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Keyword: wachovia

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  • Countryfried: Bank of America to pay Freddie Mac $404 million in mortgage settlement

    12/02/2013 8:08:29 AM PST · by whitedog57 · 13 replies
    Confounded Interest ^ | 12/02/2013 | Anthony B. Sanders
    Bank of America has agreed to pay Freddie Mac $404 million in a mortgage settlement over 716,000 loans, many purchased from Countrywide. This is one of many lawsuits by the Federal government over Countrywide and related mortgages. One wonders when the litigation will end. Here is the thing. These suits are largely about representations and warranties between the loan seller and the loan purchaser concerning underwriting standards. The reps and warranties provide relief to the loan purchaser if the underwriting of the loans by the loan seller proves to be misleading or false. But there is another issue called causality....
  • IRS released confidential info on conservative groups to ProPublica

    05/14/2013 3:22:15 AM PDT · by markomalley · 32 replies
    Washington Post ^ | 5/14/2013 | Josh Hicks
    ProPublica on Monday reported that the same IRS division that targeted conservative groups for special scrutiny during the 2012 election cycle provided the investigative-reporting organization with confidential applications for tax-exempt status. That revelation contradicts previous statements from the agency and may represent a violation of federal guidelines. Lois G. Lerner, who heads the IRS sector that reviews tax-exemption applications, told a congressional oversight committee in April 2012 that IRS code prohibited the agency from providing information about groups that had not yet been approved. Reps. Darrell Issa (R-Calif.), chairman of the House Oversight and Government Reform Committee, and Jim Jordan...
  • Cheap Natural Gas and Its Enemies

    12/21/2009 3:29:02 AM PST · by Scanian · 5 replies · 576+ views
    The American Thinker ^ | December 21, 2009 | Ed Lasky
    A vast reservoir of clean-burning natural gas could be available at reasonable cost in the coming years, freeing us from some of our dependence on imported energy. Yet there are those who consider such a development a threat. A small group of billionaires (and mere multimillionaires), formed under the aegis of the Democracy Alliance, has amassed a great deal of political influence in America on behalf of the Democratic Party and Democratic politicians. Among the more important members of this "club" are George Soros and his liberal allies, Herbert and Marion Sandler. The latter two are billionaire beneficiaries of the...
  • First Union, Bear, Stearns Price Securities Offering Backed By Affordable Mortgages (1997)

    09/25/2008 5:58:18 AM PDT · by FreedomPoster · 3 replies · 1,173+ views
    Press Releases Media Contact:   Mark Folk (704) 383-7088 October 20, 1997First Union Capital Markets Corp., Bear, Stearns & Co. Price Securities Offering Backed By Affordable Mortgages Unique Transaction To Benefit Underserved Housing Market CHARLOTTE - First Union Capital Markets Corp. and Bear, Stearns & Co. Inc. have priced a $384.6 million offering of securities backed by Community Reinvestment Act (CRA) loans - marking the industry's first public securitization of CRA loans. The affordable mortgages were originated or acquired by First Union Corporation and subsidiaries. Customers will experience no impact - they will continue to make payments to and be...
  • EU: Cyprus has finally killed myth that EMU is benign

    03/28/2013 2:24:01 AM PDT · by bruinbirdman · 16 replies
    The Telegraph ^ | 3/27/2013 | Ambrose Evans-Pritchard, in Tokyo
    <p>The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.</p>
  • The UN Plan For Human Settlements (Obama Plan)

    05/15/2010 7:56:54 PM PDT · by bronxville · 71 replies · 1,030+ views
    Berit Kjos ^ | ,June 1996 | Berit Kjos
    Bicycles instead of cars? Dense apartment clusters instead of single homes? Community rituals instead of churches? "Human rights" instead of religious freedom? The UN Conference on Human Settlements (Habitat II) which met June 3-14 [1996]in Istanbul, painted an alarming picture of the 21st century community. The American ways-free speech, individualism, travel, and Christianity-are out. A new set of economic, environmental, and social guidelines are in. Citizenship, democracy, and education have been redefined. Handpicked civil leaders will implement UN "laws", bypassing state and national representatives to work directly with the UN. And politically correct "tolerance"-meaning "the rejection of dogmatism and absolutism"...
  • ‘Fast and Furious’ Linked to Immunity Deal Between U.S. and Sinaloa Cartel, Trafficking Defendant...

    12/29/2011 11:17:13 PM PST · by neverdem · 171 replies · 1+ views
    CNSNews.com ^ | December 29, 2011 | Edwin Mora
    ‘Fast and Furious’ Linked to Immunity Deal Between U.S. and Sinaloa Cartel, Trafficking Defendant Alleges in Court PapersA Mexican drug trafficker awaiting trial in a Chicago federal court claims that the notorious Sinaloa cartel received weapons from "Operation Fast and Furious" under an alleged immunity agreement that the U.S. government made with cartel leaders, in exchange for information on rival gangs.The defendant in a trafficking case before the U.S. District Court for the Northern District of Illinois, Vicente Jesus Zambada-Niebla, also claims the immunity deal allowed the criminal cartel to "continue to smuggle tons of illicit drugs" into the United...
  • Wachovia "pick-a-payment" class action lawsuit

    10/13/2011 7:52:28 AM PDT · by edcoil · 5 replies
    vanity | 10-13-2011 | edcoil
    Anyone else get a check from the pick-a-payment settlement administrator on some class action lawsuit? I did not even know there was a lawsuit going on and yet is says I have no further right to sue Wells Fargo or Wachovia. I know we have laws in this country where two parties cannot contract with each other burdening or charging a third party they are not aware of.
  • Wachovia Drug Money Laundering

    07/10/2011 3:36:59 PM PDT · by BBell · 23 replies
    Wachovia apparently funneled enormous amounts of drug money form Mexico. Cenk Uygur breaks it down.
  • How a big US bank laundered billions from Mexico's murderous drug gangs

    On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel. During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money...
  • Wachovia Bank: No Christmas Trees (Doesn't Want To Offend!)

    12/01/2010 7:09:57 AM PST · by My Favorite Headache · 39 replies
    Bank policy: No Christmas trees ORLANDO, Fla. (WOFL FOX 35) - Wachovia Bank won't be putting up Christmas trees in their banks this Christmas. FOX 35 news received a call from someone upset after hearing about this policy and we went to check it out. Customer Wilhelmina Cox says, "To be honest with you, that kinda offends me. I might think about changing banks." We asked Wachovia's corporate office for a statement on why no trees. They sent us this statement, "At Wachovia, we respect the diversity of our customers and team members therefore we are decorating our stores with...
  • Soros, Sandler's Destroy 50,000 Jobs and Silence SNL

    11/16/2010 1:11:15 PM PST · by STD · 16 replies · 1+ views
    Michelle Malkin | 7/01/06 | Ed Lasky
    Dear FReepers, Many posts have begun to expose the empire built upon corruption, leftwing politics and destruction of liberal democracies by George Soros. Soros has apparently inspired a company of fellow travellers who's role model for untold wealth mimics the radical behavior of George Soros. Yes, Soros is merely the leading figure among a group of vile, evil fraudsters who work together to ruin and destabilize the political process and inspire violent revolutions. In short, Soros and his radical extremists love playing God with the lives of everyday Americans.
  • Financial Crisis Commission Examining Wachovia/Wells Fargo (Time to ditch?)

    09/01/2010 10:19:51 PM PDT · by Libloather · 24 replies
    Financial Crisis Commission Examining WachoviaSeptember 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...
  • Catasauqua loses last bank (Wachovia branch closes its doors - lack of business)

    08/10/2010 8:02:34 PM PDT · by Libloather · 22 replies · 1+ views
    M Call ^ | 8/10/10 | Devon Lash
    Catasauqua loses last bankThe Wachovia branch, a borough landmark structure, closes its doors. By Devon Lash, OF THE MORNING CALL 6:42 p.m. EDT, August 10, 2010 After emptying its vault, boarding up its ATM, and sealing its deposit drop box, the last bank in Catasauqua closed its doors for good on Tuesday afternoon. And a landmark building that had housed a bank for more than 100 years, was vacant for the first time in its history. The Wachovia branch at Second and Bridge streets wasn't seeing enough business to justify keeping it open, corporate spokeswoman Barbara Nate said. The accounts...
  • Wells Fargo, Wachovia Involved in Numerous Mexican Drug Laundering Schemes

