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Thread: Wells Fargo to Buy Wachovia

  1. #1

    Wells Fargo to Buy Wachovia

    Just announced on CNBC. No link yet.

    Bonus: Nashville Predators default on loan:

    http://www.theglobeandmail.com/servl...TPStory/Sports
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  3. #2

  4. #3
    Quote Originally Posted by freelance View Post
    Just announced on CNBC. No link yet.

    Bonus: Nashville Predators default on loan:

    http://www.theglobeandmail.com/servl...TPStory/Sports
    Yeap... the Devil is in the Details... so we'll have to see how much of the TAXPAYERS monies SHEILA BLAIR spent to WELLS FARGO to accept TRILLIONS in DEBT.

    We're paying once again!

    Hey on the NASHVILLE PEDATORS... REDNECK HOCKEY now there's an OXYMORON if there Ever was one!
    Last edited by HOLLYWOOD; 10-03-2008 at 01:33 PM.
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  5. #4
    lol Count Vikula at $#@!iGroup must be pisssssssed
    "Your mother's dead, before long I'll be dead, and you...and your brother and your sister and all of her children, all of us dead, all of us..rotting in the ground. It's the family name that lives on. It's all that lives on. Not your personal glory, not your honor, but family." - Tywin Lannister


  6. #5
    Out bid and no FIDIC
    Liberty, of course, has her price in blood, if we do not suppport her when she is in trouble.

  7. #6
    and the stock is up almost 8% today
    "I'm not just trying to win or get elected. I am trying to change the course of history" - Ron Paul

  8. #7
    Did they buy their bad debt as well? Could this drag down Wells Fargo?

    If so, I need to get out. I have all of my banking with them. I have been considering moving to a local bank for a while. There are a number of them locally that are in good shape.

  9. #8



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  11. #9
    Quote Originally Posted by tmosley View Post
    Did they buy their bad debt as well? Could this drag down Wells Fargo?

    If so, I need to get out. I have all of my banking with them. I have been considering moving to a local bank for a while. There are a number of them locally that are in good shape.
    I seriously doubt Wells Fargo is going to buy a company that would drown them. They had enough insight to avoid the subprime mess. Why would they dive into it after they see the consequences? This is really just an opportunity to convert all those Wachovia's on the East Coast to Wells Fargo branches. If you look at their location map, it's largely based on the western half of the US.

  12. #10
    Wells Fargo is in a better position financially than Citibank is. Citi still has a fairly high number of potentially questionable loans on their books and Wachovia would only add to that which is why they insisted that the government take them. Wells Fargo stayed out of the subprime and alt-a loans. The Fargo deal will be better for everyone- Wachovia share holders will get more money and the FDIC will not have to buy/ guarantee a significant portion of Wachovia's loan portfolio. Citi is trying to say that they have a deal signed and will fight the Fargo takeover.

  13. #11
    FDIC does not support the Wells Fargo bid. Why? Because the FDIC gets $12 billion in preferred stock and warrants from Citi if the Citi deal goes through. Something's rotten in Washington.



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