A run started on Wachovia back in October. That was at least one of the reasons that they joined with Citigroup over a weekend (which was later changed to a merge with Wells Fargo). I know one man who couldn’t get money out of Wachovia on the Thursday I think it was, before that weekend.
Don't forget WaMu.
Back when the Wachovia merger was due to take place, I went to take some cash out of my Equity Line, just in case I needed it. I spoke with a bank manager who said in the summer they had reduced some people’s Equity Lines. I was only registered for 1/5th my equity so was not affected. He also said they expected the merger to go well, so I ended up only taking 1/2 the amount I had planned.
It is unbelievable what the CEO’s of these organizations are paid. I checked “Forbes Executive Compensation” and have this information for 5/3/07, just before the big meltdowns began. It is no wonder they are going broke. Here is the CEO pay in salary and (shares).
- Wachovia, $11 Million, (38 million shares)
- Citigroup, $18M, (8M)
- Wells Fargo, $72M, (135M)
- Lehman Brothers, $52M, (754M)
- Bank of America, $100M, (145M)
- Merrill Lynch, $36M, (114M)
It is no wonder they are going broke paying those salaries. I tried to find the stock values for 5/3/07, but was unable. If anyone else can I would love to see them and have the link.
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