News Roundup

Here are links to some interesting recent stories:

  • Today, Barclay’s sold subsidiary iShares to private equity group CVC Capital. The price tag was somewhere between $4.2 and $4.41 billion, depending on if you are Financial Times or The Wall Street Journal.
  • Top Obama Economic Adviser Lawrence Summers sees an end to our current economic free fall. Summers did not, however, provide insight about when a rebound would happen and how strong it would be.
  • As the stress tests on banks wrap up, Reuters reports that no banks will close as a result of the tests.

  • According to the Housing and Urban Development Secretary, banks receiving TARP assistance will be required to participate in the government’s mortgage modification initiatives. You can check out that story here.

  • And finally, Wells Fargo had a good day. The bank rallied global stocks today when it announced expectations of $3billion in net income for the first quarter. The AP suggests that it may just be an anomaly.
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