Wachovia Corp has begun early merger talks with several suitors.Wachovia, the sixth-largest U.S. bank by assets, began preliminary talks with Citigroup Inc.Wachovia has entered preliminary merger talks with Citigroup, Banco Santander SA and Wells Fargo & Co.The market value of Wachovia was about $21.6 billion.JPMorgan Chase & Co's decision to write down $31 billion of loans it took over when it bought much of Washington Mutual Inc banking operations on Thursday for $1.9 billion may foreshadow greater losses at Wachovia
Regulators shut down a 102-year-old West Virginia bank on Friday and sold all deposits to Pioneer Community Bank Inc. of Iaeger, W.V. and The Citizens Savings Bank of Martins Ferry, Ohio.The closure of Northfork, W.V.-based Ameribank Inc. was the 12th U.S. bank failure this year, making it the latest victim of the nation's worst banking crisis.
1. Lehman Brothers Holdings Inc-$639 billion
The Lehman Brothers bankruptcy, is without a doubt, the largest bankruptcy ever: the size is estimated between $613 billion and $639 billion!
2. Worldcom Inc; $103.91 billion
Worldcom became America's second-largest long-distance company and the largest handler of Internet data. It is also the US's second largst bankruptcy ever at $103.91 billion!
3. Enron Corp; $63.39 billion
Fortune named it 'America's Most Innovative Company' for six consecutive years. It was on the Fortune's '100 Best Companies to Work for
4. Conseco Inc; $61.39 billion
Conseco became one of the largest US home lenders and personal insurers by the late 1990s. Unfortunately, it collapsed under the weight of debts caused by it ambitious expansion and mounting bad loans. At $61.39 billion, Conseco filed for what is US's 4th largest bankruptcy petition.
5. Texaco Inc; $35.89 billion
For many years, Texaco was the only company selling gasoline
6. Financial Corp of America; $33.86 billion
7. Refco Inc; $33.33 billion; Oct. 17, 2005,
8. Global Crossing Ltd; $30.19 billion
9. Pacific Gas and Electric Co; $29.77 billion
10. UAL Corp; $25.2 billion
Hong Kong stocks fell 35.82 points, or 0.19 percent, to close at 19,352.90 on Friday.Turnover fell to 57.77 billion HK dollars (7.42 billion U.S. dollars) from Thursday's 69.60 billion HK dollars (8.93 billion U.S. dollars).Hong Kong's benchmark Hang SengIndex plunged 3.06 percent to a near 18-month low below a key support level Thursday, following Asian stock markets.Hang Seng Index fell 611.06 points.Hong Kong Exchanges and Clearing Limited, the sole market operator, was down 2.95 percent to 93.85 HK dollars.
The world's biggest banks are given here:
1.UBS AG , Zurich, Switzerland
2.Barclays PLC
3.BNP Paribas
4.The Royal Bank of Scotland Group Plc, Edinburgh, UK
5.Credit Agricole SA
6.Deutsche Bank AG
7.The Bank of Tokyo-Mitsubishi UFJ Ltd
8.ABN AMRO Holding NV
9.Societe Generale
10.Bank of America
Here is the list of richest Royals
1. Sultan Haji Hassanal Bolkiah
Sultan/Brunei $22 billion Age: 61
2. Sheikh Khalifa Bin Zayed Al Nahyan
President/United Arab Emirates $21 billion Age: 59
3. King Abdullah Bin Abdulaziz
King/Saudi Arabia $19 billion Age: 83
4. Sheikh Mohammed Bin Rashid Al Maktoum
Ruler/Dubai $16 billion Age: 5
5. King Bhumibol Adulyadej
King/Thailand $5 billion Age: 79
6. Prince Hans-Adam II von und zu Liechtenstein
Prince/Liechtenstein $4.5 billion Age: 62
7. King Mohammed VI
King/Morocco $2 billion Age: 44
8. Prince Albert II
Prince/Monaco $1.2 billion Age: 49
9. Sheikh Hamad Bin Khalifa Al Thani
Emir/Qatar $1 billion Age: 55
10. Prince Karim Aga Khan
$1 billion Age: 70
11. Queen Elizabeth II
Queen/U.K. $600 million Age: 81
12. Sheikh Sabah Al Sabah
Emir/Kuwait $500 million Age: 78
13. Sultan Qaboos Bin Said
Sultan/Oman $500 million Age: 66
14. Queen Beatrix Wilhelmina Armgard
Queen/Netherlands $300 million Age: 69
15 King Mswati III
King/Swaziland $200 million Age: 39
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