Wachovia

[kpete]

From the WSJ: Wachovia Explores Sale

Wachovia Corp. has entered into preliminary discussions with a handful of potential suitors, including Banco Santander SA of Spain, Wells Fargo & Co. and Citigroup Inc., according to a person familiar with the situation.
...
Wachovia declined to comment on the discussions. Earlier Friday, a spokeswoman said the bank is "aggressively addressing our challenges" and "working to strategically strengthen and manage capital and liquidity in this challenging environment." The bank's deposit base, stretching from California to the Northeast, is "large and stable," the Wachovia spokeswoman added.
more:
http://calculatedrisk.blogspot.com/2008/09/more-wachovia-suitors.html

[kirby]

1. Where have I heard that before? n/t

[Betsy Ross]

2. Save ink: The fundamentals of Wachovia are strong.

[LiberalEsto]

3. Well, if Wachovia is overdrawn

they should be forced to pay a whopping huge overdraft fee. Maybe $3 billion or so.

After all, they forced my daughters to pay $35 overdraft fees every time they ran a couple of pennies over on their former debit card accounts there. Fortunately both have switched banks.

[Eurobabe]

6. WALK-ALL-OVYA!

Left that shit bank after they merged with First Union.

Credit Unions only now. Next, money meet mattress.

[Sydnie]

8. My school loans were sold to them decaddes ago - I called them WATCH-O'VA-YAH

they made me nuts then!

[doc03]

4. Wachovia is our 401k Administrator, I wonder what that

will mean for us.

[TexasObserver]

5. it means you're probably paying too much in fees, already

Some call them "Walk Over Me," and they've been known to charge more than a market rate when they can get away with it.

They're in trouble, and have been in trouble for months. Your level of services will probably take a hit.

[kentuck]

7. It is my understanding that Wachovia is the leader in...

ARM's. (Adjustable Rate Mortgages) Also, they have offered payment plans with nothing but the interest payment on the loan. They could very possibly be in deep trouble.

[Jane Eyre]

10. Pick-A-Payment Loans

They purchased Golden West with its portfolio of Pick-A-Payment loans, then went on to promote these kinds of loans. The idea was that mortgage holders should decide how much per month they wanted to pay, then they came up with a creative way to come up with that amount. Huge mistake - seems that no one really wanted to pay much per month for their mortgage! Who would've thunk it?

[G_j]

9. my life savings is in Wachovia

all twenty bucks...:eyes: