This just can’t be. Why just recently I saw their ads on TV.
Wachovia has a lot of exposure but they do have depositers.
I’d say this match works at first glance.
anybody?
Mish concludes:
A merger of Wachovia and Morgan Stanley would be a merger of the weak with the pathetically weak. Conditions are such that it is very difficult to tell who is who.Along the way, in his analysis, Mish rips the latest earnings statement of Morgan Stanley, claiming it took advantage of "a financial loophole to write off the value of its debt."While both companies have a questionable future, a merger has a certain future: a complete collapse of the combined entity. I doubt this merger takes place.
MS is not going to merge with Wachovia; I have it on good authority. It’s simply a rumor because certain executives were seen lunching together.
So when is Dubai going to swoop in and buy up all of our banks?
It seems that there are 2 different culprits involved in this mess. One caused by govt. insisting loans be made to people that were marginal at best. The other the "I'm so clever crowd" that over inflated commercial properties. It would be great to know how this breaks down.