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#438220 - 10/03/08 08:38 AM Wells swallowing Wachovia
MarkHB Dressed for dinner Admiral Registered: 09/12/03 Posts: 4932 Loc: CA	Wells Fargo swallowing Wachovia Another link to the news at Market Watch Mark Edited by MarkHB (10/03/08 08:40 AM) _________________________ 24' Monterey Explorer Honda PWC http://www.picturetrail.com/markhb
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#438224 - 10/03/08 08:48 AM Re: Wells swallowing Wachovia [Re: MarkHB]
Nu2BoatN Admiral Registered: 01/17/03 Posts: 2730 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. _________________________ 03 Glastron SX175 05 Jeep Grand Cherokee 4x4 'Limited Edition' 00 Jamboree C 31W
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#438231 - 10/03/08 09:02 AM Re: Wells swallowing Wachovia [Re: Nu2BoatN]
Cycleboater Admiral Registered: 08/24/05 Posts: 620 Loc: Charlotte, NC (Lake Norman)	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. _________________________ 2005 Formula 240 BR 2004 Titus Drop U 2007 Kona Unit 29er 2005 Turner 6-Pack
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#438233 - 10/03/08 09:03 AM Re: Wells swallowing Wachovia [Re: Nu2BoatN]
Nu2BoatN Admiral Registered: 01/17/03 Posts: 2730 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 (10/03/08 09:05 AM) _________________________ 03 Glastron SX175 05 Jeep Grand Cherokee 4x4 'Limited Edition' 00 Jamboree C 31W
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#438241 - 10/03/08 09:18 AM Re: Wells swallowing Wachovia [Re: Nu2BoatN]
Finger Lakes Boater Admiral Registered: 12/17/02 Posts: 8399 Loc: Sammamish, Washington	The lawsuits on this one are going to be interesting! _________________________ "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 -
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#438242 - 10/03/08 09:19 AM Re: Wells swallowing Wachovia [Re: Finger Lakes Boater]
Bankonit27 Admiral Registered: 09/08/03 Posts: 1226 Loc: Geneva, Illinois	Yeah they will. Can't be sensible these days. _________________________ 1999 Crownline 266BR Mercruiser 7.4L MPI B3 pulled by a 2003 Ford Excursion
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#438259 - 10/03/08 10:04 AM Re: Wells swallowing Wachovia [Re: Bankonit27]
WaterMutt Bilge Rat Admiral Registered: 01/14/04 Posts: 10343 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. _________________________ "That's my boat..." -Forest Gump
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