THANK GOD at least Wells Fargo is a much more macho name than Citigroup. Maybe there is some sense in this world after all.

Larry

Is "scuppers" a word?

Scuppers an opening also to sink.

They meant scuttled.

Scuppered is correct word for it's useage.

"Scuttled" implies sinking one's own ship to deprive an enemy of it.

"Scuppers" means someone else poked a hole in your bloody boat.

yes but what does schegma mean?

schmegma

I couldn't sleep last night worrying about wachovia. how will their ceo take his clients to paris for lunch if he deosn't get some help?

a FAR better deal for Wachovia, it's employees, America, and the fdic. The fdic won't have to back up wachovia they way citi demanded AND they bailed out all the preferred shareholders, instead of stiffing them like citi proposed.

As for employees, it's a far better match with less overlay and therefore less layoffs then if citi got em.

A good sign for all banks that there are bidders for troubled banks, and the private sector may offer more hope then the feds. Who would have thunk here? Wasn't Michael Moore calling for a mega jumbo people's bank?
he would be outraged, private for profit companies are TERRIBLE to moore, and the dr left.....

WellWachFargovia.

Oh, and citi may yet up it's bid for those parts of WB, it ain't over

Yeah.. this is actually proof that the government is buying assets that WONT make money, because of someone could they would buy it out before hand.

Citibank is apparently angry at this because they thought they had a free ride. They were SURE the government would size Wachovia, pass the bad assets on to the tax payer and the good debt on to them like they did WaMu in giving its assets to JP Morgan.

What are you saying jaybird????? Maybe you didn't read my retort, here let me repeat a key point..

"A good sign for all banks that there are bidders for troubled banks, and the private sector may offer more hope then the feds."

If you ran a bank, would you want ANYbody else's bad loans?

Say you ran a conservative bank for years, and the bank across the street ran a wreckless go for broke institution, which "stole" your depositors and borrowers from you for years. They go belly up, do you want any of the loans which they made (the ones your board did not approve of) that took them down????

Anyway. sometimes these mergers are "shotgun" weddings. That means the government forces another to take over most of the assets/liabilities of the failed/failing institution. Many times the acquirer is large, but not the best in quality. Say a C+ rated bank, which the fdic says to.... "We will give you a little breathing room if you take this crap bank off of our hands"

Well at least the better bank won. Wells balance sheet is in a lot better shape and has taken much less risk over these tumulious times. There better managed by the conservative group of Norwest executives when Norwest bought Wells in 1998.

Barney Frank merges with Herb Moses.

No merger idiot. Wells bought Wachovia at a fire sale price and Wachovia's managment will be gone by December 1.

No merger idiot. Wells bought Wachovia at a fire sale price and Wachovia's managment will be gone by December 1.

Let's hope so, as Wachovia's slide into the tubes began with the merger (hack-cough-wheeze) with the old First Union, who had a rep of playing fast and loose. They kept the name, but played by the Scrooge rules.

Serves them correctly, I say. Dec 1 ain't soon enough.