After WaMu, Wachovia Is Next On Market Hit-List

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dmcowen674

No Lifer
Oct 13, 1999
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www.alienbabeltech.com
Wachovia is history as I said it would be:

9-28-2008 Wachovia bank in talks to be bought

Wachovia Corp is in talks with rivals to be taken over, sources familiar with the situation said on Sunday, after the U.S. bank's shares fell 27 percent on Friday due to ongoing concerns about its portfolio of illiquid mortgage assets.

The government is resisting guaranteeing some of Wachovia's assets, as it did for Bear Stearns when it engineered that company's sale to JPMorgan Chase & Co, and is also opposed to taking over Wachovia unless its financial position deteriorates more rapidly.
 

Pepsei

Lifer
Dec 14, 2001
12,895
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a co-worker/friend who used to work in the same department with me is worried sick about his job. and wants to come back to my department (which is pretty safe regardless of who owns wachovia....i've been thru first union, wachovia, and AGE merger)

hmmm, i wonder, those people who work for WAMU and had 401k in wamu's stock, does that disappear? at anyrate, i moved all my investment from WB to other funds months ago.
 

SagaLore

Elite Member
Dec 18, 2001
24,036
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Originally posted by: jpeyton
Regardless, Wachovia looks to be in substantially better shape than Washington Mutual before WaMu failed. Wachovia has a loyal and largely affluent banking clientele, and a sizable business of offering investment services to clients through financial advisors. WaMu, by contrast, was a saving-and-loan, and had far fewer business lines.

What's more, Wachovia is hardly running out of capital, says Bush.

I don't know... Wachovia's HQ is in my state, and as far as I've read so far, they're actually doing fine. Its all this "what-if/might-be" talk that is hurting Wachovia the most.

edit:
Darn, after reading this thread, I'm sad... wouldn't it be better if they just rode it out? Not that I would mind Citi and Wachovia merging, I have accounts with both and think they're great. But still...
 

Pepsei

Lifer
Dec 14, 2001
12,895
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well, the bank side is going to Citigroup. But I work for the securities... I guess we're merging with Smith Barney.
 

Sad Clown

Member
Jun 4, 2008
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Hmmm...these guys are the ones who gave me the loan for my current car. They have always been great to deal with in regards to customer service. I am a bit disappointed to hear about them going down, if they are.

WAMU on the other hand was a total load of horse turd. I have never dealt with an organization that had such piss poor customer service as when I had a checking account with them for 6 months. I am glad I closed it over a year ago and never had to deal with them again.

I am currently in the housing market looking at buying a house. I am still pre-approved on my loan as I am putting the traditional 20% as a down payment. Over the last month rates have gone down by a quarter point with the lender I am dealing with. I wonder what this bailout will do for current rates. I hope I can get everything wrapped up on the whole house buying thing before things start to get too crazy. Tired of living in an apartment.
 

imported_Lothar

Diamond Member
Aug 10, 2006
4,559
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Originally posted by: alphatarget1
Not worried, WB shareholder here and I bank with them.

I thought you said you were selling both WB and BAC because you couldn't handle the up and down swings?

I assumed you sold all this time...
 

Pepsei

Lifer
Dec 14, 2001
12,895
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Let's inject some politics into this discussion. my co-worker said that Citi is owned by a lot of Rich Middle-East oilmen.... is there any truth to this?

edit, specifically speaking, the osama family.... not osama himself..
 

The-Noid

Diamond Member
Nov 16, 2005
3,117
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Middle East sovereign wealth funds own some preferreds and injected capital earlier.
 

jpeyton

Moderator in SFF, Notebooks, Pre-Built/Barebones
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