Financial Crisis 2

Fed cuts discount rate four times by a total of 1.5 percentage points to 4.75 percent, and continues to do so eight more times in 2008 as the economy weakens.

Bank of America announces plan to buy Countrywide Financial in a $4 billion all-stock deal.

The Fed approves Wells Fargo’s acquisition of Wachovia Corp. The deal trumped Citigroup’s efforts to buy Wachovia’s retail bank operations with support from the U.S. government.

The Treasury buys $125 billion worth of preferred stock of nine banks in first TARP funding wave.

Lincoln National, Hartford Financial Services Group and Genworth Financial seek TARP funding

The Fed approves PNC Financial Services Group Inc’s acquisition of National City Corp to create the fifth-largest U.S. bank.

GM Corp and three domestic subsidiaries announce they have filed to reorganize in bankruptcy