2 pages of oh snap

9/29/2008 9:39:35 AM

I'm surprised it was Citi t hat got them. They are probably the weakest of the giant banks. I wonder if they will be able to absorb $42B in loses in addition to their own losses.

9/29/2008 9:44:22 AM

yep, wachovia failed, and was taken over by citibank this morning

[Edited on September 29, 2008 at 9:46 AM. Reason : k]

9/29/2008 9:44:25 AM

WACHO PWNT.

9/29/2008 9:45:09 AM

STAY HOME

9/29/2008 9:46:45 AM

fucking sad man


about 20,000 people in charlotte lost their jobs today. even more lost their retirement

[Edited on September 29, 2008 at 9:53 AM. Reason : n]

9/29/2008 9:47:37 AM

wow.

just, wow.

9/29/2008 9:49:34 AM

"Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments"

Wachovia brought it upon themselves, why would do this and not think that it would cripple the corp? Sorry for those who carry their stock, doesnt look good for you this morning

9/29/2008 9:57:00 AM

FUCK THESE BANKS AND THEIR SHITTY TACTICS.

9/29/2008 9:58:21 AM

THEY DONE GONE DOWN B

9/29/2008 9:58:38 AM

walk all over ya

karma is a bitch

9/29/2008 10:00:38 AM

WACHO DOWN

9/29/2008 10:01:37 AM

Fuck, now I wish I would have paid that CitiBank Visa. THEY GONNA TAKE MY MONIES!!!!

9/29/2008 10:05:33 AM

Quote :

"'ve been with wachovia since i was 16"

yeah same here, i opened a checking account when i got my first job in like 1994. I have the same freaking account number (other than teh 3 digits they added on after merging with FUNB), so i have it and the routing number memorized.

but, now that my wife works for a state agency, we qualify for the SECU.

so the online banking/billpay sucks, huh? I thought wachovia's is pretty good, but i had nothing else to compare it to. I use the hell out of the billpay, so switching banks is going to be gigantic pain in my scrotum.

9/29/2008 10:12:12 AM

They didn't really fail, they were just in a very weak position. From what little I've read, deposits are safe.

Yeah, I've been with them since 1998. It'll be weird if my debit card starts bearing the Citi logo. The branch at Five Points has been there since before I was born; I'd hate to see the Citi logo where a Wachovia logo has been for decades. It's like the world I knew is vanishing.

9/29/2008 10:17:04 AM

I still have my free college checking account there that I got when I was a freshman. I had actually used it up until a few months ago...

I still had 35 cents in that bitch too

9/29/2008 10:17:14 AM

My grandparents had about 400,000 in Wachovia stock.

9/29/2008 10:17:32 AM

hope they got out before the slaughter

9/29/2008 10:17:49 AM

Quote :

"The FDIC noted that Wachovia did not qualify as a failed bank, unlike Washington Mutual, which collapsed last Thursday, only to be subsequently purchased by JPMorgan Chase (JPM, Fortune 500). Regulators also stressed that consumers who bank with Wachovia would not experience any interruption in service and that their deposits remained protected. "Today's action will ensure seamless continuity of service from their bank and full protection for all of their deposits," said FDIC Chairman Sheila Bair."

http://money.cnn.com/2008/09/29/news/companies/wachovia_citigroup/index.htm?postversion=2008092908

9/29/2008 10:17:58 AM

Quote :

"switching banks is going to be gigantic pain in my scrotum."

then don't...i'm not an economist, but i'm really surprised at the number of people who think that their money's going to disappear soon

there's no reason to switch banks, aside from peace of mind from an unlikely scenario you've created in your head...deposits are safe...if you own stock, you're screwed

9/29/2008 10:19:10 AM

did i say a goddamn thing about being worried about my money you fucking faggot?

9/29/2008 10:19:57 AM

Quote :

"did i say a goddamn thing about being worried about my money you fucking faggot?"

good point...so you were planning on pulling your money out long before now, you stupid cocksucker?

how convenient, you stupid sonofabitch...it's not MY fault you're too stupid to understand economics...be glad you're not alone



[Edited on September 29, 2008 at 10:21 AM. Reason : .]

9/29/2008 10:20:50 AM

Gah, that's right, my wife's grandparents had a bunch of Wachovia stock too. They didn't dump it despite warnings from other people; now they say won't be able to help out as much with our anniversary trip as they had planned. They wouldn't be so broke if they hadn't paid for their other fuckup of a granddaughter to go to rehab.

