Who has an account with Wachovia?

Discussion in 'Economy' started by DavidS, Sep 28, 2008.

  1. DavidS
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    DavidS Anti-Tea Party Member

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    It's down to $8.50 in after hours trading. If you have an account in Wachovia with money greater than $100,000, get your money out NOW! Within the next two weeks, I guarantee Wachovia is going to be siezed by the FDIC and then sold to Citi.
     
  2. Ravi
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    Ravi Diamond Member

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    I don't know that I agree with your advice. This is what happened to WAMU, there was a run on the bank. All these panics are not helping matters.
     
  3. DavidS
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    DavidS Anti-Tea Party Member

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    According to Jim Cramer, there is already a silent bank run going on. America's rich have lost faith in the banking system and are withdrawing their deposits and converting them to T-Bills. Wachovia got into the sub-prime mess just like Wamu did and now they're paying for it to. I'm just trying to help everyone who has deposits over $100,000 in their accounts to get their money and put it in either Bank of America, JP Morgan or TD Commerce.
     
  4. editec
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    editec Mr. Forgot-it-All

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    I doubt that many people smart enough to have ammassed $100,000+ in CASH are dumb enough to keep it all in one bank, but you advice is sound for those who are.

    Yes, Wachovia is going down.
     
  5. gonegolfin
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    gonegolfin Member

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    Agreed that Wachovia is going down, if they do not arrange for a buyout quickly. I think it will be much sooner than two weeks. It may be on Monday.

    Brian
     
  6. editec
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    editec Mr. Forgot-it-All

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    Yup.

    It depends, I suppose of when the regulators force them to announce that they are insolvent.

    I suppose that behind the scenes the pwoers that be are trying to find a buyer for them.

    One hopes that the deal isn't another one where the american taxpayer gets all the bad paper, and the buyers only gets the assets which are still solid, but of course that's pretty much what I expect.

    And if the taxpayers ARE taking on this bad paper I hope to hell that they are going to do so by a PUBLIC AUCTION system so that we the taxpayers are buying it heavily discounted.
     

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