Ex-CEO of S&L bought by Wachovia defends record

Full story: Monterey County Herald

In this Thursday, Aug. 31, 2006 picture, Herb Sandler, right, and his wife Marion, co-CEOs of Golden West Financial Corp., address shareholders at a meeting to approve a merger with Wachovia in Oakland, Calif.
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1 - 5 of 5 Comments Last updated Oct 6, 2008
Tehy did screw Wachovia

United States

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#1
Oct 5, 2008
 
I had worked with Golden West... During their long stint, they were a ruthless conservative savings and loans.... The last three years, they took on more, designer loans, which was not the norm for the Sandlers.

Fact is, this was very unusual. But when they announced they were selling the bank and loan portfolio to Wachovia, it was to pump up the balance sheets. This would make their loan portfolio look great... Big loans with high interest, and all of them adjustable. They had shifted their underwriting, to alighn with Fanny Mae and Freddie Mac...

The rest of the story, you know... The loans started to readjust, putting the homeowners in a very tight position. The next step for these people was too
dump their IRA's or Life insurance to pay for the mortgage. This caused the Insurance companies and trading houses to dump assets at below cost.

So they where one of the pieces in starting the Chernobyl affect to the economy.
Frank Miller

Dallas, TX

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#2
Oct 5, 2008
 
Now, the big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Sadly, the bailout will not help them much. They are hurting and when they hurt, we all suffer. Everyone should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. 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
democrats

Los Gatos, CA

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#3
Oct 5, 2008
 
created this mess with the Community Reinvestment act of 1977 (Jimmy Carter). Democrats in the late 90's made a mess of something that was originally pretty good.

This video here helps explain how it went from something good to something really bad. Very good video at explaining it.
http://www.youtube.com/watch...
John McShame

Davao, Philippines

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#4
Oct 5, 2008
 
Pretty good as in the 80's S&L Bailout right?
Sleepless in Fl

United States

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#5
Oct 6, 2008
 
Mr Sander, I retired in Dec 07 with 32+ yrs @ Wachovia. I have now lost 100% of my 401k savings would you consider sharing with me some of your profits...I am deperate.

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