9/29/2008 10:22:02 AM

LA LA LA LA LA LA LA LA LA LA LA LA LA

9/29/2008 10:22:11 AM

Quote :

"good point...so you were planning on pulling your money out long before now, you stupid cocksucker? how convenient, you stupid sonofabitch...it's not MY fault you're too stupid to understand economics...be glad you're not alone"

hey dingdong

he's likely referring to transitioning each auto draft for billpay

i've been doing it for the last month or so, and it is indeed i giant pain in the balls

9/29/2008 10:25:14 AM

^^^^

this has nothing to do with economics and everything with me as a consumer no longer wanting to support a corporation that has made horrible decisions. I'm voting with my feet. When i don't agree with a company's business practices, I don't do business with them. It's a pretty simple fucking concept.

So please kindly go fuck yourself in the ass with a chainsaw good sir.

9/29/2008 10:25:58 AM

Quote :

"They wouldn't be so broke if they hadn't paid for their other fuckup of a granddaughter to go to rehab."

rehab and post-rehab outpatient care are kind of expensive.... but if it breaks your grandparent's retirement, they were fucked to begin with

cause it's not THAT much money

9/29/2008 10:29:10 AM

Quote :

"he's likely referring to transitioning each auto draft for billpay i've been doing it for the last month or so, and it is indeed i giant pain in the balls"

well, yes, i'm quite sure it's annoying...you don't find it the least bit strange that all of a sudden he feels this need? despite his claims that it has NOTHING to do with all this press about wachovia? he doesn't HAVE to do it, he's choosing to because he's scared...and, apparently, embarrassed that he's scared

Quote :

"this has nothing to do with economics and everything with me as a consumer no longer wanting to support a corporation that has made horrible decisions. I'm voting with my feet. When i don't agree with a company's business practices, I don't do business with them. It's a pretty simple fucking concept. So please kindly go fuck yourself in the ass with a chainsaw good sir."

uh...so when are you going to admit your stupidity? it's not like their business practices that got them into trouble are NEW or were hidden...you're jumping on the bandwagon because you were too stupid or too lazy to pay attention until there was a thread about it on tww

look, i don't blame you for being a pussy...i just wish you'd admit that you're fucking scared and you don't know why...you fit it in great with all the other dumbasses will cause even MORE trouble when they pull out all their monies because they're afraid without just cause

[Edited on September 29, 2008 at 10:30 AM. Reason : .]

9/29/2008 10:29:24 AM

I've been telling everyone about Wachovia for 2 years now - I used to work there and see them fuck up constantly.

Now Citi is buying their credit products, which Wachovia has systematically destroyed for the past few years.

GOAL SEEKING? REALLY? I THINK THAT'S CALLED COOKING THE BOOKS WACHOVIA.

[Edited on September 29, 2008 at 10:30 AM. Reason : ]

9/29/2008 10:30:08 AM

^^

haha, ok chief, you can make shit up out of thin air all day long, whatever grills your cheese.

9/29/2008 10:31:15 AM

oh man, i would kill for some grilled cheese

with tomato soup

9/29/2008 10:31:51 AM

i'd like to know what quagmire does for a living... if he really thinks that people are pulling money because of something they read on the wolfweb. this retirement/pension/bank hell/stock death information has been memoed around most decent sized offices since at least may

9/29/2008 10:33:31 AM

re: the BB&T talk, they're going to come out of this smelling like a rose. Although they are being punished (like other banks who made sound financial decisions), by the bailout plan. See below article with commentary from soon to be retired CEO, John Allison.

Quote :

"If you want to learn how to manage a winning baseball team, don't spend a lot of time talking to losing baseball managers. If you want to learn how to make it in the music industry, don't spend a lot of time talking to "artists" who've never had a gig or released an album. If you want to learn how to make a really good pasta from scratch, don't spend a lot of time talking to, well, me. In the current financial debate, if you want to figure out how policymakers can do the most good with the least amount of harm to market incentives, the broader economy, and American freedom, don't spend a lot of time talking to Fannie/Freddie apologists and Wall Streeters. They have huge personal incentives to spin you, incentives that do not necessarily align with the interests of taxpayers. Instead, talk to leaders of banking and finance firms that continue to perform fairly well in a difficult environment. John Allison is chairman of North Carolina's BB&T, one of the biggest and most successful banks in the U.S. (though Tar Heel State rivals Bank of America and Wachovia are larger still). He is also a passionate believer in freedom (full disclosure: he's a donor to my think tank and his company is a sponsor of my radio program). He dislikes the Paulson Plan, and thinks better alternatives exist. Here's part of what he has to say in a new public letter on the subject: BB&T is a $136 billion multi-state banking company. We have 1,500 branches throughout the mid-Atlantic and Southeastern states. While we have been impacted by the real estate markets, we continue to have healthy profitability and a strong capital position. We think it is important for Congress to hear from the well-run financial institutions as most of the concerns have been focused on the problem companies. It is inappropriate that the debate is largely shaped by the financial institutions that made very poor decisions. [Snip] Freddie Mac and Fannie Mae are the primary cause of the mortgage crisis. These government supported enterprises distorted normal market risk mechanisms. While individual private financial institutions have made serious mistakes, the problems in the financial system have been caused by government policies including, affordable housing (now sub-prime), combined with the market disruptions caused by the Federal Reserve holding interest rates too low and then raising interest rates too high. There is no panic on Main Street and in sound financial institutions. The problems are in high-risk financial institutions and on Wall Street. While all financial intermediaries are being impacted by liquidity issues, this is primarily a bailout of poorly run financial institutions. It is extremely important that the bailout not damage well run companies. Corrections are not all bad. The market correction process eliminates irrational competitors. There were a number of poorly managed institutions and poorly made financial decisions during the real estate boom. It is important that any rules post “rescue” punish the poorly run institutions and not punish the well run companies. A significant and immediate tax credit for purchasing homes would be a far less expensive and more effective cure for the mortgage market and financial system than the proposed “rescue” plan."

