Wachovia: COME ON DOWN!

Wachovia was good in the beginning but went too far

 

I've heard the next one to fall after Wachovia is National City. Wells, BB&T or PNC are the likely buyers or another bank fails.

 

I give National City a week at the most, maybe less if the bailout package falls through.

Considering that Wells holds my mortgage and PNC is my checking account, I'm breathing a little easier than most. But who knows what will happen next week.

 

My soul is owned by the company store.

My checking account (opened in 1993) went through 6 different acquisitions before ending up with Bank of America. My mortgage (originally Countrywide) is now BOA. And two of my credit cards (originally MBNA) are now BOA.

Beware the Evil Empire.

 

One-stop shopping... man are you a lucky guy....

 

If the government cared about hard working Americans, maybe they would address the nation's problem with credit card companies raping families with rates that force people to never payoff their cards and always have a payment. At some point, the credit card bubble will burst and who will save the little guy because a $700 billion bailout didn't address this issue.

 

That's just crazy. Why would the government put itself in a position to protect actual people instead of corporate profits? It never has (under any party) because it's not profitable.
The tightening of the bankruptcy laws forced people to choose between their credit cards and their homes. Since they couldn't write off the CC debt to keep their homes any more, they lost their homes to foreclosure and still have the massive CC debt.

 

The credit card bubble is overrated.

The bottom line is this: People can walk away from houses and leave some poor sap in Manhattan holding the bag. But you can't walk away from credit card debt anymore. The credit card companies will always get theirs.

That's not to say that excessive credit card debt isn't bad for the economy. It is. The money you pay Visa or MasterCard is money that's not buying movie tickets or cars or DVD players.

 

the new garden is on its third name (shawmut, fleet, td banknorth), unless you count all the one-day deals delaware north did between fleet and td banknorth, in which case it's probably at about 50.

cmgi field was the original name of the new foxborough stadium.

 

Bingo.

 

Wachovia-Citi deal? Dead!

Wells Fargo is buying all of Wachovia for $15.1 billion in a deal with no government assistance. Wachovia-Citi deal would have involved only Wachovia's banking operations and would have required assistance from the FDIC.

http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/wells_fargo_wachovia_20

I found an interesting note deep in the story: "Citigroup has not turned a profit for three straight quarters, and lost a total of $17.4 billion during that period after writing down its assets by about $46 billion. That's the most write-downs of any U.S. bank."

CNBC reports that Citigroup is planning to sue.