No shortage of news this morning….
Dubai gets bailout from Abu Dhabi (Reuters)
Exxon to buy XTO for $41 billion (Reuters) $41 billion is the enterprise valuation. It’s incomplete to say the Exxon is only paying $31 billion for the stock when it is also assuming $10 billion of debt.
Citi to repay TARP, raise $17 billion (Reuters) The ringfence agreement on Citi’s pile of toxic assets will end and Treasury will also start selling its common shares back to the market. Here are all the details from Citi.
Morgan Stanley hires Greg Fleming (NYT) Fleming was the guy who pressed Merrill to sell itself to BofA. He hashed out the deal, including Merrill’s controversial bonus package, with BofA’s Greg Curl.
VIDEO: “Wall Street doesn’t get it.” Too bad Obama’s reform plan does little to change the status quo. And in any case, Fed policy will continue to support banks for an “extended period.” The Prez meets with Wall Street CEOs this morning.
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