9/29/2008 10:33:56 AM

my wachovia account number (that ive had since i was old enough to have one) and my amex are the only account numbers that i have memorized.

i switched to bb&t earlier this year. And Bobby I think you're right. Based on using bill pay for these 2 banks, wachovias was far superior. BB&T's works just fine, but Wachovia's was much easier and flexible.

9/29/2008 10:34:46 AM

Quote :

"well, yes, i'm quite sure it's annoying...you don't find it the least bit strange that all of a sudden he feels this need? despite his claims that it has NOTHING to do with all this press about wachovia? he doesn't HAVE to do it, he's choosing to because he's scared...and, apparently, embarrassed that he's scared "

idk

i opened a schwab investor class checking account a month ago and have been transitioning my rbc and wachovia accounts at this moment.

9/29/2008 10:35:47 AM

I admit it.

i'm scared.

i just code browned my underwear.

i'm going to hide all my money in my mattresses

oh dear me

9/29/2008 10:37:07 AM

Quote :

"i'd like to know what quagmire does for a living... if he really thinks that people are pulling money because of something they read on the wolfweb. this retirement/pension/bank hell/stock death information has been memoed around most decent sized offices since at least may"

i do a lot of things...mostly i live off my trust fund while snacking upon truffles

i'm not disagreeing with you at all...it's been known for a while (longer than since may) that wachovia was heading for trouble...THAT'S MY POINT

BobbyDigital just couldn't man up enough to pull out until a thread on tww told him to...what you people don't seem to understand is that your checking/savings are SAFE...everything else fucked...your FDIC money is just as secure now as it was a year ago, or two years ago, so the big push to pull out NOW stems completely from "OMG MY MONIES ARE IN TROUBLE", which is stupid

9/29/2008 10:37:56 AM

so you actually have 100% confidence in the FDIC?

9/29/2008 10:39:20 AM

you've known for a year that wachovia was going down.... yet you have full faith in deposit insurance????

9/29/2008 10:40:25 AM

uh...i have as much faith in the FDIC at one bank as i do at any other, yes

9/29/2008 10:40:31 AM

^^^^

again, you're a fucking idiot making assumptions without knowing what the fuck you're talking about.

9/29/2008 10:42:52 AM

then enlighten me...you're saying you've known for a good long while now that wachovia was bad news, yes? so was it just laziness that kept you from getting out before now? or some pathetic hope that it'd get better?

for being so deadset against a bank with such reprehensible business practices, you sure waited a long time to get out of it...was it laziness or ignorance?

[Edited on September 29, 2008 at 10:45 AM. Reason : .]

9/29/2008 10:45:27 AM

haha

i've hired a private eye to watch secu.

as soon as i get that evidence, i'm outta there!

9/29/2008 10:46:54 AM

^^ did you also not realize that i made this thread already, 7 hours before he made it

9/29/2008 10:48:12 AM

this is classic quaggy....

put words in someone else's mouth....and then argue with those words

classic

9/29/2008 10:48:47 AM

^^^ you're seriously comparing a state credit union to an international bank whose business information has been available to anyone who took the time to bother looking? or who bothered reading a newspaper?

really?

^ like what? he's saying that this development has NOTHING to do with why he wants out...i'm asking him why, if this is irrelevant, it took him so long to bail...he won't have any good answer, of course, but that's what happens when you're a fucking pussy who doesn't understand what's going on

[Edited on September 29, 2008 at 10:50 AM. Reason : .]

9/29/2008 10:49:13 AM

^^ WHAT DO YOU MEAN, YOU PEOPLE?

[Edited on September 29, 2008 at 10:49 AM. Reason : f]

9/29/2008 10:49:22 AM

Quote :

"really?"

no, i'm being a douchebag that makes absolutely no sense.

sound familiar?

9/29/2008 10:50:21 AM

^^^

keep making assumptions.

i really want to see how far you'll go.

[Edited on September 29, 2008 at 10:51 AM. Reason : a]

9/29/2008 10:50:47 AM

set'em up

9/29/2008 10:51:14 AM