Nu2BoatN
Admiral
Registered: 01/17/03
Posts: 2724
Loc: Riverside, So Cal
Another bank I'm watching is Union Bank. They didn't participate in junk loans either, so they're not affected by this current situation. They're not as well capitalized as Wells, but they may be in a better position to buy alot of smaller local/regional banks who may be getting pinched out.
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An associate was on the brink of selling 10,000 shares of Wachovia yesterday around lunch time. It was trading around 3.90 and he paid $9 something I think. The wells fargo offer is at $7 a share. I am afraid to call and see if he sold.
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Nu2BoatN
Admiral
Registered: 01/17/03
Posts: 2724
Loc: Riverside, So Cal
I just heard that the FDIC is sticking by it's original plan to back Citi in the purchase of Wachovia, and Citi demanding that Wells back off!... Now, why would the FDIC demand that the taxpayers spend 40billion to assist Citi, when Wells' deal requires no govt assistance???
Quote:
With the Citi transaction, the FDIC would cover any losses over $42 billion on Wachovia's $300 billion loan portfolio.
Edited by Nu2BoatN (10/03/0809:05 AM)
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03 Glastron SX175 05 Jeep Grand Cherokee 4x4 'Limited Edition' 00 Jamboree C 31W
The lawsuits on this one are going to be interesting!
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"Corporations have been enthroned, and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed." -- Abraham Lincoln "America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves." - Abraham Lincoln -
WaterMutt
Bilge Rat
Admiral
Registered: 01/14/04
Posts: 10236
Loc: Massachusetts
The way I see it, anyone who envelopes Wachovia, then gets to mark thier assets to what they want, then get them bought by the gov, that entity stands to make a bit of money. Maybe i am all wet on that, but it's how i see it.
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