Citigroup to buy Wachovia banking ope...

Citigroup to buy Wachovia banking operations

There are 39 comments on the South Florida Sun-Sentinel story from Sep 29, 2008, titled Citigroup to buy Wachovia banking operations. In it, South Florida Sun-Sentinel reports that:

The government says Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.

Join the discussion below, or Read more at South Florida Sun-Sentinel.

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bank of obama

Boca Raton, FL

#1 Sep 29, 2008
how about barrack "the community organizer" ( whatever that is) take over all the banks and make the banking system sound again! his wife could be a security guard at one of the bank, she does look like a male club bouncer in drag!
Homer Simpson

United States

#2 Sep 29, 2008
Isn't this the same Citibank that was going under recently? The same Citibank who needed huge amounts of cash from Abu Dabi Arabs just to keep going? How can they be in such great financial shape that they can afford to buy Wachovia a short time later? I smell a lot of bribes in this one and it stinks.
blame game

Warren, NJ

#3 Sep 29, 2008
Homer Simpson wrote:
Isn't this the same Citibank that was going under recently? The same Citibank who needed huge amounts of cash from Abu Dabi Arabs just to keep going? How can they be in such great financial shape that they can afford to buy Wachovia a short time later? I smell a lot of bribes in this one and it stinks.
Citigroup took huge writedowns early in the game for their investment in the mortgage backed securities that is now bringing down the other institutions (I know, not in Wachovia's case). In order to prop up their capital position, they did seek the "market", and truthfully, timing was perfect, as you see there isn't much capital for struggling banks today as there was back in April. They are healthy now and structured properly, should evolve into the coast to coast retail bank that it always wanted to be.
John In Miami

Jupiter, FL

#4 Sep 29, 2008
$122 Billion in Pick - A - Payment Loans? Oh God!

“MANGLER”

Since: Dec 06

Atlanta, GA / Seattle, WA

#5 Sep 29, 2008
There was a statistic floating around a few years back that the average American carried 14 credit cards. It would appear that even if they still do, they are all to one ot two banks.
QRU

Pompano Beach, FL

#6 Sep 29, 2008
OK, answer this someone...
If Wachovia did NOT fail as the government is claiming, why did it step in and seize the bank? Can you say BIG FRIIIIGIN FAT LIE!
DAS

Powder Springs, GA

#7 Sep 29, 2008
Take your money OUT NOW
Ellen-Hollywood

Fort Lauderdale, FL

#8 Sep 29, 2008
QRU wrote:
OK, answer this someone...
If Wachovia did NOT fail as the government is claiming, why did it step in and seize the bank? Can you say BIG FRIIIIGIN FAT LIE!
I didn't read anything in the article that said Wachovia was siezed by the government. Where did you read/hear that?
wow

Fort Lauderdale, FL

#9 Sep 29, 2008
1929 comming again,buy a gun
Dude

Newport, RI

#10 Sep 29, 2008
When is our government going to start providing checking and open up some ATM's??

This is getting ridiculous. The finance industry should be totally regulated after this debacle!!!
Rooftop

United States

#11 Sep 29, 2008
DAS wrote:
Take your money OUT NOW
And go where with it? It's not like it's worth anything anyway. Maybe we can trade it in for pesos.
Prospective Pax

AOL

#12 Sep 29, 2008
Hillary and Bill are rather quiet lately, hmmm I wonder why?
Real World

United States

#13 Sep 29, 2008
A lot of Wachovia brranches will be closed.A lot of Wachovia employees will be laid off. And don't think Chase won't be laying off Washington Mutual people.The economy in Florida is getting worse by the day.
oops

Miami, FL

#14 Sep 29, 2008
Real World wrote:
A lot of Wachovia brranches will be closed.A lot of Wachovia employees will be laid off. And don't think Chase won't be laying off Washington Mutual people.The economy in Florida is getting worse by the day.
Get a clue! With Citi's acquisition of Wachovia, this gives them a much higher presence in states that they do not have retail operations.....same goes for Chase. Some branches may be closed but only if there is either another Citi or Chase outlet near by. Chase estimates that less than 10% of Wamu's branches would be closed. As for layoffs, that happens in any business that goes through re-structuring. This is a global issue NOT a florida issue. Perhaps people should read a little first before adding in their stupid comments!
WISE 1

Hollywood, FL

#15 Sep 29, 2008
THE PRICE THE US PAYS FOR NOT BOMBING IRAN FOR ITS MASTERS IN ISRAEL.
Sigh

Norristown, PA

#16 Sep 29, 2008
So, here's a question for you experts. Where does my $50k in Wachovia Preferred Stock go? It was down to $14k on closing Friday...it's closed today for trading, probably down to a damn dollar.=/
Miami Beach Police

Miami, FL

#17 Sep 29, 2008
Thank God Cuba does not have to be affected by all this Banking crisis and rampart capitalism.
oops

Miami, FL

#18 Sep 29, 2008
Sigh wrote:
So, here's a question for you experts. Where does my $50k in Wachovia Preferred Stock go? It was down to $14k on closing Friday...it's closed today for trading, probably down to a damn dollar.=/
If you have stock in one of these banks that have either been seized by the government or have been acquired by another bank.....you are pretty much screwed. The stock is probably around $1 and really not worth much.....those are really the only losers....the stock investors of the bank, otherwise all deposits are FDIC up to $100K....per account.
Joe

Pompano Beach, FL

#19 Sep 29, 2008
Another failure. Maybe it is time to let it all fall apart and for the market to correct itself. Yes, it will hurt every legal person in the US. But, what if the houseing market landed with the average house selling for $75,000. Perhaps it would only take one income to support a house. One of the parents could stay at home and actually raise their kids which was normal until the 1970's. Would it be so terrible?
Joe

Pompano Beach, FL

#20 Sep 29, 2008
Sigh wrote:
So, here's a question for you experts. Where does my $50k in Wachovia Preferred Stock go? It was down to $14k on closing Friday...it's closed today for trading, probably down to a damn dollar.=/
The rich keep it and you are now poor. Sleep well. Honest, I do feel sorry for you and every other investor.

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