    07/05/2010 10:36:49 AM PDT · by IllumiNaughtyByNature · 8 replies
    Global Economic Analysis ^ | 7/3/10 | Mike (Mish) Shedlock
    If you or I was involved in drug laundering of as little as 2 dollars and fifty cents we would be in prison. Wachovia bank, now part of Wells Fargo via a merger, has laundered countless sums of Mexican cartel drug money and will get off with a slap of the wrist. The reason ...Wells Fargo is too big to fail. Please consider Banks Financing Mexico Gangs Admitted in Wells Fargo Deal Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico...
  • What does Wachovia know that we don't?

    06/14/2010 8:31:31 PM PDT · by Shadowstrike · 351 replies · 8,096+ views
    06/14/2010 | Shadowstrike
    Called Wachovia early this morning to reorder checks. In the process, I must have hit a button I wasn't supposed to. The next thing I hear is a recording. "As of November First, all emergency procedures will be in place, and all Wachovia personnel should stay with their families. If you have any questions, please contact your Sector Supervisor." Now, I'm not a nut, but the next thing I know an operator came on the line and asked me, by name what they could help me with. Got me looking over my shoulder, and I don't have nerves, just nerve.
  • Wachovia Admits It Laundered Millions in Mexican Drug Cash

    03/17/2010 5:45:48 PM PDT · by nickcarraway · 58 replies · 1,113+ views
    Miami New Times ^ | Mar. 17 2010 | Tim Elfrink
    Wachovia bank executives have admitted that the banking giant laundered millions of dollars for Mexican drug lords between 2003 and 2008, prosecutors announced in Miami this afternoon. The bank has promised to pay $160 million in fines and penalties and to set up new safeguards within a year to prevent drug money from coming through the bank. If it fails in that effort, Wachovia could face criminal charges, says Jeffrey Sloman, U.S. Attorney for the Southern District. "Wachovia's blatant disregard for our banking laws gave international cocaine cartels a virtual carte blanche to finance their operations," Sloman said at a...
  • Wachovia Is In Talks Over Allegations From Mexico

    03/15/2010 12:52:57 PM PDT · by AuntB · 12 replies · 452+ views
    WSJ ^ | March 15, 2010 | CARRICK MOLLENKAMP And EVAN PEREZ
    <p>Wachovia Bank, a part of Wells Fargo & Co., is in talks with the Justice Department to settle U.S. government allegations that a failure in bank controls enabled Mexican exchange houses to launder drug money...</p> <p>The U.S. attorney's office in Miami led the probe, begun about three years ago, focusing on the role the government alleges a Wachovia correspondent-bank unit played in processing illegal money transfers for the exchange houses...</p>
  • Marine suing ex-employer (After Wachovia sues him)

    12/28/2009 10:13:09 AM PST · by raybbr · 23 replies · 1,958+ views
    Middletown Press ^ | 12-28-2009 | Hannah Vahl
    MIDDLETOWN, CT — A wounded U.S. Marine Corps reservist, who says that after being called up for duty in Iraq he returned to his workplace only to be demoted, is now suing his former employer under the Uniformed Services Employment and Reemployment Rights Act. Jay Belanger, of Middletown, was working as a financial advisor for Prudential Securities, earning about $100,000 from managing over $11 million spread over approximately 150 brokerage accounts, when his unit was called up for active duty, according to the suit filed last week in U.S. District Court. He served during the initial invasion of Iraq in...
  • Nashville Protest TODAY! Vanderbilt YWC Protest Wachovia's Support of ACORN

    10/05/2009 11:14:38 AM PDT · by CampusReform · 11 replies · 947+ views
    CampusReform.org ^ | 10-6-09 | CampusReform.org (via Adrienne)
    Vanderbilt Student Group Protests Wachovia's Support of ACORN Vanderbilt University's chapter of Youth for Western Civilization will be protesting Wachovia Bank's support of ACORN today in front of Wachovia's West End location from 4:30 – 5:30pm.ACORN, or the Association of Community Organizations for Reform Now, has recently come under fire since conservative activists revealed the multiple instances of outrageous behavior.Most notably, videos surfaced of ACORN employees giving advice on how to receive tax breaks for housing underage, illegal immigrant El Salvadorian prostitutes.Since then, both houses of Congress have voted to defund ACORN and Bank of America has opted to "suspend...
  • Former Reservist Wins $1 Million From Employer

    03/21/2009 6:22:35 AM PDT · by PurpleMan · 17 replies · 883+ views
    New York Times ^ | 21 March 2009 | Ariana Green
    A jury decided last June that Wachovia had violated his rights under the Uniformed Services Employment and Re-employment Rights Act, which requires employers to provide workers returning from service a salary, status and seniority similar to what they had before leaving. It was left to Judge Arterton to decide damages.
  • Wells Fargo has its named removed from golf tournament (mentioning the title sponsor is banned)

    03/05/2009 6:31:03 PM PST · by Libloather · 16 replies · 1,163+ views
    Herald Net ^ | 3/05/09
    Wells Fargo has its named removed from golf tournamentAssociated Press Published: Thursday, March 5, 2009 CHARLOTTE, N.C. -- One by one, the three men in charge of Charlotte's PGA Tour event came to the podium Thursday and referred to the bank that's on the hook for roughly $3 million a year only as the "title sponsor." They then unveiled the new logo for the new name of the tournament, the Quail Hollow Championship. No mention of any bank. "I'm not sure that anybody's been in this position before," tournament director Kym Hougham said after the news conference. "The bank has...
  • Inside the Head of a Bank CEO (Down The Rabbit Hole-Must Read)

    02/15/2009 5:01:46 PM PST · by khnyny · 33 replies · 2,600+ views
    Fox Business ^ | February 13, 2009 | Elizabeth MacDonald
    In covering the hearing of the nine bank chief executives on Capitol Hill, it didn’t take long for me to see that Wells Fargo CEO John Stumpf was having a hard time of it, valiant effort though he did make to defend his bank’s lending practices. Because to look inside Wells Fargo, you will find the worst of the mortgage lenders housed in this bank, Wachovia, which Wells Fargo bought last fall for $15.4 bn, and housed within Wachovia is Golden West Financial, which Wachovia bought for a stupefying $25 bn, Golden West, the purveyor of some of the worst...
  • Wells Fargo Lays Off 300 Wachovia Employees

    01/14/2009 7:28:04 PM PST · by Perdogg · 20 replies · 1,094+ views
    CNN Money ^ | January 14, 2009: 05:19 PM ET
    Wells Fargo & Co. (WFC) laid off 300 Wachovia employees last month due to a human-resources process that evaluated eligibility of employees to work at the firm as part of the merger process. Wells Fargo agreed to acquire Wachovia last October, and the deal closed earlier this month. The combined entity has $1.4 trillion in assets, and the community-banking group is now in 39 states and the District of Columbia.
  • Wachovia and National City holders approve takeovers

    12/26/2008 8:42:33 PM PST · by rabscuttle385 · 4 replies · 607+ views
    Reuters ^ | 2008-12-23 | Paritosh Bansal
    NEW YORK (Reuters) - Wachovia Corp's shareholders approved the bank's takeover by rival Wells Fargo & Co on Tuesday, bringing one of the largest mergers stemming from the financial crisis near to completion. Separately, regional bank PNC Financial Services Group Inc said its planned takeover of National City Corp was approved by shareholders of both banks and is expected to close by December 31.
  • Golden West deal doomed Wachovia in crisis

