It is Friday and once again we're awaiting word about another Federal bank seizure. Word on the street is that Wachovia will fold unless the Congress approves the bailout package this weekend. The Stock price plummets on the news, down almost $5/Sh.
HERE ARE THE DETAILS:
http://dealbook.blogs.nytimes.com/2008/09/26/wachovia-begins-early-deal-talks-with-citi/index.html?hp
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Ha.........
Wachovia controlled my student loans for the last 9 years. I sent them my last payment 2 weeks ago, and the place collapses around them. Coincidence? I think not!!! That $111.00/month must have been the only thing taken in as profit at that joint.
WaMu customers withdrew 17 billion in a week after its big shakeup. Expect the same fate to happen to Wachovia making it really difficult to negotiate with Citi and Wells Fargo. As of this weekend the FDIC has about 200 billion dollars in its deposit security fund. Even with the 700 billion dollar bailout, the FDIC is going to be pushed to the limit by the years end.
Post a Comment