Shareholders sue, call Wachovia sale ...

Shareholders sue, call Wachovia sale unfair

There are 8 comments on the LA Daily News story from Oct 21, 2008, titled Shareholders sue, call Wachovia sale unfair. In it, LA Daily News reports that:

A lawsuit seeking to block the sale of Wachovia Corp. to Wells Fargo & Co. has been filed in a Mecklenburg County court, attorneys said today.

Join the discussion below, or Read more at LA Daily News.

Hillbilly

Agoura Hills, CA

#1 Oct 21, 2008
GET over it rmember the K Mart deal they go bankrupt you loose all your shares and a year later they come out of it and buy SEARS...stockholders get screwed and the rich get richer....so now go buy some more stock or add to your 401k but no pension plan ....
Mary F

Van Nuys, CA

#2 Oct 21, 2008
"It makes sense to us, for the board ... to go back and negotiate a better price," he said. "The bailout took the risk away. Plenty of banks are getting $25 billion infusions. Maybe at that point (Wachovia) would've been better off being a stand-alone company."

Plenty of banks are getting $25 billion infusions of taxpayer cash. Thanks to hubris, avarice and drinking loads of each other's Kool Aid, they have privatized the profits and socialized the losses. These bailouts represent the largest movement of taxpayer money UP the wealth ladder than any time before in history. And before anyone squawks about those bailout bucks actually buying shares in the banks, think about who will actually get those shares - not the people being saddled with thousands of dollars in failed risks, not the people who are putting up the dough to bail out these chronic gamblers, but the government that jacked that money right out of the hands of the taxpayer.

Our roads and bridges are crumbling. Or rail system is a dangerous disgrace. Our schools are ancient and outmoded. Our cops and our firefighters and our first responders are overloaded. The underpinnings of out country are crumbling from lack of maintenance. The business that generate the most jobs - small and midsized business are being squeezed flat out of existence. This money, given at all but gunpoint is a ransom, robbed by a bunch of white-collar crooks who said "Give us the dough, or the economy gets it."
the doctor

United States

#3 Oct 22, 2008
the stockholders would be better off suing wachovia management for misleading them on the safety of their investments. they are lucky to be getting anything, if citi had gotten them they would have been completely screwed over.
jim scott

United States

#4 Jan 13, 2009
i lost $8,000 in one yrs' time on my 401k. this is ridiculous. i work outdoors all yr. round just to be screwed out of my money. no more contributions to mine; just to EVAPORATE, as they said in last weekend's paper. it doesn't just EVAPORATE!!! it was withheld and had to go somewhere.
Jack Handy

San Francisco, CA

#5 Jan 18, 2009
And now deep thoughts....... Did you ever ask yourself why Citi wanted to buy Wachovia Banks for 2 Billion with the help of the Government. They wanted to buy the banks only (to get the cash sitting in deposits). The equivalent of $1.00 per share. Wells Fargo buys the entire Wachovia family for 15 Billion without any government help. So how can Citi sue Wells Fargo for 40 Billion for offering Wachovia a better deal? Wait they were offering 2B with help for Government but they now want to sue for 40B. WAKE UP PEOPLE! Wachovia didn't meet the qualifications for the 25B loan. They would have received 10B which was not enough to keep them afloat. So Wachovia folds, the stock is worth 0, and over 100,000 employees lose their job. Those 100,000 help to increase the US unemployment rate and demand on the strained unemployment department. The tax payers money going to support the employee's of the failed bank. The truth of the matter is nobody was going to pay more than Wells Fargo for the bank. Get over it Wachovia stockholders! Sorry! The rest of us have seen losses of 20-50% in our portfolio's too. WAKE UP AMERICANS!
PeekABoo

Spring Hill, FL

#6 Jan 18, 2009
Jack Handy wrote:

"Did you ever ask yourself why Citi wanted to buy Wachovia Banks for 2 Billion with the help of the Government. They wanted to buy the banks only (to get the cash sitting in deposits)."

You're absolutely right. CitiGroup would have gutted Wachovia.
ALL AMERICAN HAWK

Salt Lake City, UT

#7 Jan 19, 2009
WACHOVIA IS WITHOUT A DOUBT THE MOST CROOKED
COMPANY I'VE EVER DEALT WITH AND DESERVES TO BE
GOBBLED UP AT A FRACTION OF ITS SUPPOSED WORTH!
PeekABoo

Spring Hill, FL

#8 Jan 21, 2009
ALL AMERICAN HAWK wrote:
WACHOVIA IS WITHOUT A DOUBT THE MOST CROOKED
COMPANY I'VE EVER DEALT WITH AND DESERVES TO BE
GOBBLED UP AT A FRACTION OF ITS SUPPOSED WORTH!
Apparently you have issues. I find Wachovia no different than any other bank, maybe friendlier. The only thing I don't like about Wachovia are their financial advisors, but I believe they are a part of thier securities division not retail.

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Mecklenburg County Discussions

Title Updated Last By Comments
News Leveling the playing field: Airbnb starts colle... Jun '15 Sabrina 4
News Belmont City Council votes to fire police chief Jun '15 Just Saying 5
News DWIs ensnare many aliens (Sep '08) Apr '15 For Americans 18
News Charlotte is largest city with no lobbying disc... (Feb '15) Feb '15 FLW 1
News Mecklenburg prepares for flood of gay marriage ... (Oct '14) Oct '14 Rainbow Kid 10
Brittney Kerr (Sep '14) Sep '14 Kayleigh 1
News Gay leader arrested after Moral Monday rally (Sep '14) Sep '14 Abrahammock Relig... 50
More from around the web