Fairfield
Dean of Business School participating in NYC Marathon
As part of the Team for Kids, an international community of runners, Norm Solomon, dean of the Dolan School of Business, will be running in the New York City Marathon on Nov. 2. According to a University press release, Solomon is running with the New York Road Runners, a running club that organizes the Marathon and whose official charity is the Team for Kids. The charity raises money in order to fund after-school activities for children, in New York City and all over the world, which will ultimately aid them in leading healthier lives.
‘You can’t solve all the world’s problems, but this is a really good cause that can turn a child’s day-to-day life around for the better,’ Solomon said in the press release.
National
Citigroup agrees to take over the Wachovia Corporation
According to a New York Times article, Citigroup bought the troubled banking operations of the Wachovia Corporation early Monday morning for roughly $2.2 million. With the government agreeing to provide Citigroup financial guarantee, the deal parallels JP Morgan Chase’s recent buyout of Bear Stearns. The agreement now concentrates 30 percent of the bank industry’s deposits in the hands of Bank of America, JP Morgan Chase and Citigroup. Wachovia customers, as said in the article, should not notice any changes in their banking services and bondholders with Wachovia should be protected by the deal.
National
$700 billion dollar bailout
plan rejected
The House of Representatives rejected the $700 billion bailout plan, proposed by the White House, on Monday with a vote of 228 to 205, according to a New York Times article. In the article, it is said that those opposed to the bill, which was designed in order to save the financial industry among the recent financial crisis on Wall Street, thought it was put together in ‘too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.’
Throughout the day on Monday, after the decision was made, stocks on Wall Street dropped dramatically and the price of oil shot down in fear of a global recession. The government is now in planning to develop minor changes to the package and hoping to bring it in front of the House again later in the week, considering the close margin of votes.
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