    12/26/2008 8:38:29 PM PST · by rabscuttle385 · 32 replies · 1,770+ views
    The Charlotte Observer, Charlotte, NC ^ | 2008-12-22 | Rick Rothacker
    In front of a ballroom full of N.C. bankers in January 2006, Wachovia chief executive Ken Thompson warned of the dangers of “toxic” home loans. A problem with so-called option adjustable-rate mortgages, he told the group, was that homeowners can end up owing more at the end of the month than the beginning, which can be a “tough situation” for customers and lenders. “I have literally been amazed at the terms offered by some mortgage lenders, thankfully not at Wachovia and thankfully not so much in North Carolina,” he said. Four months later in May 2006, Thompson took a $24...
  • Woes at Citigroup Began With Failed Bid for Wachovia

    11/22/2008 7:04:26 PM PST · by rabscuttle385 · 14 replies · 1,426+ views
    The New York Times ^ | 2008-11-21 | Ben White & Vikas Bajaj
    Less than two months ago, Citigroup emerged from the wreckage of the financial crisis as one of the last titans left standing on Wall Street. Now, in a stunning turnabout, the banking giant has sunk to its knees after a series of blows that have driven its stock price to a mere $3.77 on Friday — and left it running short on time and options. In the decade since Citigroup was born from the merger of Citicorp and Travelers Group, it weathered many storms that threatened to pull it apart. But the current turmoil can be traced back to the...

    11/02/2008 7:39:32 PM PST · by speedracerx · 16 replies · 1,364+ views
    Wachovia Securities, LLC | Unknown | Robert D. Jenkins
    THIS WILL CHANGE YOUR RETIREMENT For those among you who have more money than you will ever need, save your time and delete this email. For the rest of us who are still working with mortgages, children and grandchildren or retired living on a pension and or Social Security perhaps you will take a couple of minutes to read the proposed changes in the American tax system. Sharing this email with others can make a difference on November 4, 2008; for our citizens and our country. INTERESTING DATA JUST RECEIVED ON TAXES This is something you should be aware of...
  • UnCommon Crisis

    10/20/2008 2:04:38 PM PDT · by bs9021 · 1 replies · 136+ views
    Campus Report ^ | October 20, 2008 | Bethany Stotts
    UnCommon Crisis by: Bethany Stotts, October 20, 2008 At the beginning of this month, it was believed that over 1,000 universities could be facing crises with payroll, staffing, and other expenditures over the next year. Their common plight: investing large sections of capital in a short-term fund with the Connecticut non-profit, Commonfund. On September 29, Wachovia announced that it would resign as a trustee of Commonfund and limited colleges access to their funds to ten percent of each college’s contribution value. Fund availability would rapidly increase over the next week. As reported in the New York Times on October 1,...
  • Feds OK Wells Fargo-Wachovia Deal

    10/10/2008 10:35:51 PM PDT · by Gator_that_eats_Dems · 15 replies · 1,462+ views
    CBS Online via The Spartan Truth ^ | Gator_that_eats_dems
    (AP) Federal antitrust regulators on Friday cleared Wells Fargo's $11.7 billion acquisition of Wachovia Corp., capping a weeklong battle for the Charlotte, N.C.-based bank. The rapid approval comes a day after Citigroup Inc. walked away from its own efforts to buy Wachovia - which experienced a $5 billion run on deposits in late September after the failure of west coast rival Washington Mutual Inc., according to court documents filed Friday by Citigroup. Late Thursday, Citigroup broke off talks with Wells Fargo and federal regulators after the suitors failed to reach an agreement over how to split up the bank. San...
  • Citigroup Files Lawsuit Against Wachovia, Wells Fargo Seeking More Than $60 Billion in Damages

    10/06/2008 9:50:03 AM PDT · by Perdogg · 36 replies · 2,003+ views
    Fox Business ^ | 10.06.08
    No story just a headline. Citigroup Files Lawsuit Against Wachovia, Wells Fargo Seeking More Than $60 Billion in Damages
  • Wachovia jumps after Citi ends deal talks

