Financial crisis flashback: Democrats and Bush work on bailout; Morgan Stanley-Wachovia talk cools

On this day five years ago, Democrats and President Bush were nearing an agreement to bail out the nation's largest banks. Meanwhile, Morgan Stanley's purchase of a stake in a Japanese bank threw cold water on the notion that it might merge with Wachovia. Over the weekend, the Fed had approved Morgan and Goldman Sach's bid to convert to bank holding companies.

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