Define "good bank". Wachovia was a decent bank at one point. However,
"Wachovia's current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments"
Oops.
 Quote:
Originally Posted by haha
Wow!
This is getting real. Wachovia was supposed to be a good bank. Interesting investing sidelight was that insiders bought shares heavily several times on the way down, including just 2 weeks ago.
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