[DantesPeak]

$this->bbcode_second_pass_quote('Newfie', 'S')orry to be stupid here but.... When you talk about people taking their money out are you talking about investors or depositors?
I thought I heard that in the WaMu takeover the depositors were made whole? What is the depositors situation with Wachovia? Any ideas? Thanks

[Newfie]

Dantes

Thanks for that. (Heart back in chest!)

We have a couple of different accounts with Wachovia that total to much less than $100,000.

About 12 years ago I was Treasurer of our church which had a trust fund managed by First Union (merged with to become Wachovia) who was also a co-trustee. The service was non-existent, I could not get a statement that would balance (there were always hidden fees) and the attitude was confrontational. We had to go through Orphpans Court to wrest control from them. Since then the account has done much better and we know where our money is. BTW notice that FU is short for First Union, and much to the point of their customer service. My sense is that Wachovia has continued that tradition. Accounts are with Wachovia simply because we were too lazy to change. That WILL change soon.

Again, many thanks,
Newfie

[Cashmere]

$this->bbcode_second_pass_quote('DantesPeak', 'T')his is a big problem for businesses, which may have to deposit more than $100,000 at a time into payroll accounts and tax accounts. So their first reaction is to withdraw funds.

[jbrovont]

It's ironic that the only way we have left of guaging the truth, is based on how vehement the lying gets.

$this->bbcode_second_pass_quote('Cashmere', 'C')EO soothing?

Always a sign that the death throes are upon us.

[Cloud9]

Swan song.

[hope_full]

Holy cow, if I'd received such a letter from my banker, that'd prompt me to RUN down to the bank and get my dollars out of there.

Do they really think such a letter will soothe the troubled masses? My current angst is that the powers that be all seem to think we're a bunch of fools and imbeciles.

Hope

[tex123]

$this->bbcode_second_pass_quote('hope_full', '
')Do they really think such a letter will soothe the troubled masses? My current angst is that the powers that be all seem to think we're a bunch of fools and imbeciles.

Hope

[Sys1]

That is a very funny letter. I suspect they consider their clients as donkeys. They should think twice when something like Internet exists... Perhabs they think donkeys are stucked on youtube and facebook?

[wisconsin_cur]

Link


$this->bbcode_second_pass_quote('', 'F')DIC, Federal Reserve and Treasury Agree to Provide Open Bank Assistance to Protect Depositors

Citigroup Inc. will acquire the banking operations of Wachovia Corporation; Charlotte, North Carolina, in a transaction facilitated by the Federal Deposit Insurance Corporation and concurred with by the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. All depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC.

“For Wachovia customers, today’s action will ensure seamless continuity of service from their bank and full protection for all of their deposits.” said FDIC Chairman Sheila C. Bair. “There will be no interruption in services and bank customers should expect business as usual.”

[Fishman]

Wachovia had such a history. Founded by Moravians in Winston-Salem at Old Salem. A stellar history in North Carolina, greed brings another institution down.

[Snowrunner]

As reported in "Der Spiegel".

Looks like the Fed is (partially) guaranteeing the deal (again).

Guess that bailout package is coming a bit too late.

[charliebrownout]

$this->bbcode_second_pass_quote('Snowrunner', 'A')s reported in "Der Spiegel".

Looks like the Fed is (partially) guaranteeing the deal (again).

Guess that bailout package is coming a bit too late.

[Eppo]

Simple explanation - They're goverment "insured" takeovers. Meaning the government will help them with losses that occur from the takeover (it's a little more complex than that, but want to make it a short post)

That's why lehman collapsed, the government wouldn't guarantee any of the potential buyers backing. So, no one bought them

[Snowrunner]

$this->bbcode_second_pass_quote('charliebrownout', 'Q')uestion from a clueless bystander:

So, what happens to these giants as they take on the failing companies with the bad debts? Isn't that going to make them falter eventually as well?

I mean, aren't these ailing companies kind of like leppers? Won't the infect the rest?

Again, sorry, just wanted to ask. I'm a clueless bystander.

[Falconoffury]

Citigroup will eventually falter. It has roughly a trillion dollars in off balance sheet assets. We have a situation where the ridiculously weak has bought the less weak. The Wachovia execs must be thinking more long-term with this move because they weren't in terrible shape the day before this merger occured.

Wells Fargo and JP Morgan may be the only survivors of the big retail banks when all is said and done. Bank of America also has off balance sheet woes, but I don't know to what extent.

[eXpat]

$this->bbcode_second_pass_quote('', ' ')NEW YORK -(Dow Jones)- Citigroup Inc.'s (C) top two executives said on Monday that Citi's deal to acquire Wachovia's retail banking business will not hit Citi with more than $42 billion in losses related to Wachovia's large and failing books of mortgages.

Citigroup's CEO Vikram Pandit called the deal "a low-risk transaction" during a conference call with investors that Pandit hosted along with Citi's CFO Gary Crittenden.

[Minvaren]

I've heard from multiple sources (some inside Citi, no less) that they're having some difficult times. Wells Fargo, on the other hand, I've heard has some of its own off-balance sheet worries.

I'm still trying to figure out how some of the banks who target subprime lending are still standing. Capital One is the largest one that comes to mind here...

[wisconsin_cur]

[marq=left]topics merged by wisconsin_cur[/marq]

[Snowrunner]

$this->bbcode_second_pass_quote('Minvaren', 'I')'m still trying to figure out how some of the banks who target subprime lending are still standing. Capital One is the largest one that comes to mind here...

[Minvaren]

$this->bbcode_second_pass_quote('Snowrunner', '')$this->bbcode_second_pass_quote('Minvaren', 'I')'m still trying to figure out how some of the banks who target subprime lending are still standing. Capital One is the largest one that comes to mind here...