Citigroup to buy Wachovia banking ope...

Citigroup to buy Wachovia banking operations

There are 28 comments on the Asheville Citizen-Times story from Sep 29, 2008, titled Citigroup to buy Wachovia banking operations. In it, Asheville Citizen-Times reports that:

Comments on Topix forums : In the latest byproduct of the widening global financial crisis, Citigroup Inc.

Join the discussion below, or Read more at Asheville Citizen-Times.

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Since: Sep 07

Asheville

#1 Sep 29, 2008
So a sickly Citbank buys an even sicker Wachovia for a buck-a-share, where Wachy was trading at $8/share Friday,$33/share 6-months ago, and $52/share a year ago.
Poor Charlotte, 3 weeks ago they had a 60,000-person payroll from headquartering the #2 bank, BofA, and the #4 bank, Wachovia. Citi has laid off over 20,000 of its own employees this year, who thinks they're gonna keep Wachovia's bloated executive & mangerial employees? And Bof A will be moving its headquarters to Wall Street...NYC baby, here we come; despite the published denials.
Poor Asheville. If we think we were treated by as a step-kid by the stte during this measly gas shortage, wait til Raleigh turns 135% of its attention to keeping Charlotte on life support as the state's largest city loses its two largest payrolls from its largest industry. Raleigh will be saying,

"Asheville who? We aint go not time to be worryin bout no asheville & gas stations, we got us'n a real city down dere in Charlotte wit some real problems."

It sho will soon be a good time to shop for a good price on a 2nd home in Charlotte.

Since: Jul 07

Greer, SC

#2 Sep 29, 2008
If Wachovia and WaMu were too big to let fail, then what does that tell us about BofA and Citi? The feds are forestalling the inevitable and in the process are concentrating economic power in a shockingly small number of hands. If markets continue to tank, we lose (obviously); if markets rebound, we are faced with the need to rein in the massive power of these government-made monsters.

Just when you think he can't do any worse, idiot-boy steps up to remind us: George W. Bush, The Worst President Ever.
LOKEL

Weaverville, NC

#3 Sep 29, 2008
From the Raleigh News and Observer this AM.

"Wachovia will remain headquartered in Charlotte, while Wachovia Securities will continue to be based in St. Louis. Citigroup will base its retail bank in Charlotte and its investment bank in New York."
Banker

Inman, SC

#4 Sep 29, 2008
I still have First Union Bank checks from when Wachovia bought them. Hmmmmmm maybe I should go to RBC.
Jake

Asheville, NC

#5 Sep 29, 2008
LOKEL wrote:
From the Raleigh News and Observer this AM.
"Wachovia will remain headquartered in Charlotte, while Wachovia Securities will continue to be based in St. Louis. Citigroup will base its retail bank in Charlotte and its investment bank in New York."
We can only hope that much business remains in CLT. If Charlotte does lose most of those jobs, you can guarantee that our state taxes will rise and State allocated grant funds to Western NC will shrink.

Let us hope that BB&T remains healthy.
Dennis Justice

AOL

#6 Sep 29, 2008
Bye Bye Walk-all-ovia. I'm amazed I was with them as long as I was.
etowah2008

Hendersonville, NC

#7 Sep 29, 2008
Do any of you people actually know what in the H*** your'e talking about?

Since: Dec 07

Location hidden

#8 Sep 29, 2008
The Ref wrote:
George W. Bush, The Worst President Ever.
Wrong!

Herbert Clark Hoover (August 10, 1874 to October 20, 1964), the 31st President of the United States (1929-1933), was the worst president ever. He ushered in the Progressive Era, arguing there were other solutions to all social and economic problems, a position that was challenged by the Great Depression that began while he was President.
LOKEL

Weaverville, NC

#9 Sep 29, 2008
etowah2008 wrote:
Do any of you people actually know what in the H*** your'e talking about?
What wisdom do you have to impart upon the minions of this board ......
walk over ya

Denver, NC

#10 Sep 29, 2008
they sugg.
etowah2008

Hendersonville, NC

#12 Sep 29, 2008
LOKEL wrote:
<quoted text>
What wisdom do you have to impart upon the minions of this board ......
I know enough about the system not to stick my size 12 in my mouth before the buzzer sounds in Novemeber. House rejects bailout..any answers to that question?
55 mhp

Eddyville, KY

#13 Sep 29, 2008
Citi and BAC not very good banks, ranked 3 star. Most banks in Asheville are 4 or 5 star banks.

Blue Ridge Bank, Carolina First, 1st Mountain, Macon also 3 star. If you are a customer don't worry if you have money in these banks (FDIC $100,000 limit)if you own stock?

