US: Paulson plan shaping up

Weighty Problem [Starting at the Bottom]
(1962), a pin-up illustration by Gil Elvgren

It looks like details are continuing to trickle out.

Paulson lays bailout implementation.

Among the firms under "consideration to lead the implementation" of the plan: Legg Mason, PIMCO, Black Rock and MKP Capital Management.
When PIMCO speaks I listen...

Mohamed Erian, co-chief executive of the giant asset management firm Pimco, told the newspaper that short-term credit trading for anyone other than the federal government remained at a "virtually nonexistent level" Friday, saying, "While constituting a necessary condition, the rescue package is not sufficient to radically counter the immediate disruptions."

"Not sufficient to radically counter the immediate disruptions." Not good.

Who will make out like bandits in all this? Can you say "the lawyers"?
Judge blocks Wachovia-Wells Fargo merger.

An battle may be brewing between Wells Fargo and Citigroup over which will end up obtaining Wachovia. CNN reported the proposed Citigroup-Wachovia purchase agreement contained an exclusivity agreement requiring Wachovia not seek another bidder or provide information or enter talks that might facilitate a rival bid.

Citing unnamed sources, The New York Times reported Citigroup is seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction. The newspaper said the judge's order could be the opening round in a protracted legal battle between Citigroup and Wells Fargo.