See Dick Testify; Citi and Wells Fargo Take A Time Out

See Dick Testify; Citi and Wells Fargo Take A Time Out See Dick Testify; Citi and Wells Fargo Take A Time Out Like a wedded man being grilled by his significant other for a supposed extramarital undertaking, Lehman Brothers CEO Dick Fuld sat before the House Committee on Oversight and Government Reform today, noting questionsconcerning his inolvement in the insolvency of his 158-year old, presently dead firm. For almost two hours Fuld diverted allegations that he misdirected financial specialists and benefitted to the detriment of investors, holding solidly to the exhortation given to me by a school flat mate with faulty morals on what to do if a noteworthy other ever blames you for cheating: Deny Till You Die.It was evident that the individuals from Congress offering conversation starter after inquiry, now and again making a decent attempt totrip up the CEO, werent buyingDick's blamelessness. At a certain point, Henry Waxman, executive of the board of trustees, said to Fuld, I dont acknowledge the way that you affirm the framework worked when you lost your stock. What's more, in closing,he included, You dont appear to recognize that you did anything wrong.One thing is by all accounts certain: regardless of whether Fuld will be considered responsible won't bring back the lost severance of various Lehman workers whose units fell under the chapter 11, or the estimation of the offers held by Lehman's investors.While Fuld was affirming, the financial exchange was imploding on news that abroad governments had been compelled to hop into the bailout game, however because of a late assembly the Dow just completed down 3.8 percent.And soon after the market shut, more news surfaced about the fight over Wachovia, as Citi and Wells Fargo consented to remove a period from sorts: allparties included have incidentally suspended their battle in court in what is by all accounts an approach to allowan consent to be made without the law in question (prior today Citi documented a $60 billion claim against Wells Fargo,claiming thatit had shaken on an arrangement with the Charlotte-based ba nk before Wells made its offer). In this way, apparently Citi could get Wachovias shopper banking business all things considered, with the remainder of Wachoviagoing to Wells Fargo. The break goes on until Wednesday, so stay tuned forround four of that emotional battle. Meanwhile, here's a story of the tape, demonstrating how Citistacksup againstWells Fargo:HeadquartersC: New YorkWF: San Francisco Marketing SloganC: Citi Never SleepsWF: The Next Stage EmployeesC: 374,000WF: 160,500 Total Assets C: $2.1 trillionWF: $609 billion Market CapC: $95 billionWF: $111 billion2007 Net Income C: $3.617 billionWF: $8.057 billion 2007 Net Profit Margin C: 4.78%WF: 20.45% second Quarter 2008 Net Income C: $-2.5 billionWF: $1.75 billion second Quarter 2008 Net Profit MarginC: - 11.5%WF: 15.3 %Share Price Decrease TodayC: 5.1%WF: 2.7%