Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Citibank/Wachovia merger off - now it's Wells Fargo
Old 10-03-2008, 07:01 AM   #1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,120
Citibank/Wachovia merger off - now it's Wells Fargo

The FDIC brokered $1 per share purchase of Wachovia by Citibank has been trumped by a $7 per share purchase by Wells Fargo - with NO govt. involvement. Wachovia's board approved the sale last night. Bet the Wachovia shareholders are in a better mood today...

Wells Fargo acquiring Wachovia for $15.1 billion - Yahoo! News
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 10-03-2008, 07:20 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,543
Buffet owns 9% of Wells. word was he didn't want anymore risk after GS, maybe something changed now. maybe we'll see a GS/Wells Fargo merger
__________________

__________________
al_bundy is offline   Reply With Quote
Old 10-03-2008, 07:30 AM   #3
Thinks s/he gets paid by the post
2B's Avatar
 
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Hark! Is that the sound of returning confidence?

I still maintain these "failed" banks have a lot of valuable assets on their books that have been written way down due to the silly "mark to market" rule. That rule was quietly amended earlier this week. I have my doubts that at this time anyone would write up any assets but they now have cover to not write anymore performing assets down. Nothing like arcane accounting rules to create and destroy wealth.
__________________
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Old 10-03-2008, 08:05 AM   #4
Thinks s/he gets paid by the post
Leonidas's Avatar
 
Join Date: May 2006
Location: Where the stars at night are big and bright
Posts: 2,847
The banks that survive all of this, especially the big boys that are gobbling up those that have fallen, are going to be monsters. Barring the end of the world, there looks to be a lot of potential going forward in WFC, JPM, USB and GS.
__________________
There is no pleasure in having nothing to do; the fun is having lots to do and not doing it. - Andrew Jackson
Leonidas is offline   Reply With Quote
Old 10-03-2008, 09:02 AM   #5
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032

__________________
saluki9 is offline   Reply With Quote
Old 10-03-2008, 09:24 AM   #6
Full time employment: Posting here.
 
Join Date: Oct 2002
Posts: 717
Not so fast . . . some palms have been greased already.
__________________
Random Reinforcement is Highly Addictive.
riskadverse is offline   Reply With Quote
Old 10-03-2008, 09:32 AM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Wonder how Wells Fargo plans on offloading all of Wachovia's toxice debt they took on from Golden West, stick the taxpayers with it??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 10-03-2008, 09:40 AM   #8
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,120
Quote:
Originally Posted by FinanceDude View Post
Wonder how Wells Fargo plans on offloading all of Wachovia's toxice debt they took on from Golden West, stick the taxpayers with it??
Everything I've seen says "no govt. involvement" in the deal. Of course that's before the House passes the Rescue Bill later today. Once that happens I'm sure Wells Fargo will back up a dump truck load as will all the other large banks.
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 10-03-2008, 09:42 AM   #9
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,543
Quote:
Originally Posted by FinanceDude View Post
Wonder how Wells Fargo plans on offloading all of Wachovia's toxice debt they took on from Golden West, stick the taxpayers with it??
The House is voting on it today

wonder how much bribes Buffet gave out
__________________
al_bundy is offline   Reply With Quote
Old 10-03-2008, 09:49 AM   #10
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,120
Just saw where Citigroup is demanding they have an exclusive deal for Wachovia, the Wells Fargo deal is invalid. Fun and games!!!
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 10-03-2008, 09:51 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Jun 2005
Posts: 1,543
Citi needs the deposits so they can stop shedding assets like a snake sheds skin
__________________
al_bundy is offline   Reply With Quote
Old 10-03-2008, 09:55 AM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by al_bundy View Post
Citi needs the deposits so they can stop shedding assets like a snake sheds skin
This "perfect storm" plays into Jamies Dimon's hands, he wants nothing more than to bury Citi and become the biggest bank..........he might get there by years end.......
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 10-03-2008, 10:31 AM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by REWahoo View Post
Just saw where Citigroup is demanding they have an exclusive deal for Wachovia, the Wells Fargo deal is invalid. Fun and games!!!
Heh. Citi might want to play nice on this one, since it is entirely possible that they will need a favor from the FDIC in the future.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 10-03-2008, 10:51 AM   #14
Recycles dryer sheets
Kwirk's Avatar
 
Join Date: Mar 2006
Posts: 154
FDIC doesn't seem overly happy about the Wells
Fargo offer. I suspect they view the Citi deal as a 2 fer. They rescue both Wachovia and Citi while 'only' assuming 270 billion of guarantees. With Wells Fargo buying Wachovia they may still have to rescue Citi later.