They can't blame short sellers for the Wachovia stock drop,cause you can't short these stocks due to short selling ban. This is for all the idots out there who blame stock traders for everthing.
56 mph

Denver, NC

#14 Sep 29, 2008
CEO Steel's last appearance on
Krammer's Mad Money had him saying the bank had only 4 billion in bad loans.
Krammer fried Steel today and put him the hall of shame.
How 'bout 42 billion??
Mike

Lincolnton, NC

#15 Sep 29, 2008
Avl Tao wrote:
So a sickly Citbank buys an even sicker Wachovia for a buck-a-share, where Wachy was trading at $8/share Friday,$33/share 6-months ago, and $52/share a year ago.
Poor Charlotte, 3 weeks ago they had a 60,000-person payroll from headquartering the #2 bank, BofA, and the #4 bank, Wachovia. Citi has laid off over 20,000 of its own employees this year, who thinks they're gonna keep Wachovia's bloated executive & mangerial employees? And Bof A will be moving its headquarters to Wall Street...NYC baby, here we come; despite the published denials.
Poor Asheville. If we think we were treated by as a step-kid by the stte during this measly gas shortage, wait til Raleigh turns 135% of its attention to keeping Charlotte on life support as the state's largest city loses its two largest payrolls from its largest industry. Raleigh will be saying,
"Asheville who? We aint go not time to be worryin bout no asheville & gas stations, we got us'n a real city down dere in Charlotte wit some real problems."
It sho will soon be a good time to shop for a good price on a 2nd home in Charlotte.
The retail bank's operations will remain in Charlotte.
Leon

Lincolnton, NC

#16 Sep 29, 2008
W O W!!!

Since: Jul 07

Greer, SC

#17 Sep 29, 2008
SJB, you make it clear that you are no student of history.

Hoover served one term, limiting the damage of his reasonably well-intentioned but hopelessly outdated policies. His big sin was NOT wanting the government to incur debt. Had Hoover understood and bought into Keynesian economic principles at all, and tried a little deficit spending, things might not have turned out so bad. Hoover himself was a highly educated engineer who accomplished much for the nation prior to his unfortunate presidency. He was a brilliant man who found himself president at a time for which he was, alas, ill-suited. C'est la vie.

Believe me, Hoover did not "usher in the Progressive Era," not at the age of 16. The Progressive Era in the U.S. was from 1890 until WWI. Progressivism wasn't his schtick, anyway; he was into scientific management You can look that one up, and then think maybe about editing your remarks.

This economic collapse is just beginning, especially as the banking system has gotten religion and become ultra-cautious; consumer spending, the great national economic stimulant of the past 40 years, is shrinking; and there seems no end to flushing away wealth in misbegotten imperial escapades. Oh, and our international standing is at an all-time low. Meanwhile, our infrastructure is crumbling. What dimwit George W. Bush and his cronies have wrought on this nation and this planet over two terms (and beyond) will forever be disdained, and his name will be uttered with contempt. W will make people forget Herbert Hoover. Count on it.
Stone Jack Baller wrote:
<quoted text>
Wrong!
Herbert Clark Hoover (August 10, 1874 to October 20, 1964), the 31st President of the United States (1929-1933), was the worst president ever. He ushered in the Progressive Era, arguing there were other solutions to all social and economic problems, a position that was challenged by the Great Depression that began while he was President.
Yes

Lincolnton, NC

#18 Sep 29, 2008
Yes yes yes to the merger between Wachovia and Citi. Now someone can give BOA a run for it! Yes!
Bird Man

Hickory, NC

#19 Sep 29, 2008
Well I guess Renetta will be looking for a New Job. Never had I been Treated as I was when I walked into the Downtown Asheville Bank with a certified check for 50 thousand dollars to put into my savings account. She was so busy talking to friends about a dead piegon on the sidewalk outside the banks main lobby door, she got all upset when i took a bussiness card from her desk , to report her, for her rudeness. I took my safety Deposit articles and transfered my accounts to a bank that was Happy to Have Me As A Customer.Guess she can get a job picking up dead birds off the sidewalks or emptying cig. butts .
Leesa

Lincolnton, NC

#20 Sep 29, 2008
Bird Man wrote:
Well I guess Renetta will be looking for a New Job. Never had I been Treated as I was when I walked into the Downtown Asheville Bank with a certified check for 50 thousand dollars to put into my savings account. She was so busy talking to friends about a dead piegon on the sidewalk outside the banks main lobby door, she got all upset when i took a bussiness card from her desk , to report her, for her rudeness. I took my safety Deposit articles and transfered my accounts to a bank that was Happy to Have Me As A Customer.Guess she can get a job picking up dead birds off the sidewalks or emptying cig. butts .
Is Renetta a teller? Why didn't you talk to the branch manager?

Since: Dec 07

Location hidden

#21 Sep 29, 2008
The Ref wrote:
SJB, you make it clear that you are no student of history.
Hoover served one term, limiting the damage of his reasonably well-intentioned but hopelessly outdated policies. His big sin was NOT wanting the government to incur debt. Had Hoover understood and bought into Keynesian economic principles at all, and tried a little deficit spending, things might not have turned out so bad. Hoover himself was a highly educated engineer who accomplished much for the nation prior to his unfortunate presidency. He was a brilliant man who found himself president at a time for which he was, alas, ill-suited. C'est la vie.
Believe me, Hoover did not "usher in the Progressive Era," not at the age of 16. The Progressive Era in the U.S. was from 1890 until WWI. Progressivism wasn't his schtick, anyway; he was into scientific management You can look that one up, and then think maybe about editing your remarks.
This economic collapse is just beginning, especially as the banking system has gotten religion and become ultra-cautious; consumer spending, the great national economic stimulant of the past 40 years, is shrinking; and there seems no end to flushing away wealth in misbegotten imperial escapades. Oh, and our international standing is at an all-time low. Meanwhile, our infrastructure is crumbling. What dimwit George W. Bush and his cronies have wrought on this nation and this planet over two terms (and beyond) will forever be disdained, and his name will be uttered with contempt. W will make people forget Herbert Hoover. Count on it.
<quoted text>
Ya..."W" will follow as number 2 behind Nancy Pelosi!

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