09-26-2008, 05:59 PM | #1 | |||
High School Varsity
Join Date: Jan 2002
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Is it time to Say Goodbye to your Wachovia stock?
Or, maybe at least get your money out?
Looks like it may be over a trillion to bail out the bankers, sorry for the Wamu pun there. UPDATE: After WaMu Seizure, Wachovia Faces Market's Fears Quote:
Any chance the Government could just do a 2 trillion dollar rebate program for all America, instead?
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09-26-2008, 06:14 PM | #2 |
Hall Of Famer
Join Date: Dec 2003
Location: the yo'
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I thought you had your portfolio maxed out with elmo dolls?
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09-26-2008, 06:33 PM | #3 |
Wolverine Studios
Join Date: Oct 2003
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Who knows what could happen at this point - apparently Wachovia is in talks for deal with Citigroup, Wells Fargo or a Spanish bank and as of right now the talks are being reported as a legitimate deal as opposed to what happened with WaMu and JPM. So much depends on if Congress for once can actually figure out how to get something done. Make no mistake, buying Golden West was a massive mistake and Wachovia is paying dearly for it now. If you do own shares of Wachovia I would pay real close attention to what Congress does or doesn't do this weekend and keep tabs on what is going on with WB and Citi/WF/any other bank that wants to buy the good stuff that WB has. If you have stockbrokers or whatever its probably a good time to talk to them and see what they have to say about this or any other stock you might own - buy, sell, hold, whatever - the worst thing you could probably do for your money right now if you own stocks is stick your head in the stand.
Last edited by Gary Gorski : 09-26-2008 at 06:36 PM. |
09-26-2008, 06:40 PM | #4 |
Hall Of Famer
Join Date: Nov 2000
Location: The State of Insanity
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They're saying that there will be no bailout until Wednesday. Ouch.
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09-26-2008, 06:48 PM | #5 |
Wolverine Studios
Join Date: Oct 2003
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I hope that Wednesday is secret government code for Sunday based on what the talking heads seem to think will happen if something isn't done on Monday.
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09-26-2008, 08:15 PM | #6 |
Hall Of Famer
Join Date: Apr 2002
Location: Back in Houston!
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Considering how the last few weekends have been, it seems like it's more likely to happen Saturday or Sunday...
SI
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09-26-2008, 11:04 PM | #7 |
Pro Rookie
Join Date: Feb 2003
Location: Raleigh, NC
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Rather interesting and somewhat surprising to see this happen considering Wachovia (ex First Union before they bought the prior incarnation of Wachovia and took the name) got into a substantial merger war with Bank of America (ex NCNB, then NationsBank, before they bought San Fran-based Bank of America). Between them the two essentially built the skyline of Charlotte as we know it today and the rather odd notion that Charlotte essentially rivals New York in banking clout in the country.
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09-29-2008, 08:55 PM | #8 |
High School Varsity
Join Date: Jan 2002
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I hope everyone managed to sell their Wachovia stock on friday
Wachovia stock loss 82% Monday to finish at $1.84. Looks like Citigroup will now be buying out Wachovia for $1 per share.
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09-29-2008, 09:13 PM | #9 |
Pro Rookie
Join Date: Nov 2000
Location: USA
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I was reading about the price being $1 a share this morning, so the price was already agreed before the drop. Most of the day that I was watching, Wachovia stock wasn't even trading (at least not that I could find online). I held off closing my Wachovia account in order to not be part of any possible run on the bank, but I will likely be closing out all accounts with them tomorrow afternoon.
We're putting at least some of our money with BB&T, after seeing the article about their CEO being critical of the bailout scheme... That's why Allison, the chairman and chief executive of BB&T Corp., submitted a 14-point letter Tuesday to all 535 members of Congress with a simple message regarding the proposed $700 billion bailout. "There is no panic on Main Street and in sound financial institutions," he wrote. "The problems are in high-risk financial institutions and on Wall Street." He said that it is important that "Congress hear from the well-run financial institutions, as most of the concerns have been focused on the problem companies. It is extremely important that the bailout not damage well-run companies." Allison's opinion is seconded by local community-bank officials and community-bank trade groups. "Community bankers did not create this financial crisis, but our banks and communities are clearly feeling the impact," the Independent Community Bankers of America said in a statement. "As the fundamental drivers of local economies -- we could be in a strong position to help resolve this crisis." I don't completely agree with everything he says, but it is nice to see somebody out of the banking industry take a contrary position on this issue. Last edited by Tekneek : 09-29-2008 at 09:16 PM. |
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