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FirstChoiceDebtR
233 Posts |
 Posted - 09/28/2008 : 9:53:37 PM
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| My predication is that by next sunday Wachovia will be either taken over by FDIC or bought out, or taken over by the FDIC than sold off to either Wells or Citi.... |
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VVance
6599 Posts |
Posted - 09/29/2008 : 04:19:30 AM
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| Would tend to agree...stock pre market has a bid/ask in the $4.00 range...down just a tad from $10.00 on Friday. |
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hlsi
233 Posts |
Posted - 09/29/2008 : 04:48:45 AM
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I'm surprised Wachovia is still standing. They have more POA's than anybody. They have been a dead man walking for a long time.
I wish they had never bought World. Not because I have any love for Wachovia, but because that takeover means that the World guys walked away with smiles on their faces - and if anyone in this business deserved the agony of watching their company go down the tubes, it was the World guys. |
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FirstChoiceDebtR
233 Posts |
Posted - 09/29/2008 : 05:40:05 AM
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| http://hosted.ap.org/dynamic/stories/W/WACHOVIA_CITIGROUP?SITE=CAANR&SECTION=HOME&TEMPLATE=DEFAULT only 8 hours after I posted, citigroup finalized the deal, the FDIC is stating Wachovia didn't fail, but i would beg to differ |
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david_32767
294 Posts |
Posted - 09/29/2008 : 05:59:50 AM
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quote:
Originally posted by FirstChoiceDebtRelief
http://hosted.ap.org/dynamic/stories/W/WACHOVIA_CITIGROUP?SITE=CAANR&SECTION=HOME&TEMPLATE=DEFAULT only 8 hours after I posted, citigroup finalized the deal, the FDIC is stating Wachovia didn't fail, but i would beg to differ
It's all symantics and timing. Had Citi not stepped in they would have failed. Lawyer speak. And Col Jessup never actually ordered the Code Red. |
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VVance
6599 Posts |
Posted - 09/29/2008 : 06:05:59 AM
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| Am I hearing right that the common stock will be worthless? |
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Mandyvilla
6395 Posts |
Posted - 09/29/2008 : 07:05:03 AM
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Okay, this is not a daily concern....so "worried" isn't even on the radar, let alone on the page......but more of a curiousity question.....
I worked for a S&L that was later acquired by First Union, which since became Wachovia......I still (or did) received retirement statements (not a 401 plan) for the 5 years I worked there. (I am thinking I will probably be able to draw $5 a month when I turn 65).
What happens to the real retirees depending upon that money? Are they up the creek? And what about the faux retirees? (Like me, you know, the ones it cost more so send out the annual statements than the benefit that would be received). I know what happened when Enron went down by BK, but what about the companies that are absorbed by these shell games? Is Bank of America now taking on Merrill's retirment personnel?
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FirstChoiceDebtR
233 Posts |
Posted - 09/29/2008 : 08:43:33 AM
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| Yea BOFA will take Merrills Retirement personnel and same goes to anyone else that gets absorbed, unless their were receiving stock options instead and in wachovia's case(not merrills case, cause bofa purchased merrill all stock option for more than it was worth) the stock is worth nothing, if you look at wachovias stock today it has not moved, basically friday was the last day to trade wachovia. |
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AGreene00
3064 Posts |
Posted - 09/29/2008 : 08:49:58 AM
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| Who is that guy on here who started shorting Wachovia stock like 3-4 months ago and was telling everyone else to do it too? Looks like he knew what he was doing. |
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dkendall1979
13278 Posts |
Posted - 09/29/2008 : 10:36:38 AM
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I remember that guy.
quote:
Originally posted by AGreene00
Who is that guy on here who started shorting Wachovia stock like 3-4 months ago and was telling everyone else to do it too? Looks like he knew what he was doing.
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