Quote:
Originally Posted by pwoznic
Wacho did something similiar to BoA in terms of loans. I wasn't saying it to diss you but I said it because I'm an average Joe and even I say the potential failure (as well as Fannie/Freddie because I knew they found a loophole around Sarbanes Oxley).
BTW, shrub has nothing to do with the financial meltdown. (R) called on (D) in 2003, 2004, 2005, 2006, 2007 and 2008 to do something about giving loans to unqualified borrowers.. and now we see what happened.
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Actually Wachovia was doing allright and had enough cash on hand to handle its own bad loans.. what really brought us down was the Golden West Financial merger. All they do is mortgages and when they went south, we now had all of that debt... that was the nail in the coffin.