Well, The Wells Fargo Wagon Is A-COM-in' In

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ghostjmf · #1 Post by **ghostjmf** » Fri Oct 03, 2008 1:06 pm

Somehow, I just wanted to sing this

after I heard the news that Citibank is selling or whatevering its new Wachovia Bank holdings to Wells Fargo, & Wells Fargo has promised to make Charlotte NC its east-coast headquarters, alleviating the fears of Wachovia employees that their jobs are going bye-bye as a result of the Wachovia collapse

(source NPR; hope I got the sequence right; its complicated even without the song)

[redid title because my stress mark looked like a deletion mark, which in fact it is for the absent "g"; you can't do italics on titles, though, so emphansized stress by caps on the proper syllable][/i]

sunflower · #2 Post by **sunflower** » Fri Oct 03, 2008 1:21 pm

My understanding of it (which is based on one single MSNBC article) is that Wells Fargo offered an all stock purchase and Wachovia accepted it; however, the FDIC is fighting it because they want Citibank to go through with their previously agreed on purchase.

I don't think Citibank is selling to Wells Fargo...I though the Wachovia/Citibank thing was a done deal but I guess I was wrong (if I read the article correctly).

I don't know what interest the FDIC would have, unless Citibank offered to cover more than Wells Fargo did?

Ritterskoop · #3 Post by **Ritterskoop** » Fri Oct 03, 2008 1:23 pm

Citibank is telling Wachovia it cannot go through with the Wells Fargo deal.

Right now, anyway. Check back in 20 minutes; this stuff changes rapidly.

PlacentiaSoccerMom · #4 Post by **PlacentiaSoccerMom** » Fri Oct 03, 2008 1:25 pm

I went to WaMu yesterday and they had all sorts of decorations up celebrating their customers. It seemed like they were trying too hard.

#5 Post by **Bob78164** » Fri Oct 03, 2008 1:33 pm

Ritterskoop wrote:Citibank is telling Wachovia it cannot go through with the Wells Fargo deal.

Right now, anyway. Check back in 20 minutes; this stuff changes rapidly.

That's what Citibank is saying. Whether they can enforce their desire is another question entirely -- my understanding from the news reports I've seen is that the deal wasn't sufficiently finalized to be enforceable. --Bob

TheConfessor · #6 Post by **TheConfessor** » Fri Oct 03, 2008 1:37 pm

PlacentiaSoccerMom wrote:I went to WaMu yesterday and they had all sorts of decorations up celebrating their customers. It seemed like they were trying too hard.

WaMu was a major sponsor of the Austin City Limits Music Festival last weekend. I got free wristbands with the WaMu logo and even had my photo taken in the WaMu photo booth. I'm sure the sponsorship was committed months, if not years in advance, but it seemed pretty wasteful and pathetic, under the circumstances.

ghostjmf · #7 Post by **ghostjmf** » Fri Oct 03, 2008 2:03 pm

Oops I was wrong; CitiGroup is not selling Wachovia, instead Wachovia is getting a better deal in a seperate agreement with Wells Fargo. Which Citigroup is trying to nix, as per Ritterskoop's post.

Stay tuned.

Bob Juch · #8 Post by **Bob Juch** » Fri Oct 03, 2008 11:04 pm

It should be interesting. Wells Fargo is talking like it's a done deal, but the FDIC has to approve. It's probably going to be tied up in court for a long time. In the meantime Wachovia is going to bleed dry.

kayrharris · #9 Post by **kayrharris** » Sat Oct 04, 2008 7:12 am

If what BobJ says is true, that just sucks big time.

Why would they let that happen? Just askin'..

Jeemie · #10 Post by **Jeemie** » Sat Oct 04, 2008 2:28 pm

Well, I like the sound of the Citigroup Center over the Wells Fargo Center...if that means anything...