Posted on 09/27/2008 6:17:43 PM PDT by RKBA Democrat
Wachovia Corp. is reportedly in preliminary talks with suitors including Banco Santander SA, Wells Fargo & Co. and Citigroup Inc., and the bank's shares slid lower in late trading on concerns it may take another big mortgage-related write-down.
A sale to either Banco Santander, Wells Fargo, or Citigroup would make Wachovia the latest victim of the ongoing credit crisis, as the bank has succumbed to the triple threat of falling real estate prices, overaggressive lending and panic in the credit markets.
(Excerpt) Read more at marketwatch.com ...
My bank. Any suggestions on another?
BB&T’s CEO has recently spoken out against the bailout. Perhaps that means that BB&T is healthier than most.
You know, I’m no financial genius, but it sure looks to me like the market is trying to take care of this whole mess on their own. I say “Let ‘em!”
I moved all my normal banking to BB&T.
“My bank. Any suggestions on another?”
Use a credit union instead. They typically have higher capitalization ratios and are exempt from the Community Reinvestment Act.
Great. So the monstrous bailout of 2008 might cover a Spanish bank.
Good idea. I’ve heard credit unions have a few other advantages too.
“Great. So the monstrous bailout of 2008 might cover a Spanish bank.”
Or vice versa.
“Good idea. I’ve heard credit unions have a few other advantages too.”
Such as lower fees, better interest rates, customer ownership, and management that’s not quite so rife with sleazebuckets waiting for a government handout.
There’s a credit union locator on the CUNA website.
> Wachovia reportedly in talks with three suitors
Suitors? SUITORS?? I’d call them “Johns”
I hope BB&T is healthier, they are a heavy hand in the commercial insurance business.
Also, wasn’t Citigroup fledgling a while back?
An excellent move.......Wachovia hasn’t been Wachovia, since it became First Union......
Those selling, have to.
Those buying, can afford to.
Today, anyway.
frankly, I think you’re money’s better in precious metals, under your mattress, than in the “care” of these assclowns.
Your money, your life, your choice.
This makes the bank sound like an innocent victim of somebody else's errors. Only the banks who actively participated in shaky deals have to look over their shoulders.
Too bad they didn't have to record sufficient reserves to cover weak assets. Everybody used to have to review value of assets and reserve accordingly. I guess the rules must have been relaxed, along with common sense.
Wachovia was a decent bank until the nineties when they were bought out by First Union. First Union had such a bad reputation that they used Wachovia’s brand name.
Wachovia’s biggest problems were when they got greedy and bought that subprime machine, Golden West.
I’d prefer we not prop up failing banks like Japan. We saw with WaMu that the weak hands can come down efficiently.
Bush's fault.
Too bad they didn't have to record sufficient reserves to cover weak assets.
Credit default swaps.
BB&T is a well run bank; John Allison the retiring Chairman is of a Libertarian bent. He makes a practice of sending out copies of "Atlas Shrugged" to high performers.
I do not know how well their real estate portfolio is holding up; they are in all of the same markets as Wachovia.
Keep your money under $100K wherever you have it.
Lastly always remember Long John Silver's advice about money: "I keeps some here, some there, and none too much anywhere, by reason of suspicion."
Ping
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