parks and on public transportation took effect on July 1.
WHAT'S COMING UP ON MACON.COM
- We'll tell you more about the death of former Macon City Councilman Charles Dudley, including the latest information on funeral arrangements.
- The federal conspiracy trial continues today for former Perry doctor Spurgeon Green Jr. Come back to our Web site for the latest courtroom developments.
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