Wachovia is no more......

[geochem1st]

You can't even go to sleep and wake up without something earthshattering happening anymore.

The surviving part of Wachovia, after the Citibank buyout, was just bought by Wells Fargo.

Looks like my luck ran out, Gibiphone. I'm gonna be in conferences today to see where we stand job wise.

[djwilbanks]

Hope everything goes well..

[geochem1st]

It turns out that the Citibank takeover of Wachovia was 'an agreement in principle' (wish fishingline could read this)

Wells Fargo came in and offered 5 times the amount that Citibank did and we sold out to them.

Wells Fargo now owns all of Wachovia.

[alligatorbling]

shit.... my mom works at Wachovia as a teller.... i just called and she wasn't available for the phone so i emailed. and im still waiting on a call..... man our world if fxcking falling apart.... whoever get it in 08 is gonna age fast, i WOULD NOT want that job lol. .... i know politics is a no no but damn that shrub we have in office now has fuxked in so many ways up big time its not even fathomable. i mean BIG TIME.....

lets all try to keep our heads up and remember that we are alive and have our health

....

here
watch this

YouTube - Cute Animals, "Why Can't We Be Friends"

and for those of you who wanna hear the original old war version.... here ya go http://www.youtube.com/watch?v=5DmYLrxR0Y8

[Pwozzie]

I called Wacho's failure 3 years ago. So glad I have BoA!

[geochem1st]

Originally Posted by pwoznic

I called Wacho's failure 3 years ago. So glad I have BoA!

BoA is next.

[Pwozzie]

Originally Posted by geochem1st

BoA is next.

BoA and Citi should be fine (i hope). The only thing that can backfire on BoA is that they gave lots of loans to illegals (grrrrr!)

[Led Zep Fan]

Good article...

Wells Fargo to Buy Wachovia - WSJ.com

[geochem1st]

Originally Posted by pwoznic

BoA and Citi should be fine (i hope). The only thing that can backfire on BoA is that they gave lots of loans to illegals (grrrrr!)

Relax I was just pushing your buttons....

Saying that you called Wachovia's failure 3 years ago as my world is potentially crumbling wasn't really called for.

[Pwozzie]

Originally Posted by geochem1st

Relax I was just pushing your buttons....

Saying that you called Wachovia's failure 3 years ago as my world is potentially crumbling wasn't really called for.

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.

[geochem1st]

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.

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.

[Pwozzie]

Originally Posted by geochem1st

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.

Was Golden West known for it's sub-prime mortgages or normal ones?

[geochem1st]

Originally Posted by pwoznic

Was Golden West known for it's sub-prime mortgages or normal ones?

Subprime.... thats where our greed came in. Chairman and CEO Ken Thompson saw the profits in that market and wanted in on it. He was fired a few months ago with a 2 million dollar golden parachute.

[ThrashPirate]

I'm sorry to hear it man. I hope you are safe, I know what it's like.

Good luck bro.

[The Golden Boy]

Best of luck to you geochem1st.

[Phil47uk]

Originally Posted by geochem1st

You can't even go to sleep and wake up without something earthshattering happening anymore.

The surviving part of Wachovia, after the Citibank buyout, was just bought by Wells Fargo.

Looks like my luck ran out, Gibiphone. I'm gonna be in conferences today to see where we stand job wise.

'Shit'..I hope all goes well geochem1st.
Hell the only bank that it will be worth working in soon will be this one by the looks of it.

[kernelofwisdom]

It's excellent that we have banks "too big to fail" and the answer is to merge them into (wait for it) fewer banks!!!!!!!!!

what a crock. too bad wachovia couldn't make it through this crap. it is an expensive bank to deal with, but it has many intelligent and classy people in it who work to serve their customers.

[geochem1st]

Thanks for all the good will. I might have to start learning Mandarin after all.

Something to consider:

While the middle class collapses, the nation's richest have made out like bandits. The top 0.1 per cent now earn more money than the bottom 50 per cent of Americans, and the top 1 per cent owns more wealth than the bottom 90 per cent. The wealthiest 400 people in our country saw their wealth increase by $670 billion over the last 8 years.

The Internal Revenue Service confirms that the last time the top 1 per cent of income earners were this proportionately wealthy was 1929 - the year of the infamous Wall Street crash that battered Americans for a decade and pushed unemployment to 25 per cent in 1933.

Give the bailout money back to the taxpayers, not the corporations. Let them payoff their debts, start consumer spending again, and watch the economy jump start. It's their money.

[gibiphone]

Sorry to hear that Chem. Is it possible that Wells Fargo will keep your part of the business open under it's umbrella? Or allow for relocation with Wells Fargo in the sunbelt? I guess its small condolence that you live in a growing part of the country and are in better shape to find employment than if you were in the rust belt, but I guess that's why you moved south in the first place. Again good luck.

[Pwozzie]

How about no bailout at all? Did you see the nonsense PORK they put in this "bailout"?.. a friggin carbon tax? money for wooden arrowheads? Rum?.. ok that one is fine.. lol

[kernelofwisdom]

Originally Posted by geochem1st

Thanks for all the good will. I might have to start learning Mandarin after all.

Something to consider:

While the middle class collapses, the nation's richest have made out like bandits. The top 0.1 per cent now earn more money than the bottom 50 per cent of Americans, and the top 1 per cent owns more wealth than the bottom 90 per cent. The wealthiest 400 people in our country saw their wealth increase by $670 billion over the last 8 years.

The Internal Revenue Service confirms that the last time the top 1 per cent of income earners were this proportionately wealthy was 1929 - the year of the infamous Wall Street crash that battered Americans for a decade and pushed unemployment to 25 per cent in 1933.

