Citigroupand Wells Fargo agreed a truce until lunchtime on Wednesday in their bitter legal battle over the takeover of Wachovia, in an effort to gain more time to agree a deal to carve up the US's sixth-largest bank

Richard Fuld, Lehman Brothers' former chief executive, tells members of Congress he had done all he could to save his company from collapse but was overwhelmed by a 'financial tsunami much bigger than any one firm or industry'

Citigroup and Wells Fargo, under pressure from the Federal Reserve, are close to announcing a truce in their bitter legal battle over the takeover of Wachovia.

Former Lehman Brothers chief executive said he felt "horrible" about what had happened to the investment bank, but insisted Lehman was brought down by a crisis of confidence in the marketplace combined with a plague of naked short selling

Dick Fuld blames the group's collapse on a plague of naked short selling and says he would go to his grave wondering why the US government opted to save AIG but allowed the bank to fail