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What Wachovia Customers Need to Know
The Wall Street Journal - Deal Journal ^
| 2008-09-29
| Mary Pilon
Posted on 09/29/2008 6:49:52 PM PDT by rabscuttle385
Call it the birth of Citichovia.
In another day of Wall Streets epic saga, news came today that Citigroup will acquire Wachovias banking operations for $2.1 billion in stock and will assume another $53 billion in Wachovia debt.
Which leaves Wachovia customers scratching their heads, as Washington Mutual customers were last week.
But theres a big difference between the Wachovia and WaMu dealings time.
(Excerpt) Read more at blogs.wsj.com ...
TOPICS: Business/Economy; News/Current Events; US: North Carolina
KEYWORDS: bank; banking; banks; citi; citichovia; fdic; financialcrisis; wachovia
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To: PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; Roy Tucker; GOPJ; dervish; ...
I bank with Citi, and right now, the nearest branch is two hours away, so I suppose that it's nice that soon they will be everywhere, just like Bank of America.
. . . . .
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2
posted on
09/29/2008 6:52:09 PM PDT
by
rabscuttle385
(No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
To: rabscuttle385
Dumb ass Wachovia paid over 30 Billion for Golden West and ts commie owners Simon brothers gave them 64% of their mortgages that are now resetting.
3
posted on
09/29/2008 6:54:16 PM PDT
by
scooby321
(Cai)
To: rabscuttle385
Wachovia not long ago purchased A.G. Edwards, where I have my brokerage accounts. Is there a reason for me to be concerned about this merger?
4
posted on
09/29/2008 6:56:47 PM PDT
by
MrChips
(MrChips)
To: rabscuttle385
I am not in any way a economist, but it seems that people are just shuffling debt. Like folks that pay off credit cards with other, lower interest credit cards and postponing paying them off.
I don’t know. Maybe this is a good thing and we won’t have to rescue Citigroup in 2 months.
5
posted on
09/29/2008 6:57:17 PM PDT
by
autumnraine
(McCain/Palin 08)
To: autumnraine
AG Edwards and Wachovia securities with Insurance business are now stand alone debt free businesses.
6
posted on
09/29/2008 6:59:56 PM PDT
by
scooby321
(Cai)
To: MrChips
According to the press release, the wealth management business and the brokerage will now be an independent company, with all the mortgage loans and the Wachovia debt going to Citi.
7
posted on
09/29/2008 7:02:15 PM PDT
by
wideawake
(Why is it that those who like to be called Constitutionalists know the least about the Constitution?)
To: rabscuttle385
Don’t the Saudis own a near controlling stake in Citi?
8
posted on
09/29/2008 7:05:02 PM PDT
by
FreeInWV
(A moose bit my sister. Then Sarah Palin shot it.)
To: scooby321; rabscuttle385; NautiNurse
I heard something on the radio tonight. I live in metro DC area on WMAL Rick Edledman, financial guru, had a special about the “crises”.
He said a family had all of their retirement, plus their kid’s college fund, in Wachovia stock. All $500,000 of it.
9
posted on
09/29/2008 7:06:48 PM PDT
by
Perdogg
(Vice President Sarah H Palin - Make it happen !!!!)
To: Perdogg
He said a family had all of their retirement, plus their kids college fund, in Wachovia stock. All $500,000 of it. Now that was exceedingly stupid.
10
posted on
09/29/2008 7:08:08 PM PDT
by
rabscuttle385
(No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
To: rabscuttle385
Under the agreement, Citigroup Inc. will absorb up to $42 billion of losses on a $312 billion pool of loans. The FDIC will absorb losses beyond that. Citigroup has granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk. Oh, joy!
11
posted on
09/29/2008 7:08:09 PM PDT
by
Gondring
(I'll give up my right to die when hell freezes over my dead body!)
To: MrChips
Same here, MrChips. I’m an A.G. Edwards customer and am left scratching my head.
To: rabscuttle385
Where did your headline come from?
To: Perdogg
He said a family had all of their retirement, plus their kids college fund, in Wachovia stock. All $500,000 of it. You were talking up Wachovia a few weeks back, saying it wasn't in serious trouble...I hope that family wasn't yours!
14
posted on
09/29/2008 7:10:53 PM PDT
by
Gondring
(I'll give up my right to die when hell freezes over my dead body!)
To: scooby321
To: Misterioso
Where did your headline come from?Try this link. I was reading two stories on WSJ's Web site and pasted the wrong link in.
16
posted on
09/29/2008 7:11:58 PM PDT
by
rabscuttle385
(No to bailouts, no to amnesty, no to carbon credits, no to Big Government!)
To: rabscuttle385
17
posted on
09/29/2008 7:14:19 PM PDT
by
Gondring
(I'll give up my right to die when hell freezes over my dead body!)
To: Starrling
From a post to me below: “According to the press release, the wealth management business and the brokerage will now be an independent company, with all the mortgage loans and the Wachovia debt going to Citi.”
18
posted on
09/29/2008 7:16:32 PM PDT
by
MrChips
(MrChips)
To: rabscuttle385
I hope I still have my Roth IRA?
19
posted on
09/29/2008 7:17:10 PM PDT
by
Wiggins
To: Gondring
The problem with Wachovia is that investors panicked. There were several articles by “experts” who said there was nothing with Wachovia in the near short term. But ever since Barclay sank the market, in my opinion, to get Lehmans. Wachovia had to find a buyer.
20
posted on
09/29/2008 7:17:17 PM PDT
by
Perdogg
(Vice President Sarah H Palin - Make it happen !!!!)
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