Posted on 09/01/2010 10:19:51 PM PDT by Libloather
Financial Crisis Commission Examining Wachovia
September 1, 2010
Rick Rothacker
The panel investigating the U.S. financial meltdown will put Charlotte's Wachovia Corp. under the microscope on Wednesday.
The Financial Crisis Inquiry Commission on Monday said former Wachovia chief executive Bob Steel will be one of the witnesses at a hearing in Washington. He will be joined by Scott Alvarez, the Federal Reserve System's general counsel, and John Corston, acting deputy director of supervision and consumer protection at the Federal Deposit Insurance Corp.
Former Lehman Brothers Holdings Inc. CEO Dick Fuld is slated to testify in an afternoon session. Federal Reserve Chairman Ben Bernanke and FDIC Chairman Sheila Bair will headline a second hearing on Thursday.
The 10-member bipartisan commission is empowered to "examine the causes, domestic and global, of the current financial and economic crisis in the United States." Wednesday's hearing is entitled "Too Big to Fail: Expectations and Impact of Extraordinary Government Intervention and the role of Systemic Risk in the Financial Crisis."
(Excerpt) Read more at hispanicbusiness.com ...
WaMu was given away to rich New York bankers. Screw New York and their control of Congress. A pox on their house.
Get Chuck U Schumer on the stand!!!
yitbos
That's brutal. I'm on my way out.
This is just a political witch hunt, because WFC told Obama to pack sand and didn’t need any of their stolen tax payer bailout money and resisted and still resists their interference and controls. Don’t bail, support Wells Fargo!
That is one of the reasons they failed. And why it was a good buy for Wells Fargo Co. When bad banks make bad politics and bad loans because OF those bad politics, it is simply a good buying opportunity for banks who see and do things differently.
That article is more than 2 years old. FYI.
Which article are you referring to? The one I posted?
(Are you some super-secret, willing to blow themselves up because someone pissed them off, ex-Wachovia employee?)
Just wondering...
I am neither an “ex” employee of any company. I have worked for one company since my first summer internship at 14. And I harbor no terrorist bomber tendencies either.
The La Raza one to which you replied.
blame everybody but Congress.
BINGO.
We have a winner.
Without the CRA and other Liberal Feel Good Risky Loan laws, we wouldn’t have ever had this happen.
Ah, HA! An insider! Someone fully involved with the stock price!
Some more (free) advice - sell. You've made your profit. Hussein is just about to bring down the hammer.
You've been warned. Don't blame me.
Well, my kids are going down to Wells Fargo and pulling all of their accounts....
when they tried to modify their loan...everyone was willing to work with them,
except Wells Fargo!! They are getting TOO big!! I’m pulling my Acct our too!!
Well, my kids are going down to Wells Fargo and pulling all of their accounts....
when they tried to modify their loan...everyone was willing to work with them,
except Wells Fargo!! They are getting TOO big!! I’m pulling my Acct our too!!
Time to GO!
fyi
Wachovia was a good bank. It all went sideways when they merged with First Union a sh%%hole of a bank and bank culture.
If they want to have a witchhunt, how about they go after Barney Frank?
This is a shallow attempt to punish a private business for taking risk, and refusing government handouts in the form of TARP money... It really pissed off alot of people in the government when WB shareholders accepted WFC's offer and hung Citi out to dry (which Citi then needed to be bailed out by TARP to the tune of 45 BILLION).
BOA is just as bad.
Wells (who bought Wachovia) is marginally better - they hold our mortgage. Not sure their policy on illegals though.
And Golden West.
Time to ditch?
For local community banks and credit unions, yes.
For who? Local banks? Credit unions?
Why? And yes, this is a trick question.
You do know that neither your local bank nor your credit union actually process any of your accounts. The payment on your house, car, boat, or even have the money to lend you for those?
They all run them THROUGH one of the super regional or national banks. Every single one of them. Since the mid 90s.
It’s too expensive to have all your own in house servicing, collections, LDA, Underwriting, mail service, payments, processing... etc
Nope. None of the small banks or credit unions have done this in house for 15 years. It was all outsourced to “us” a long time ago.
The only difference between a big bank and a small bank or credit union, is the personal banker won’t get promoted and moved to some other part of the country in a couple years, so you will see the same person and think they know you.
They won’t give you a better rate than you’d get shopping around as a total stranger. They don’t charge less for bad checks.
They are de facto, OUR branch banks with a different logo.
And more of them fail than do the big banks. Many times over. I cannot count how many small banks we buy each week. Fire 100% of their staff, slap our logo on 1 out of ten of their buildings, and sell the rest.
That is how it is done.
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