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geochem1st · 09-29-2008, 01:10 PM

Looks like Wachovia had a "run" on the retail bank starting thursday and ending friday. The analysts are saying that the run was brought about by the collapse of "Wamu". Then Wall ST. put the final nail in our coffin, our stock went from $10/share on Friday to $0.95, on closing bell Friday. This triggered the emergency meeting of the FDIC which brokered the sale of Wachovia, since the FDIC didn't have enough funds to guarantee the accounts.

The panic has started people.

We are in deep shit.

09-29-2008, 01:10 PM	#3 (permalink)
geochem1st Senior Member Join Date: Mar 2008 Location: NC Posts: 6,274 Thanks: 169 Thanked 200 Times in 62 Posts	Re: FDIC forces Wachovia to sell.... Looks like Wachovia had a "run" on the retail bank starting thursday and ending friday. The analysts are saying that the run was brought about by the collapse of "Wamu". Then Wall ST. put the final nail in our coffin, our stock went from $10/share on Friday to $0.95, on closing bell Friday. This triggered the emergency meeting of the FDIC which brokered the sale of Wachovia, since the FDIC didn't have enough funds to guarantee the accounts. The panic has started people. We are in deep shit. __________________ ... "Unthinking respect for authority is the greatest enemy of truth." - Albert Einstein