View Full Version : Will Wachovia be next to fail?
Valuist
09-29-2008, 08:17 AM
I thought they were in talks with Citigroup but the stock is getting absolutely murdered in early trading. Thought it would be between them and National City but WB looks like the heavy favorite to be next.
Valuist
09-29-2008, 08:22 AM
Now they're saying they didn't fail but the stock closed at $10 last Friday and is about $1.75 now. Apparently C is buying them at a very low price.
lamboguy
09-29-2008, 09:33 AM
just curious, how can citibank buy wakovia? aren't they supposed to be broke too?
this is quite sad
wonatthewire1
09-29-2008, 05:07 PM
just curious, how can citibank buy wakovia? aren't they supposed to be broke too?
this is quite sad
Wachovia has a ton of mortgages on their books after buying Golden West Financial at the height of the housing boom.
GWF had a great program where you could decide if you wanted to pay your mortgage or not for a few months a year. Turns out, a lot of people decided not to pay their mortgage at all...
The Wachovia "banking" franchise is what C is buying - very large but a lot of overlap too. Gets them into Jersey in a bigger way and PA as well as the FL franchises. Remember, it was the 4th largest in the country. So they get the deposits for next to nothing.
:rolleyes:
JustRalph
09-29-2008, 09:05 PM
here in charlotte, they are going crazy............this town is about to flip......
Wachovia employees crying on radio shows...............
JustRalph
09-29-2008, 09:08 PM
http://den-a.plr.liquidcompass.cc/standard_plr/audio_player.php?id=WBT&playerType=silverlight
listen here, although they are into the nighttime show now
sammy the sage
09-29-2008, 09:57 PM
there's whisper's/small run going on at REGIONS bank...haven't seen any news yet...
a little birdie told me!
Valuist
10-01-2008, 11:59 PM
This one may not be next, but they aren't out of the woods yet, no matter how big they are:
http://boombustblog.com/index.php/20080211164/The-Riskiest-Bank-on-the-Street.html
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