Most area banks avoid Wachovia's woes

Most area banks avoid Wachovia's woes

There are 3 comments on the The Morning Call story from Sep 17, 2008, titled Most area banks avoid Wachovia's woes. In it, The Morning Call reports that:

The plummeting stock price of Wachovia Bank, the Lehigh Valley's largest bank by deposits, doesn't represent weakness in the local banking industry.

Join the discussion below, or Read more at The Morning Call.


Salfordville, PA

#1 Sep 17, 2008
Mismanagement in one word! With all the big investment companies going under who was minding the store. Seems to me that the CEO's should be held liable for these failures. The salaries these crooks take and "cooked" spreadsheets should be investigated so the aveage Joe doesn't take the hit again. America should wake-up and look at what has happened to this country since these republican thieves have been in control. NO ACCOUNTABILITY
Common Sense


#2 Sep 17, 2008
Look at Salle and Fanne Mae who received the top campaign contributions from this company. 1. Sen Todd (D) 2. B. Ombama and the next 3 were also Democracts. Who was in charge of this company? Former Clinton administration Democracts and Lobbyists. So why won't the Democractic Congress come out against anything with this mortgage lender? Because the Democrats have been in bed with this company from day 1. Let's talk about Charlie Rangle (D) chairman of the ways and means committee. He helps make the tax laws. Yet he has a home in the Dominican Republic that he has a Zero, yes zero interest loan on this property. He has been renting it out for the last 10 years and didn't know he is to be reporting it as income and pay tax on it. And he is writing the tax laws? Let's look at the 4 rent controlled properties that he owns in Harlem. How about the people he serves, don't they deserve to rent these properties when you are only supposed to rent one. If you are going to throw mud at the Republicans lets look at the Democracts also.
LV reader

Lansdale, PA

#3 Sep 17, 2008
You are certainly correct that the need to produce profits, spurred the assumption of too much risk by lenders. However in causal analysis of the situation, aren't the lenders a contributing factor? The root cause is the borrower without the ability to repay. Borrowers created this mess by entering into adjustable mortgage agreements based on the hope of increasing wages.

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