Give the bailout money back to the taxpayers, not the corporations. Let them payoff their debts, start consumer spending again, and watch the economy jump start. It's their money.

You are totally correct, but they won't give us that money. Soon, that money will be in the hands of the people who blew it in the first place.

[gibiphone]

Originally Posted by geochem1st

Thanks for all the good will. I might have to start learning Mandarin after all.

One of the few things I 'got right' in my life!! Some 40 odd years ago it was a decision between Russian and Mandarin. I went with Mandarin--Haojile!!

[Led Zep Fan]

YouTube - O'Reilly Blasts Barney Frank On Fannie Mae Mess!!

[kluson]

good luck, I hope you are OK , fingers crossed for you,
This is a sign of the times we live in , all this has been brought on by pure greed of the banking World and the availability of credit , a complete society living on borrowed money and when they run out borrow more to pay off the borrowings.
I the UK there is a particular nasty spiral people get into, where they all take their |Credit cards to the max and then take a consolidation loan to pay them all off, and guess what, yes you guessed it they run the credit cards up again.
Only this week I have been sent at least three, pieces of Junk mail telling me that I can have a gold card for this and a platinum card for that, i could have about 100 credit cards by now and no one in the banks gives a shit until I can't pay and then they can come and take my house away,
Now the whole thing has collapsed and will continue to due so whilst banks lend money at a whim.

I don't wish unemployment on anyone and we alll have to try to earn a living but the strategy of the big banks has been crazy for so long.
Here in the UK wherever you look there are new out of Town shopping complexes, all selling high value consumer stuff on easy credit, TV dvd etc etc. I always said to my wife that |I can't work out how all this stuff will be paid for as a country as we're not making anything any more just selling stuff, sooner or later it will all implode.
Phil is right China is becoming the Power, but they control mainly Consumer products, Walmart is China's biggest customer, if they don't have anyone left to sell stuff too, then they too will have a problem and the whole things falls down a terrible spiral.
Sorry to be so depressing on a Friday but that's how it is.

[Pwozzie]

Originally Posted by Led Zep Fan

YouTube - O'Reilly Blasts Barney Frank On Fannie Mae Mess!!

OMG that was sweeeeeeeeeeeet. Every time I see Frank on that stupid Maher show I want to smash the TV.

[Led Zep Fan]

Amen!

[Phil47uk]

Originally Posted by geochem1st

Thanks for all the good will. I might have to start learning Mandarin after all.

Something to consider:

While the middle class collapses, the nation's richest have made out like bandits. The top 0.1 per cent now earn more money than the bottom 50 per cent of Americans, and the top 1 per cent owns more wealth than the bottom 90 per cent. The wealthiest 400 people in our country saw their wealth increase by $670 billion over the last 8 years.

The Internal Revenue Service confirms that the last time the top 1 per cent of income earners were this proportionately wealthy was 1929 - the year of the infamous Wall Street crash that battered Americans for a decade and pushed unemployment to 25 per cent in 1933.

Give the bailout money back to the taxpayers, not the corporations. Let them payoff their debts, start consumer spending again, and watch the economy jump start. It's their money.

Ah.. Now you know why I'm such a complaining whinning shit. I been saying this for decades. It's the same throughout the world I'm afraid.
You don't think the likes of good old George Dubbya's family money has been effected?
They have the best guys in the country moving money around and working for them. I'm afraid as usual, the likes of you and I are going to save their wealth from taking a knock.
Unfortunately in the States and many other places, you can only run for positions like that if you have mega money behind you and as these are the guys that are voted in to run the country, they'll certainly want to please their paymasters, as well as holding on to their fat share of the takings.

Scum..The lot of them.In fact they should loose their citizenship. A good old American boy, or a good old ex public schooldboy Brit...LOL.. Yeah and pigs might fly. They care as much about their own average citizen as I do about the welfare of the Third Riech.

Thanks for letting me have my daily rant geochem1st..
I hope all goes well..Keep us posted man.

[geochem1st]

Citigroup's ex CEO Prince recieved $10.4 million in cash, $1.5 million in perks and stock holdings valued at $22 million that he took with him on his departure in November 2007. That was after the nation's largest bank announced far bigger-than-expected losses on mortgage-related assets and other risky debt.

Under Prince's watch, Citigroup built up its exposure to mortgage and consumer credit markets, and he was paid handsomely for the effort. In his last fiscal year at the helm, his total pay package was nearly $25 million, according to an Associated Press CEO pay formula.

At Merrill Lynch, O'Neal's pay package for his final year as a CEO was $46.4 million, according to AP figures. He was forced out in October 2007 following the investment bank's disclosure of $7.9 billion in unexpected losses related to the credit market turmoil.

His severance package of stock, options and retirement benefits built up over a 21-year career was valued at the time at $161 million. The market's downturn since then has driven the value down to about $66.5 million.

Merrill Lynch investors have had to face $30.5 billion in write-downs and reported losses of nearly $17 billion in the three full fiscal quarters since O'Neal left.

At Wachovia, Thompson was ousted by the bank's board in June after a series of missteps, the most pronounced being his purchase of a California mortgage lender for roughly $25 billion at the height of the nation's housing boom. The move has led to massive losses at the bank.

Thompson's total pay package for last year was nearly $16 million. When he left the bank, he got nearly $1.5 million in cash, plus stock options worth about $4 million today. He would have received other stock options, but they're worthless for now because the stock price has fallen so far.

[FUS44]

These financial companies should've done the right thing with these people in the subprime market: Tell them to go home and save 20%.

The American dream has become the american nightmare.

[Pwozzie]

Originally Posted by FUS44

These financial companies should've done the right thing with these people in the subprime market: Tell them to go home and save 20%.

The American dream has become the american nightmare.

The Community Reinvestment Act is to thank for this... and ACORN.