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Thread: Wachovia Sold

  1. #1
    God/dess threlayer's Avatar
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    Default Wachovia Sold

    Too bad if you had stock in it.

    Citigroup Agrees to Buy Wachovia's Banking Business (Update4)

    By Steve Dickson and David Mildenberg
    Sept. 29 (Bloomberg) -- Citigroup Inc., the biggest U.S. bank by assets, will acquire banking operations of Wachovia Corp. for about $1.6 billion after shares of the North Carolina lender collapsed under the weight of overdue mortgages.

    The all-stock deal equals about $1 a share for the Charlotte-based bank, ranked sixth by assets in the U.S. All depositors will be protected, according to the Federal Deposit Insurance Corp., which helped broker the takeover by Citigroup. The New York-based bank plans to cut its own dividend in half and raise $10 billion in capital as it takes on Wachovia's senior and subordinated debt.

    Wachovia is the latest casualty of a financial crisis that drove Lehman Brothers Holdings Inc. and Washington Mutual Inc. into bankruptcy and led to the hastily arranged rescues of Merrill Lynch & Co. and Bear Stearns Cos. The purchase gives Citigroup about 3,300 branches and offices in 21 states. Wachovia will continue to own the A.G. Edwards Inc. brokerage and the Evergreen mutual-fund family.

    "The problem must have occurred last week with their ability to continue to attract and hold deposits after the failure of Washington Mutual," said Gary Townsend of Hill- Townsend Capital in Chevy Chase, Maryland. "On Thursday and Friday they must have had a large run on the bank."

    Wachovia's stock, which finished last week at $10 on the New York Stock Exchange, traded for 95 cents at 9 a.m. in early transactions. It had lost 83 percent in the past two years as of last week. Trading today was halted during regular hours. Citigroup fell 1.4 percent to $19.86 as of 10:19 a.m.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  2. #2
    God/dess Deogol's Avatar
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    Default Re: Wachovia Sold

    Just making bigger and bigger banks who "cannot fail!"

    I think it is time to start breaking some of these banks up.

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    God/dess threlayer's Avatar
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    Default Re: Wachovia Sold

    Agreed. They're getting awfully big. Lets see how things shake out before we start the divestiture work.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Banned Melonie's Avatar
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    Default Re: Wachovia Sold

    we're now down to three huge banks controlling the majority of Americas financial industry ... Citigroup, JP Morgan Chase, and Bank of America.

    of course, like another 'big three', this probably opens the door for more foreign bank competition as well.

  5. #5
    God/dess threlayer's Avatar
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    Default Re: Wachovia Sold

    ^^ Very likely so if they think there is any money to be made over here. But this drama hasn't played out yet. It's not over till all the fat cats sing.

    (bad metaphor, sorry)
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

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    Default Re: Wachovia Sold

    So what does that mean if I do business with Wachovia? I have a finance through them!!

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    God/dess threlayer's Avatar
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    Default Re: Wachovia Sold

    Your accounts will eventually be transferred. Possibly some bank employees you know or branches you visit will be gone. They will handle all the specifics such as address changes, account numbers, etc. in time.

    My mortgage went thru 4 banks, well, 5 if you count the one that was occurring when I got disgusted and paid it off. They handled everything; I just had new addresses to send payments to, as well as the above changes.
    I loved going to strip clubs; I actually made some friends there. Now things are different for the clubs and for me. As a result I am not as happy.

    Customers are not entitled to grope, disrespect, or rob strippers. This is their job, not their hobby, and they all need income. Clubs are not just some erotic show for guys to view while drinking.

    NOTE: anything I post here, outside of a direct quote, is my opinion only, which I am entitled to. Take it for what you estimate it is worth.

  8. #8
    Veteran Member dishis's Avatar
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    Default Re: Wachovia Sold

    It is a sad day in Charlotte. Over the years Wachovia along with Bank of America (and First Union before they merged with Wachovia) contributed so much to the growth of Charlotte. The banking industry is a big part of Charlotte's identity I have a feeling with only on big bank left Charlotte is going to be hurting for a while.
    “If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand”

    Milton Friedman

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    Default Re: Wachovia Sold

    Quote Originally Posted by dishis View Post
    It is a sad day in Charlotte. Over the years Wachovia along with Bank of America (and First Union before they merged with Wachovia) contributed so much to the growth of Charlotte. The banking industry is a big part of Charlotte's identity I have a feeling with only on big bank left Charlotte is going to be hurting for a while.
    They've been hurting already. But I think they'll be ok as long as B of A stays there. Not to mention I figures some of Wachovia will have to stay in Charlotte, I mean Wachovia is more of South-East bank.

    I wish they could have held out a few more weeks though... I think they would of hung on.

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