Results 1 to 10 of 10
  1. #1
    Merchant & ABW Ambassador
    Join Date
    May 31st, 2006
    Location
    Houston TX
    Posts
    4,731
    Citigroup buys Wachovia bank
    Seems like the DOT-com bust where DotComs were dropping like flies.

    Just announced
    Citigroup buys Wachovia bank
    http://money.cnn.com/2008/09/29/news...ion=2008092910

    Within the last few weeks.
    Freedie, Fannie, AIG, Lehman bros

    WaMu bought up by Chase

    I think I should be a bookie, taking bets on who or what is going next. That is a sure bet.

  2. #2
    ABW Ambassador jodyq's Avatar
    Join Date
    August 28th, 2008
    Location
    Melbourne, Florida
    Posts
    660
    DO you think Bank of America will fall???? I hope not. So now again for my stupidity, Wachovia is based throughout the US, again I thought it was a local bank.

  3. #3
    15 years and counting
    Join Date
    January 18th, 2005
    Posts
    6,121
    In a few years my accounts were with Southeast Bank, First National Bank, FirstUnion, Wachovia and now Citigroup... What's next!

  4. #4
    Merchant & ABW Ambassador
    Join Date
    May 31st, 2006
    Location
    Houston TX
    Posts
    4,731
    I like Citi but I just have a bad feeling that they are going crash and burn like WaMu.

    One bank / financial institution that I did not hear at all, Capital One.
    They are still soaring at 50.15 at this time

  5. #5
    MasterMike HardwareGeek's Avatar
    Join Date
    January 18th, 2005
    Posts
    3,810
    I thought wells fargo would buy them i guess citi bank felt threatened by chase lol

    boa won't fall its too big.

    Problem with Wachovia and WaMu is they ran their banks as friendly cheap banks. Can't do that need to make money some how.

  6. #6
    Analytics Dude Kevin's Avatar
    Join Date
    January 18th, 2005
    Location
    Rochester, NY
    Posts
    5,904
    So now CitiGroup is in the LiLo game too, if they weren't already. How curious.
    Kevin Webster
    twitter: levelanalytics

    Kayak Fishing
    Web Analytics and Affiliate Marketing

  7. #7
    ABW Ambassador
    Join Date
    March 2nd, 2007
    Posts
    1,470
    Citibank could have failed except that they realized the threat and raised capital a few months ago.

    Citi should still go down due to BAD MORTGAGES

    BofA and Wells and JPM should be good, at least for now.

    What happens if no BANK survives and everyone is wiped out?. Is that possible?. It is better to be prepared

  8. #8
    Merchant & ABW Ambassador
    Join Date
    May 31st, 2006
    Location
    Houston TX
    Posts
    4,731
    Apparently this love match is backed by FDIC.

    Wachovia has like 3xx billion in bad debt, citi will assume 40 billion, FDIC will bear the risk if crap hits the fan.

  9. #9
    MasterMike HardwareGeek's Avatar
    Join Date
    January 18th, 2005
    Posts
    3,810
    thats why we pay taxs so the FDIC can bear the risk if the crap hits the fan.

  10. #10
    Member DerekForeal's Avatar
    Join Date
    December 15th, 2006
    Location
    Atlanta
    Posts
    77
    Yeah. I saw this one coming months ago. I just was not sure who Wachovia's suitor was going to be. This should be the end of the ending for now. Go ahead and add Germany to the mix when it comes to a possible run on European banks: http://biz.yahoo.com/ap/081005/eu_europe_meltdown.html

  11. Newsletter Signup

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •