Darrell Proctor is a publishing industry veteran with more than 30 years' experience writing about business, technology and sports. He spent more than a decade at the St. Petersburg Times and later the Rocky Mountain News, where he authored the Mile High Tech blog and was noted for his reviews of consumer electronics and technology. Questions for Darrell? Drop him a line at techexaminer@gmail.com.

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Index indicates nine-state region could see more severe recession

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Economists confirm it: U.S. in recession for past year

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N.Y. judge blocks Wells Fargo deal for Wachovia, orders hearing

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October 5, 8:39 AM

by Darrell Proctor, Business Examiner

A New York judge has - at least temporarily - agreed to block the sale of Wachovia to Wells Fargo after a complaint from Citigroup, which thought it had an exclusive deal to buy the Charlotte, N.C.-based bank.

On Sept. 29, Citigroup announced a deal - backed and brokered with the help of the federal government - to buy Wachovia for more than $2 billion. At the end of the week, Wells Fargo said it had a deal to buy Wachovia for $15 billion.

Wachovia, of course, wanted the better deal. The deal with Wells Fargo was "in the best interest of shareholders, employees and the American taxpayers," said a Wells Fargo spokeswoman - noting Citi's deal included government - i.e., taxpayer - money, and its deal did not.

Citigroup immediately protested. Wachovia said Citigroup was free to make a better deal. And Wells Fargo said it was doing business the way business has always been done in takeover battles.

So now the deal is on hold. N.Y. Supreme Court Judge Charles Ramos will hold a hearing Friday to decide which of the two deals can move forward. And Wachovia customers continue to wait to see whose logo will be on their checks.

Topics: Business , market

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Comments

Index indicates nine-state region could see more severe recession

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December 1, 5:16 PM

An economic survey released today shows the U.S. recession could be more severe in a nine-state region that includes Midwest and South-Central states. The Business Conditions Index from Creighton University in Omaha, Neb., fell to 37.8 in November,... Read More
Topics: Jobs , market

Dow loses nearly 680 points; manufacturing activity at 26-year low

2 comments

December 1, 3:27 PM

The good mood that prevailed on Wall Street last week quickly vanished in the first day of trading after the long holiday weekend.Despite reports of strong sales on Black Friday, investors remain cautious about holiday shopping numbers, and they... Read More
Topics: market

Economists confirm it: U.S. in recession for past year

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December 1, 10:58 AM

You've heard about it, read about it, and most likely experienced it.And now it's been confirmed - the United States has been in a recession since December 2007.The National Bureau of Economic Research made it official today. The NBER is a group of economists... Read More

Ford may sell Volvo in effort to raise cash

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December 1, 10:35 AM

Ford Motor Co. is looking at many options as the struggling automaker attempts to raise cash. Reports today say Ford is considering selling Volvo, its Swedish subsidiary. Ford executives would not talk about how selling Volvo would impact either company.... Read More
Topics: autos

Athletes' endorsement deals also victims of down economy

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November 30, 9:37 AM

Athletes may still have their multimillion-dollar contracts, but their income from those lucrative endorsement contracts may be dwindling.This Associated Press article points out that the end of golfer Tiger Woods' deal with Buick may be just the beginning... Read More
Topics: market , NASCAR , golf

Manny Pacquiao is Philippines' $20 million man

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November 28, 4:20 PM

You may never have heard of Manny Pacquiao, but you might very soon.Pacquiao is a Filipino boxer, and most likely the most famous man in the Philippines. He's set to fight Oscar De La Hoya on Dec. 6 in a WBC welterweight match. (Read more about Pacquiao... Read More
Topics: boxing , Manny Pacquiao

Auto industry's 'Job Banks' program means unemployed workers keep getting paid

1 comment

November 28, 1:37 PM

The auto industry went to Congress to ask for a handout, but automakers are still waiting for cash to come their way.There were several arguments for and against an auto industry bailouit. Lawmakers were upset with some of the industry execs' perks,... Read More

Retiring, and don't like taxes? Here are 10 locales to check out

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November 28, 9:30 AM

The good folks over at U.S. News and World Report figured some of you could use a break from spending money today, and instead figure out ways to save it.That's of particular interest to retirees, who want to know the best ways to stretch their (in many... Read More

(Red) group launching music service to aid Global Fund

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November 26, 1:31 PM

Choose red. That's been the slogan behind a global relief effort to raise funds to buy medicine for the HIV and AIDS-afflicted in Africa. Bono, the international political activist - some folks know him better as the lead singer for U2 - organized (Red),... Read More