Of course it also undermines their bargaining power in a future crisis to have a deal like Citi-Wachovia potenially coming undone.
__________________
Prepare for the future. Everything changes.
Kwirk is offline   Reply With Quote
Old 10-03-2008, 10:51 AM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
FinanceDude's Avatar
 
Join Date: Aug 2006
Posts: 12,484
Quote:
Originally Posted by brewer12345 View Post
Heh. Citi might want to play nice on this one, since it is entirely possible that they will need a favor from the FDIC in the future.
Absolutely..........
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)


This Thread is USELESS without pics.........:)
FinanceDude is offline   Reply With Quote
Old 10-03-2008, 10:58 AM   #16
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,470
Geez. we cancelled our accounts in Citibank a few years ago - unbelievably bad service. Went to BOA - but they made us wait so long we up and left, went to WaMu. Things went well at first, but then a year later they refused to notarize a doc for me so we closed that and went to Wachovia. Man, I hope we don't end up back a Citi again.
__________________
MichaelB is online now   Reply With Quote
Old 10-03-2008, 11:02 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by MichaelB View Post
Geez. we cancelled our accounts in Citibank a few years ago - unbelievably bad service. Went to BOA - but they made us wait so long we up and left, went to WaMu. Things went well at first, but then a year later they refused to notarize a doc for me so we closed that and went to Wachovia. Man, I hope we don't end up back a Citi again.
Can't say I have ever been impressed with the service of the big banks, which is why I have mostly used smaller, local banks, credit unions, and now Schwab's bank. Problem with the smaller banks is they tend to get hoovered up on a regular basis and you end up back at MegaDoofusBank anyway. I am hoping that TD Bank will choose not to screw up Commerce Bank and buck the usual trend with buyouts.
__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Old 10-03-2008, 11:03 AM   #18
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
I wonder if Berkshire Hathaway helped nudge Wells Fargo along. I bet there's a whole stack of BRK filings that the SEC has agreed to keep confidential for a few more months...

Quote:
Originally Posted by 2B View Post
I still maintain these "failed" banks have a lot of valuable assets on their books that have been written way down due to the silly "mark to market" rule. That rule was quietly amended earlier this week.
2B, could you point me to a link for that?
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 10-03-2008, 11:04 AM   #19
Thinks s/he gets paid by the post
saluki9's Avatar
 
Join Date: Feb 2005
Posts: 2,032
Quote:
Originally Posted by MichaelB View Post
Geez. we cancelled our accounts in Citibank a few years ago - unbelievably bad service. Went to BOA - but they made us wait so long we up and left, went to WaMu. Things went well at first, but then a year later they refused to notarize a doc for me so we closed that and went to Wachovia. Man, I hope we don't end up back a Citi again.
I have always been happy with my service from Citi. It's the only bank I've used for 10 years now. I guess my standards must be low?
__________________
saluki9 is offline   Reply With Quote
Old 10-03-2008, 11:05 AM   #20
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,120
Quote:
Originally Posted by MichaelB View Post
Geez. we cancelled our accounts in Citibank a few years ago - unbelievably bad service. Went to BOA - but they made us wait so long we up and left, went to WaMu. Things went well at first, but then a year later they refused to notarize a doc for me so we closed that and went to Wachovia. Man, I hope we don't end up back a Citi again.
Find yourself a credit union so you can stop playing bank roulette...
__________________

__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Wells Fargo Fudged Their Numbers godoftrading FIRE and Money 3 07-22-2008 03:20 PM
Wells Fargo props up money market fund soupcxan FIRE and Money 12 02-29-2008 06:42 PM
Excellent Presentation by Outgoing Wells Fargo CEO haha Stock Picking and Market Strategy 5 01-22-2008 02:58 AM
Wells Fargo Sweep Fund yakers FIRE and Money 4 07-31-2007 09:07 PM
MERGER mountaintosea FIRE and Money 19 02-21-2007 07:43 AM

 

 
All times are GMT -6. The time now is 09:07 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.