    10/09/2008 4:17:09 PM PDT · by AngieGal · 25 replies · 710+ views
    MarketWatch ^ | Oct. 9, 2008 | Carla Mozee
    Shares of Wachovia Corp. surged nearly 40% Thursday evening after Citigroup Inc. said it has ended negotiations to buy the bank. Wachovia (WB: 3.60, -1.46, -28.8%) shares were last up 36% at $4.87 following Citigroup's announcement that after several days of talks it has been unable to reach an agreement with Wells Fargo about the possible purchase of Wachovia. Last week, Wachovia said it reached a deal to be purchased by Wells Fargo, but Citigroup objected to the proposed merger, saying that it had exclusive rights to talks about a transaction. Citigroup said it will continue to seek compensatory and...
  • The forbidden skit: ... SNL’s Soros/Sandler bailout satire (it was great,it's been pulled)

    10/07/2008 9:18:25 AM PDT · by STARWISE · 86 replies · 5,164+ views
    michellemalkin.com ^ | 10-7-08 | Michelle Malkin
    NBC is furiously erasing its tracks. Any attempts to upload the forbidden SNL bailout skit skewering George Soros and his left-wing subprime schemer friends Herbert and Marion Sandler will likely be squashed. So, I transcribed the whole comedy sketch for you and provided screenshots for the 7-minute video that has disappeared from NBC and Hulu. (Pat Dollard’s blog has posted the full clip on its server. Thanks to Ms. Underestimated for the .wmv file.) THE SCRUBBED SNL VIDEO FROM 10-4-08 ((it wouldn't work on Firefox for me, but did on Explorer))
  • Wells Wins Rounds In Fight For Wachovia (dogfight between Wells and Citi)

    10/05/2008 9:04:22 PM PDT · by TigerLikesRooster · 20 replies · 681+ views
    Forbes ^ | 10/05/08 | Liz Moyer
    Wells Wins Rounds In Fight For Wachovia Liz Moyer, 10.05.08, 11:24 PM ET The battle between Citigroup and Wells Fargo for Wachovia continued late into Sunday, with federal court appearances, a tussle in New York State court and ongoing negotiations between all parties in a merger dispute that now involves the Federal Reserve. Wachovia sued erstwhile suitor Citigroup in federal court in New York on Sunday, winning a hearing date for Tuesday in its attempt to back out of a deal in principle struck last Monday under which Citi, working with the FDIC, was to pay $2 billion to buy...
  • The Soros Syndrome

    10/05/2008 6:21:55 PM PDT · by april15Bendovr · 31 replies · 1,275+ views
    Pittsburgh Tribune-Review ^ | Sunday, October 5, 2008 | By Ed Lasky
    Wachovia, one of America's major banks, has seen its stock price plummet over the last few months and will be purchased either by Citibank for the proverbial song -- a few dollars a share for a stock that sold at more than $50 a share late last year -- or by Wells Fargo at a premium. What brought about the wreckage of Wachovia?
  • Citigroup Says Judge’s Order Suspends Wachovia Deal

    10/04/2008 11:35:23 PM PDT · by calcowgirl · 45 replies · 1,340+ views
    New York Times ^ | October 4, 2008 | ERIC DASH and JONATHAN D. GLATER
    Citigroup announced late Saturday that it had persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia, firing the first shot in what could be a prolonged legal battle. Citigroup has accused Wells Fargo of wrecking its plan to acquire Wachovia’s banking operations for $2.2 billion, or $1 a share, in a deal arranged by the Federal Deposit Insurance Corporation. Four days after that deal was struck, it fell apart when Wachovia agreed to Wells Fargo’s offer to pay seven times as much for the entire company. The underlying battle is over which company will emerge from...
  • Wachovia snubs Citigroup, takes Wells Fargo deal

    10/04/2008 11:55:57 AM PDT · by HalTa · 22 replies · 618+ views
    Sun Sentinel ^ | October 4, 2008 | Sara Lepro
    A battle broke out for control of Wachovia on Friday as Wells Fargo signed a $15.1 billion agreement to buy the Charlotte, N.C.-based bank, while Citigroup and the federal regulators backing its earlier deal insisted that Citi's takeover bid go forward.
  • Wells Fargo Buys Wachovia, (Gov Backed Citicorp Deal Nixed), Gambling on Bailout Equity

