[rabscuttle385]

I bank with Citi, and right now, the nearest branch is two hours away, so I suppose that it's nice that soon they will be everywhere, just like Bank of America.

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[scooby321]

Dumb ass Wachovia paid over 30 Billion for Golden West and ts commie owners Simon brothers gave them 64% of their mortgages that are now resetting.

[MrChips]

Wachovia not long ago purchased A.G. Edwards, where I have my brokerage accounts. Is there a reason for me to be concerned about this merger?

[autumnraine]

I am not in any way a economist, but it seems that people are just shuffling debt. Like folks that pay off credit cards with other, lower interest credit cards and postponing paying them off.

I don’t know. Maybe this is a good thing and we won’t have to rescue Citigroup in 2 months.

[FreeInWV]

Don’t the Saudis own a near controlling stake in Citi?

[Gondring]

Under the agreement, Citigroup Inc. will absorb up to $42 billion of losses on a $312 billion pool of loans. The FDIC will absorb losses beyond that. Citigroup has granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

Oh, joy!

[Misterioso]

Where did your headline come from?

[Gondring]

Another link with info about what this means to Wachovia...
http://www.bankrate.com/brm/news/investing/bankrate_investing_news_e1.asp

[Wiggins]

I hope I still have my Roth IRA?

[MinorityRepublican]

So will Wachovia be renamed as Citibank?

[mware]

Did you hear BOR tonight???

He showed a letter that he got from one of the people in line to get a copy of his book.

The letter was from the CEO of WaMu dated 7 days before they went belly up.

The letter basially said that WaMu was in good shape.

This guy who gave the letter to BOR invested LOTS of money into it, only to lose all of it.

BOR has forwards the letter to the FBI and wants an investigation.

[upchuck]

The going ons in this story are why I bank at a locally owned bank. The money stays here in town.

And the bank is very open that there have been inquiries and offers. All turned down.

[ken21]

the weak taking over the weaker.

robert rubin went to dubai and borrowed 6-7 billion to re-float citi about a month ago.

[HIDEK6]

Now that Wachovia is history, can we tear down that ugly building they put up in downtown Winston?

[mountainfolk]

The Uppity Woman blog has a detailed expose of the Wachovia failure and it leads back to Sorros and a couple of his billionaire buds. The article also goes into detail about how the democrat party is now owned by billionaire socialists and other leftists. Fascinating.

[CaliforniaCon]

I kind of favored the name “WackCiti” myself.......

[NeverEVERKerry]

*bookmarked*

[SlapHappyPappy]

Let’s not call it Citichovia. As a veteran banker (recovered) I know first hand there is no such thing as a merger in banking. If Nationsbank/BofA wasn’t a merger (it wasn’t, we at BofA got bought) this one sure isn’t.