OMG! Wachovia folds!?

[Shan-man]

I feel like I'm witnessing another 9/11, as far as fear for our future goes anyhow. At this rate I'll be retitiring to a cardboard box under a bridge after working to 75 as a Walmart greeter!

 

[AuburnJen92]

rumors are that national city is next

 

[des1954]

Whew...you had me going there. They didn't fold, but were bought out by CitiGroup.

http://money.cnn.com/2008/09/29/news/companies/wachovia_citigroup/?postversion=2008092910

 

[AuburnJen92]

my mom banks there, i knew they were in trouble...

 

[Shan-man]

Whew...you had me going there. They didn't fold, but were bought out by CitiGroup.

From what I've been reading, they lost 94% of their value from market-open until their stock was frozen at which point Citi snapped them up when their stock was essentially worthless. Basically Wachovia folded. Unless I'm real confused.

 

[VACAMPER]

you stay confused

 

[g8trmom1]

My best friend, who is a single mom with twins...is a V.P. with them out of Charlotte...I wonder what will happen to her.

 

[LONE-STAR]

I feel like I'm witnessing another 9/11, as far as fear for our future goes anyhow. At this rate I'll be retitiring to a cardboard box under a bridge after working to 75 as a Walmart greeter!

On the bright side (not sure how bright it is) after 9/11 WDW was empty and there where no lines. I would love to see smaller lines.

 

[g8trmom1]

with the way this economy is going, my last worry is going to WDW. Let's just hope we keep our jobs so that we can make our mortgage payments and put food on the table.....

 

[LONE-STAR]

with the way this economy is going, my last worry is going to WDW. Let's just hope we keep our jobs so that we can make our mortgage payments and put food on the table.....

True. But yall have been to FW like 4 times since our last trip. We need a trip and small lines would be a plus.

 

[Shan-man]

I guess I should clarify my earlier statements (which may seem confused!). As far as customers are concerned, Wachovia was bought out and they can expect a relatively smooth transition. As far as investors are concerned, Wachovia folded and was bought in a fire-sale for six cents on the dollar versus it's value the day before, which was already down. It may be that this news is no more catastrophic than the folding of WaMu, but it sure feels bigger to me. I'd never heard of WaMu until the runs on it a few weeks ago. Wachovia was NC's largest corporation (I believe) and the impact will hit home here... it already has hit my IRA.

 

[LONE-STAR]

I guess I should clarify my earlier statements (which may seem confused!). As far as customers are concerned, Wachovia was bought out and they can expect a relatively smooth transition. As far as investors are concerned, Wachovia folded and was bought in a fire-sale for six cents on the dollar versus it's value the day before, which was already down. It may be that this news is no more catastrophic than the folding of WaMu, but it sure feels bigger to me. I'd never heard of WaMu until the runs on it a few weeks ago. Wachovia was NC's largest corporation (I believe) and the impact will hit home here... it already has hit my IRA.

Here its the other way around WaMu was every where.

 

[stacktester]

OK, I want a bailout too. I'm gonna go call the prez now and beg for help.

 

[des1954]

Wachovia was NC's largest corporation (I believe) and the impact will hit home here... it already has hit my IRA.

Crap....my IRA is officially lower than when I rolled my 401K's over into it 5 years ago!! At this rate, by the time I'm 59.5 years old, there will be no IRA left! Looks like I'll be working two jobs til death do us part!!

 

[Born 2 Fish]

I keep tell'n folk the best investment you can make make is a big ole mattress with small easy open zipper on the side,,,stuff that sucker fulla green !

Safe keeping,,thats what it's all about.

 

[RvUsa]

It would be too uncomfortable.... I hate sleeping on a hard surface. At best, I could fill it will a couple rolls of pennies.

 

[Jlampley]

I feel for investors, but I have greater sympathy for the employees. Usually there is a very large layoff rate among the executives. They need the tellers to keep the branches purchased running - unless both banks are in the same region/community - then they reduce the branches. If CitiBank was smart, the used Wachovia to enter into areas they didn't have a foothold.

As for investments, my husband's employer (Dell Computers) requires a certain percentage of our 401K to be in Dell Stock. This really stinks when something like this happens, especially if you work at a bank and they have a similar policy. You can't control the variety in your portfolio.

I am an optimist and hope this will slow down and we can look back on these days as when things began to turn around. AND when CEOs of companies stopped being fired for doing a bad job and still took home hundreds of millions in compensation.

 

[stacktester]

Crap....my IRA is officially lower than when I rolled my 401K's over into it 5 years ago!! At this rate, by the time I'm 59.5 years old, there will be no IRA left! Looks like I'll be working two jobs til death do us part!!

You mean to tell me you're not already over 59.5??? I'm just messin with ya Debbie. I was the one who said you were hot in the rv pics taken a hundred years ago at the fort.

 

[Shannone1]

with the way this economy is going, my last worry is going to WDW. Let's just hope we keep our jobs so that we can make our mortgage payments and put food on the table.....

Amen. I seriously doubt we are going to be able to make it to FW for our much anticipated Christmas trip. At this point we are just trying to make ends meet.

 

[ntsammy5]

Technically they didn't fold but were acquired by Citi. My Son-In-Law works there so I'm not particularly thrilled about this.

Now that the bail out package failed, we're in uncharted waters. Lord only knows what will happen now. The market is free-falling quite predictably, but the real consequences won't be apparent for weeks.

THE ROOT CAUSE OF THE WACHOVIA FAILURE WAS THE ACQUISITION OF GOLDEN WEST BACK IN 2006 WHO HAD HUGE SUB-PRIME PORTFOLIO