    10/03/2008 8:55:58 AM PDT · by Candor7 · 16 replies · 858+ views
    Wall Street Journal : Markets ^ | 10/03/2008 | Peter A. McKay
    A big bank acquisition and hopes that a Wall Street bailout will pass Congress Friday afternoon pushed stocks higher, outweighing a weak jobs report. The Dow Jones Industrial Average, which slid almost 350 points in the previous session, recently posted a 206-point gain, trading up 2%, at 10688.66. Investors' mood was boosted by news that Wachovia has agreed to sell itself to Wells Fargo in a $15.4 billion takeover that will require no government assistance, scrapping a federally backed deal with Citigroup. Wachovia shares surged more than 71% in recent action and Wells Fargo rose about 8% while Citi was...
  • Wells Fargo buying troubled Wachovia for $15.1 billion

    10/03/2008 4:51:21 AM PDT · by neal1960 · 107 replies · 3,249+ views
    MSNBC News Services ^ | 10/03/2008 | MSNBC
    NEW YORK - Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.
  • Colleges Scramble as Fund Is Frozen

    10/01/2008 10:05:38 PM PDT · by BurbankKarl · 18 replies · 1,155+ views
    Wall Street Journal ^ | 10.2.08 | By JOHN HECHINGER and CRAIG KARMIN
    A fund that invests cash for about 1,000 colleges and private schools suddenly froze withdrawals this week, leaving school finance managers scrambling to make sure they have enough money for payroll and other bills. For 34 years, colleges and schools parked cash in the now $9.3 billion fund, which offered returns slightly above U.S. Treasury bills. That it now might take years for the institutions to get all of their money back shows how widely credit-market woes are reverberating beyond Wall Street. Monday, Wachovia Corp., the fund's trustee, said it was terminating the fund, liquidating its assets, distributing the proceeds...
  • Reviewing CNBCs Jim Cramer's Apology & <i>Skeptical</i> Comment

    10/01/2008 1:53:43 PM PDT · by TruthRespecter · 38 replies · 2,090+ views
    vanity | 09/30/08 | self
    CNBC's Mad Money showhost Jim Cramer made an on-air apology last night (9/30/08) for recommending Wachovia stock just 2-weeks ago. His recommendation followed a Mad Money appearance by Wachovia's CEO Robert Steel. On Sept. 15, the day Steel appeared on the Cramer's TV show, Wachovia stock closed at $10.71 per share. On Sept. 29th, it closed at $1.84 per share. Youtube likely has the clip showing Steel's appearance. And last night after Wachovia's implosion, comes Cramer's apology: "I let you down, because I wasn't skeptical enough." Compare Cramer's "I let you down because I wasn't skeptical enough" statement with America's...
  • What Wachovia Customers Need to Know

    09/29/2008 6:49:52 PM PDT · by rabscuttle385 · 59 replies · 1,863+ views
    Call it the birth of Citichovia. In another day of Wall Street’s epic saga, news came today that Citigroup will acquire Wachovia’s banking operations for $2.1 billion in stock and will assume another $53 billion in Wachovia debt. Which leaves Wachovia customers scratching their heads, as Washington Mutual customers were last week. But there’s a big difference between the Wachovia and WaMu dealings — time.
  • How allies of George Soros helped bring down Wachovia Bank

    09/29/2008 2:44:14 PM PDT · by unspun · 31 replies · 1,626+ views
    American Thinker ^ | September 29, 2008 | Ed Lasky
    Wachovia Bank, a major institution, has seen its stock plummet and its continued viability called into question, as the nation's financial crisis muddles forward. [Update: shortly after publication of this article, Citigroup agreed to purchase Wachovia's banking operations in a deal facilitated by the FDIC.] Largely ignored in this crisis is the key role played by Herbert and Marion Sandler, founders of Golden West Financial (GDW), one of the largest savings and loans in the nation. Wachovia purchased GDW for $24 billion dollars in 2006. This was one of the worst merger and acquisition deals of all time for the...
  • Citigroup to buy Wachovia banking operations [Bailout now moot?]

