Wachovia may be going under

Bidders are betting Wachovia will sink and can be bought for a bargain:

[URL]http://www.bloomberg.com/apps/news?pid=20601087&sid=as9sF0RrMSTg&refer=home[/URL]

One piece of evidence, look at the stock Friday.

I really hope not, something like that would devastate Charlotte’s economy and not to mention put further turmoil on wall street, businesses, investors and consumers.

I think that if the bailout package gets approved, Wachovia stays independent. If not, they get bought out.

Gulp

In situations like this, is your money that is in their bank safe? If you had a deposit to make into your account, would it help them to stay afloat because they’d have more money to work with? I’m not too knowledgeable on the operations of banks.

[QUOTE=49or bust;345892]Gulp

In situations like this, is your money that is in their bank safe? If you had a deposit to make into your account, would it help them to stay afloat because they’d have more money to work with? I’m not too knowledgeable on the operations of banks.[/QUOTE]

Their FDIC insured, so as long as you aren’t packing over $100K, you’re good.

[QUOTE=cakewalk5;345873]Bidders are betting Wachovia will sink and can be bought for a bargain:

[URL]http://www.bloomberg.com/apps/news?pid=20601087&sid=as9sF0RrMSTg&refer=home[/URL]

One piece of evidence, look at the stock Friday.[/QUOTE]

well if their front office works anything like their office locations, this figures. They have by far the worst customer service of any company that I have let have my money.

Sorry for all the Niner members of the Wachovia team, hope your jobs stay safe, but man I hate that company

Their FDIC insured, so as long as you aren't packing over $100K, you're good.

Thank goodness… I only have $99,999 in my account.

well if their front office works anything like their office locations, this figures. They have by far the worst customer service of any company that I have let have my money.

Sorry for all the Niner members of the Wachovia team, hope your jobs stay safe, but man I hate that company


Interesting. I never needed to talk to them that much, but when I did I was certainly never upset after having to deal with their customer service.
I think that if the bailout package gets approved, Wachovia stays independent. If not, they get bought out.

I really hope they do get something figured out this weekend.

It’s not going under. It hit something like $7 recently and rebounded well. Stock is at 10.00 right now. WB is bigger than WAMU and has more assets to weather the storm. It will probably try to merge which wouldn’t be as big a deal.

Yeaaa woot! I like Donkeyjaws’s prediction. Let’s go with that one.

Saw rumors that BofA might do it, the idea is the bank will be too big to fail, but I have my doubts about that.

Also saw something about Goldman Sachs…if that is the case some of you WB guys could become my neighbors.

Saw rumors that BofA might do it, the idea is the bank will be too big to fail, but I have my doubts about that.

I don’t think that can happen. That would put BofA over the market share allowed by law in the region and over the deposit cap allowed through acquisition.

Also saw something about Goldman Sachs...if that is the case some of you WB guys could become my neighbors.

I think Wells is the most likely.

[QUOTE=49or bust;345892]Gulp

In situations like this, is your money that is in their bank safe? If you had a deposit to make into your account, would it help them to stay afloat because they’d have more money to work with? I’m not too knowledgeable on the operations of banks.[/QUOTE]

Your money is safe.

The people who are at the most risk are the stockholders and those with mutual funds that that hold large positions in WB stock.

I don’t get Wachovia…one day they are trying to buy out Morgan Stanley and the next they are about to go under/get bought out. They don’t seem to look into the future…just day to day mentality.

[QUOTE=pcon;345936]I don’t get Wachovia…one day they are trying to buy out Morgan Stanley and the next they are about to go under/get bought out. They don’t seem to look into the future…just day to day mentality.[/QUOTE]

Boy that sounds familiar…

*Gulp*

In situations like this, is your money that is in their bank safe? If you had a deposit to make into your account, would it help them to stay afloat because they’d have more money to work with? I’m not too knowledgeable on the operations of banks.

what??

FDIC, learn it :smile:

[QUOTE=pcon;345936]I don’t get Wachovia…one day they are trying to buy out Morgan Stanley and the next they are about to go under/get bought out. They don’t seem to look into the future…just day to day mentality.[/QUOTE]
well, they weren’t really trying to buy out Morgan Stanley. Morgan Stanley thought they needed a traditional bank to merge with them for stability because they were not allowed to take deposits like a traditional bank is. The SEC made amendments for Goldman Sachs and MS so that they could operate just as a retail bank does, eliminating the need for a merger with Wachovia and keeping themselves independent.

I hope Wachovia can merge with the Spanish bank I think it would be devastating for the Charlotte economy if the bank moves it’s U.S. headquarters out of town.

if it merges with the spanish bank, they will lose all of their business from the government. The government cannot hold its money in a foreign owned bank. That would be a pretty big blow. The best thing for charlotte would be for wachovia to remain independent. The mortgages are the biggest thing holding Wachovia back. Their retail banking continues to show robust growth.