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wachovia down the tubes

Discussion in 'Uncategorized Threads' started by comp 1, Sep 27, 2008.

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  1. comp 1

    comp 1 Well-Known Member

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    Just saw where wachovia collapsed.
     
  2. royboy

    royboy Member

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    Where was it posted??
     
  3. cubancigar2000

    cubancigar2000 Well-Known Member

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    The FDIC had several banks on a list to possibly fail, Wachovia, Citibank, Chase Morgan & WAMU but I dont see anything about Wachovia yet. If people make a run on a bank, they are done no matter how solid and it may happen yet
     
  4. ou.3200

    ou.3200 Well-Known Member

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    It was on Fox News that Wachovia is in trouble. I don't know if it is insolvent yet.
     
  5. cubancigar2000

    cubancigar2000 Well-Known Member

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    I think they are looking for a buyer, which means they will fail if they dont find one
     
  6. comp 1

    comp 1 Well-Known Member

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    Yeah,Fox news,I thought they said it had gone under earlier today:'scuse me if I heard it wrong but maybe I heard it right and Fox jumped the gun--I am not one to start rumors and if I heard it wrong I am sorry.
     
  7. halfmile

    halfmile Well-Known Member

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    The rats are lining up for the cheese.

    HM
     
  8. J.Woolsey

    J.Woolsey Member

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    My daughter is a Stockbroker for Wachovia, they are worried but as of now 9/27/08 it has not happened. J.Woolsey
     
  9. K80Dude

    K80Dude Member

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    My 401K is through Wachovia. I received a letter today from them that my 401K is secure and is not part of their assets, its in a trust. They said not to worry and that they are having hard times but are trying to work through it.
     
  10. crusha

    crusha TS Member

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    ...in other words, they'll be sold or dead by Wednesday.


    Curiouser and curiouser
     
  11. spitter

    spitter Well-Known Member TS Supporters

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    Time for a few more Bank Holidays... government needs to allow cooler heads to prevail, and limit runs on banks. They may fail anyway, but those on the brink, should be given an opportunity to meet their obligations before automatically falling into a crevase. (sic?!)

    Jay
     
  12. cubancigar2000

    cubancigar2000 Well-Known Member

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    Bledsoe, you forgot the term you called me ( us) before you deleted it( Yahoos??) do some reading before you call the kettle black. The info I read was right off the FDIC web site. The simple fact is a loan institution is a very scary place to invest in right now. There will be more to follow WAMU and I seriously doubt the bailout bill will help ( long term) it may work for a short while until the people come out of the gas. Most of us on here are retired amd cannot afford to risk our retirement funds as we dont have another 30 years to build a new one. More runs on banks?? It could happen. Oh I almost forgot 15% last ten years??? I feel pretty good now as mine exceeded that and now I guess maybe I don't have to stick to trap?
     
  13. recurvyarcher

    recurvyarcher Well-Known Member

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    Citibank avoided this crisis by successfully soliciting the Saudis and the Chinese to invest.
     
  14. cubancigar2000

    cubancigar2000 Well-Known Member

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    I was talking compund also, I may not be a banker but I get by. Yes I am offended but that's ok. I guess we all get senile when we get older, it just happened to Byrd at a youger age than us.
     
  15. spitter

    spitter Well-Known Member TS Supporters

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    Appears Citi is buying Wachovia's banking unit...

    Jay
     
  16. Recoil Sissy

    Recoil Sissy Well-Known Member

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    Gentlemen:

    In the event of a bank failure, the FDIC is on the hook for the first $100k of each depositor's account.

    While the FDIC keeps a list of severely troubled banks*, it isn't public information. Were such an FDIC list publically available a LIKELY reaction would be something along the lines of, "Holy sh!t Batman, my bank is about to go belly up. I'm getting my money out NOW before they do." In other words, such a list would almost certainly trigger a run on some if not all of the listed banks.

    sissy

    * In an article I read last week, the FDIC list of 'basket cases' is rumored to include 117 banks. In that author's opinion, the FDIC will be lucky beyond words if covered losses for 2009 are less then $200 billion.
     
  17. atashooter

    atashooter Member

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    walk-all-over-ya in trouble?? Let em rot.
     
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