    09/29/2008 6:19:24 AM PDT · by Brilliant · 26 replies · 868+ views
    AP via Yahoo! ^ | 9/29/08 | AP
    Link only
  • Wells Fargo seen as leading Wachovia suitor

    09/29/2008 4:44:14 AM PDT · by NotchJohnson · 3 replies · 250+ views
    Charlotte Observer ^ | 09/29/08 | Rick Rothacker and Christina Rexrode
    Federal regulators are pressing Wachovia Corp. to sell itself, and Wells Fargo has emerged as the leading candidate to buy the Charlotte bank amid intensifying talks, according to reports late Sunday. The Wall Street Journal reported that Wachovia is also talking with Citigroup but that San Francisco-based Wells appeared to have the upper hand. Even as Congress unveiled a bailout plan to help banks offload troubled assets, Federal Reserve and U.S. Treasury Department officials were pushing for a more dramatic solution for Wachovia, the New York Times reported. A sale would mean that an N.C. institution that became a nationwide...
  • Wachovia reportedly in talks with three suitors

    09/27/2008 6:17:43 PM PDT · by RKBA Democrat · 19 replies · 715+ views
    MarketWatch ^ | 9-27-08 | Shawn Langlois
    Wachovia Corp. is reportedly in preliminary talks with suitors including Banco Santander SA, Wells Fargo & Co. and Citigroup Inc., and the bank's shares slid lower in late trading on concerns it may take another big mortgage-related write-down. A sale to either Banco Santander, Wells Fargo, or Citigroup would make Wachovia the latest victim of the ongoing credit crisis, as the bank has succumbed to the triple threat of falling real estate prices, overaggressive lending and panic in the credit markets.
  • Wachovia shares plunge as investors question fate

    09/26/2008 3:59:43 PM PDT · by BGHater · 1 replies · 488+ views
    AP ^ | 26 Sep 2008 | AP
    Although Wachovia Corp. has been mentioned as one of the more troubled big U.S. banks, at least some analysts believe it is not at risk and is unlikely to suffer the same fate of Washington Mutual Inc. They also believe that Wachovia will be able to survive on its own, without merging with another big financial institution. Still, shares of the Charlotte, N.C.-based bank plunged Friday as investors, the day after WaMu's failure, shifted their focus to other financial institutions that also suffer under the weight of mounting losses tied to toxic assets. Shares plummeted $4.90, or 35.8 percent, to...
  • Wachovia Begins Early Deal Talks with Citi [uh oh]

    09/26/2008 2:18:18 PM PDT · by rabscuttle385 · 53 replies · 1,525+ views
    The New York Times - Dealbook ^ | 2008-09-26 | Eric Dash, Andrew Ross Sorkin and Michael J. de la Merced
    Wachovia has begun preliminary talks with Citigroup about a potential merger, people briefed on the matter said Friday afternoon. Feelers have also been extended between Wachovia and Wells Fargo and Spain’s Banco Santander, these people said. These talks are early, however, and no deal may emerge from them.
  • FT: Morgan Stanley Prefers China To Wachovia

    09/18/2008 6:00:02 PM PDT · by Perdogg · 13 replies · 148+ views
    Barrons ^ | September 18, 2008, 7:43 pm
    The Financial Times this evening offers an update on the Morgan Stanley (MS) merger scenario that claims Morgan is more interested in taking financing from China Investment Corp., China’s sovereign fund, than it is in merging with Wachovia Bank (WB). Both firms have been rumored in the last 24 hours as potential saviors for Morgan’s rapidly eroding share price.
  • BREAKING: Morgan Stanley Considers Merger With Wachovia

    09/17/2008 1:56:04 PM PDT · by Anti-Hillary · 103 replies · 637+ views
    NYT ^ | 9-17-08 | staff
    Morgan Stanley, one of the two last major American investment banks, is considering a merger with Wachovia or another bank, according to people briefed on the discussions. Morgan Stanley’s chief executive, John J. Mack, received a telephone call on Wednesday from Wachovia expressing interest in the Wall Street bank. Morgan Stanley is considering other options as well. Other banks have also expressed interest in Morgan Stanley. The talks are preliminary and no deal may emerge, these people cautioned. But if one is reached, it would mark the end of Morgan Stanley, one of the descendants of the original J. P....