Wachovia agrees to Wells Fargo's $15 ...

Wachovia agrees to Wells Fargo's $15 billion stock-swap offer

There are 13 comments on the www.marketwatch.com story from Oct 3, 2008, titled Wachovia agrees to Wells Fargo's $15 billion stock-swap offer . In it, www.marketwatch.com reports that:

Wells Fargo & Co. and Wachovia Corp. agreed to a $15 billion merger that highlights the buyer's strong balance sheet and aspirations to expand its presence in the eastern U.S, the companies said Friday.

Join the discussion below, or Read more at www.marketwatch.com.

Interested

Apopka, FL

#1 Oct 3, 2008
I started a checking account with First Union in 1995 and have seen the usual small fish big fish acquisitions since then and I don't expect it to be over for this Big Fish yet.

Since: Jul 07

United States

#2 Oct 3, 2008
Funny how some of the banks that aren't greedy crooks are actually making money and expanding out of this mess without government intervention. Vote no on the rescues and bailouts. Let it fail and decide what pieces to pick up. Help stop corporate and Congressional crime.
Jack

Newington, CT

#3 Oct 3, 2008
The bailout doesn't happen unless Congress passes it. Contact your U. S. Representative. If you believe in a bailout, tell them you want a bailout and only a bailout, not this pile of pork that uses our kids money to subsidize everything from auto racing tracks to Puerto Rican rum to a company in Oregon that makes arrows. If you don't, tell them. Either way, tell your congressman "Not this bill, vote NO".

http://www.usa.gov/Contact/Elected.shtml
Frank Miller

Dallas, TX

#4 Oct 3, 2008
This is unfortunate, but it should serve as a wake up call to all American investors. Our big banks are in trouble and they are scrambling to consolidate for business survival, not business gain. When the big banks suffer we suffer. So if you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.

Best,
Frank Miller
http://www.theoffshorebankaccount.com
Reprint

AOL

#5 Oct 3, 2008
Friday: Last Chance to Stop Paulson's Plunder

(1) Call your Representative at 8OO-473-67ll or 8OO-828-O498 or 2O2-224-3l2l and say "No Bailout!"
(2) Visit your Representative's local office

The Senate's 74-25 vote for Paulson's Plunder came as no surprise, since the Senate is run by and for millionaires. So now it's back to the House of Representatives, where we shocked those millionaires on Monday by defeating their bailout bill by 228-205.

A terrified army of corporate lobbyists is working around the clock to switch 13 votes, but only 7 have switched so far - Jim Ramstad (R-MN), John Shadegg (R-AZ), Zach Wamp (R-TN), Ileana Ros-Lehtinen (R-FL), Shelley Berkley (D-NV), Emanuel Cleaver (D-MO) and John Lewis (D-GA). Other possible switches include Pat Tiberi (R-OH), Pete Hoekstra (R-MI), John Yarmouth (D-KY), Brian Bilbray (R-CA), Steve Rothman (D-NJ), Lee Terry (R-NE), Jim Gerlach (R-PA), Tim Murphy (R-PA), Jason Altmire (D-PA), and Gabrielle Giffords (D-AZ). But others may switch from Yes to No, including Ed Markey (D-MA), Charlie Melancon (D-LA), and Spencer Bachus (R-AL).

Bush's first Treasury Secretary, Paul O'Neill, called Paulson's plan "crazy" and "lunacy" with potentially "awful" consequences for the world's largest economy. Many of the best economists agree with O'Neill. Paulson's strongest supporters - including panicked CNBC hosts - now admit it will not raise stock prices or boost the economy as it falls into recession. Then why on earth should we give $700 $850 billion of our tax dollars to Wall Street??? Joe Lieberman gave away the real game when he told FOX " it will be good for John McCain."

With so much at stake, Congress should stay in session for another week (or two) to pass a much better (and cheaper!) plan proposed by Pete DeFazio (D-OR). But Congress desperately wants to go home so Friday may be our last chance to stop this $850 billion disaster .

Call your Representative today!
First check how your Representative voted on Monday (and note switches above):
http://clerk.house.gov/evs/2008/roll674.xml

If (s)he voted NO, say "Thank you for helping stop the Bailout on Monday. Don't betray us now by voting YES on Friday, or I will vote NO against you on Election Day."

If (s)he voted YES, say "I'm outraged that you supported the Bailout on Monday, and I will remember on Election Day. If you want my vote on Election Day, you must vote NO on Friday."

Since: Oct 08

Pleasant Grove, UT

#6 Oct 3, 2008
Thanks for the Link Frank, mot a bad idea.
Personally I feel bad for anyone that is with Wachovia...course I know nothing about that bank. But I truly hate Wells Fargo with every beat of my heart and cant imagine "storing" my money there.
But hey, what can you do? glad I had a choice in where I choose to bank!!
GreenGreens

Thornwood, NY

#7 Oct 3, 2008
I think this is perfect..!
This is a "bailout plan".The strongest money institutes buy up the weakest.This is the result of the "free market" attitude that was unregulated.When the government steps in to "regulate" we pick up the bill.The government is asking us to invest,convince other money institutions to put up money.Not the tax payers!.
Jack

Bolton, CT

#8 Oct 3, 2008
Here's a bank, Wells Fargo, that avoided making stupid loans, and as a result is in a position to eat Wachovia. Best of all, they can do it without government support. There's a win for capitalism right there.

Of course, Citi's rattling sabers saying it's owed Wacho plus a government handout. It doesn't look like they can win, my bet is they're looking for a taxpayer funded consolation prize.
steel worker

AOL

#9 Oct 3, 2008
Jack wrote:
Here's a bank, Wells Fargo, that avoided making stupid loans, and as a result is in a position to eat Wachovia. Best of all, they can do it without government support. There's a win for capitalism right there.
Of course, Citi's rattling sabers saying it's owed Wacho plus a government handout. It doesn't look like they can win, my bet is they're looking for a taxpayer funded consolation prize.
and I bet they get one
Jack

Bolton, CT

#10 Oct 3, 2008
This should give pause to the boneheads repeating the bogus "CRA caused the financial crisis" story. Wells was a CRA bank (unlike the lenders who wrote most of the bad paper), and was consistently highly rated and awarded for top CRA participation. They're not only solvent, they're eating other banks.

“It's 420 here.”

Since: Jun 07

cold comfort farm

#11 Oct 3, 2008
This is a plus for shareholders of Wachovia. Citigroup would have left them high and dry. Wells Fargo will absorb the whole thing without the government bs and shareholders won't lose equity.
Marcia Neil

United States

#13 Oct 5, 2008
It's been a strategy all along to move Wells Fargo east, and Wachovia with its Middle European name is just another means to that end. In whose lifetime has this set-up been staged so as to honor (or install cultural icon) him/her?[in Stuart, FL]

Since: Nov 08

Salem, OR

#14 Nov 14, 2008
tesreds

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