The seizure of Fannie Mae and Freddie Mac by the federal government over the weekend has sent global stocks up sharply this morning. [Bloomberg]
The Fannie Mae and Freddie Mac takeover may end up wiping out ordinary shareholders, but the ousted CEOs of both companies will make off with generous paydays. [NYT]
Treasury secretary Hank Paulson has turned to Morgan Stanley and veteran bankers Bob Scully and Ruth Porat to advise the federal government on the takeover. [WSJ]
The Times looks back on the days and weeks leading up to the events of this past weekend; the Journal suggests that further government intervention is likely. [NYT, WSJ]
Washington Mutual has ousted Kerry Killinger as CEO. Alan Fishman will succeed him. [NYT]
Altria has agreed to acquire UST for about $10.3 billion. [CNNMoney]
After largely avoiding the credit crunch, Goldman may in be for its most difficult quarter yet. [WSJ]
The Royal Bank of Canada considered buying Lehman Brothers back in July, but decided against it. [FT]
Howard Kagan, one of Phil Falcone's partners at Harbinger, has left the firm. [Dealbook]
Private equity firm TPG has closed on $30 billion in new funds. [WSJ]
