The Saudi Prince has spoken, but it’s not enough to help Citigroup out of the downward plunge it is on.  Citibank opened 4% lower, but it got much worst as the day went one. Losing more then 26% to trade close the day at 4.71
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Breakdown: Citibank Losses

$20.3 billion in losses on declining mortgages and bad [...]

Lets throw out the basic facts:

Wells Fargo (NYSE:WFC $31.30 on 10/22/2008) has a market cap of $103.95b, has lost 13.39 since its 52wk high.  That is about 42% of the current stock price (an initial drop of 30% from the 52wk high)
Wachovia Corporation (NYSE:WB $5.71 on 10/22/2008) has a market cap of $12.33b, has lost 88% [...]

Many have argued against the passage of the government bailout bill, never the less it has passed in the US. House of Representatives today. House members are being quoted as saying, there is no liquidity in the market. This bill will help the banks get back to banking.

Most of the voices against the action [...]

We’ve been following Wells Fargo and Wachovia before, here’s an update:
Wells Fargo buying troubled Wachovia for $15.1 billion, by the Houston Chronicle.
Wachovia ended talks with Citigroup, who was looking pretty good earlier.
If you own Wachovia stock, you will get 0.1991 shares of Wells Fargo for each share of Wachovia.
The big news, is this has all [...]

Depending on where you read, either Citigroup is currently leading the initiative, or Wells Fargo is.
Either way, it’s going to be yet another interesting week with Fortis on the chopping block recently.  The last word I had read, was that each of the three governments will be buying out 49% of the local operating Fortis [...]

Everyone’s trying to get past the early part of the week.
Could it be true that we will face even more bank failures? Â
CBSNews reports that Washington Mutual Inc. and Morgan Stanley may have turbulent times ahead:

Wall Street Swings Day After Meltdown, CBSNews 

According to the article:

Wells Fargo & Co. and Citigroup Inc. are interseted in a [...]