Best-selling novelist and UVA law grad David Baldacci signs a copy of his latest, The Whole Truth, tonight at Barnes & Noble. (By the way, the lucky book recipient will be the mother of Rutherford Institute lawyer Peggy Grimm, not shown, who is fighting for the right of kids to wear “Virginity rocks” t-shirts at school.)
Bailout passes House, Goode and Goodlatte vote no
The day after the U.S. Senate passed a revised version of the $700 billion bank bailout package, the House of Representatives voted overwhelmingly to approve the same measure, 263-171, sending it to the White House for President Bush’s signature. Still, not everyone was impressed with the new deal. Two local Republicans— the Fifth District’s Virgil Goode (R-Rocky Mount, representing Charlottesville, Albemarle, Greene, Nelson) and the Sixth District’s Bob Goodlatte (R-Harrisonburg, representing the Shenandoah Valley)— voted against the revised bailout. The Seventh District’s Eric Cantor (R-Henrico, representing Louisa and Orange) remained steadfast in his support of the deal, having already voted in favor of the original bill on Monday. (3)
Cory Alexander joins UVA basketball radio team
Fans of UVA men’s basketball will hear not just one, but two new voices on the radio in the upcoming season. In addition to new play-by-play man Dave Koehn, Virginia Sports Properties announced yesterday that former Cavalier standout and 10-year NBA veteran Cory Alexander will be providing the color commentary. Alexander was the starting point guard on the UVA team that made it all the way to the Elite Eight of the 1995 NCAA Tournament. That summer, the San Antonio Spurs selected the Waynesboro native 29th overall in the first round of the NBA Draft. Alexander replaces Jim Hobgood, who called UVA contests for 12 years alongside Mac McDonald. (2)
Wachovia snubs Citigroup, sells to Wells Fargo
Four days after the FDIC announced it had brokered a deal for Citigroup to buy ailing Wachovia, the Charlotte-based bank announced this morning that it had left the negotiating table with Citigroup and was instead selling itself to San Francisco’s Wells Fargo. The new deal makes for a much better deal for Wachovia shareholders than the one the feds had annouced. Citigroup was to buy Wachovia for $2.2 billion; Wells Fargo will pay $15.1 billion. The deal seems to have encouraged Wall Street. Wachovia stock closed at $3.91 per share yesterday, and opened at $6.94 this morning, an increase of 77 percent. (4)
Bailout protestors take to the street
Peter Kleeman, a well-known pedestrian activist (and former Hook writer), has already begun protesting yesterday’s U.S. Senate vote toward a $700 billion financial bail-out package, which both Senators from Virginia approved. Here, Talis Basham, Talis’ mom Oriah, and Kleeman, hold signs on West Main. (5)
Warner and Webb vote for Senate bailout deal
After a $700 billion bailout package for financial institutions split our local House delegation and failed to pass on Tuesday, yesterday’s attempt by the Senate to pass their own version of the deal won the support of Virginia’s John Warner (R) and Jim Webb (D) and 72 other senators to secure its passage. Unlike the House measure, the Senate bill allows the U.S. Treasury to buy so-called “toxic mortgage debts” from banks and raises the limit on bank deposit insurance from $100,000 to $250,000. (11)
