-----WACHOVIA IN TALKS with Wells Fargo, and Citigroup!!----

[1corona4u]

Uh Oh....more slipping....merger talks....

on MSNBC just now, no links!

This is my bank...(wrings hands)

[Madam Mossfern]

1. Noooooooooooooooooooooooooo

Oh no.

[FrenchieCat]

2. That who holds my mortgage!

Ooh Shit!

[1corona4u]

7. Well, the good news is, that both of those companies are strong...

[1corona4u]

3. Here's the story

http://www.reuters.com/article/newsOne/idUSTRE48P87H20080926

[PBS Poll-435]

4. Wells is going to buy Citibank's Texas branches

Wachovia wants a merger with someone.

[ronnykmarshall]

19. That's interesting.

Where did you hear that?

[PBS Poll-435]

34. Super-secret source

Wells was going to try to bid for WaMu last week, but they had already informally agreed to take Citi's Texas retail branches.

Wells might attempt a merger with Wachovia. They are reviewing their books as we speak.

[elkston]

5. Wachovia in talks to BUY them, right? WCH is MY Bank. They better not be tanking! (eom)

[1corona4u]

9. Merger...I posted the link above

[elkston]

13. Thanks. Maybe I should move funds from Money Market to Checking account? (eom)

[1corona4u]

16. Might not be a bad idea...

but shit if it isn't FRIDAY, so now we all have to wait until Monday to do anything...which is why they didn't want this cat out of the bag today.

[1corona4u]

14. They actually tanked a while ago...

but then got stabilized...but they took a hit with all the other shit lately too...

[DRoseDARs]

51. W/ Wac@$21.4bn & WF@$123.4bn / CB@$109.7bn market values, Wachovia won't be buying anyone.

Other way around: THEY want to be bought or merged.

[ronnykmarshall]

6. Citigroup will get them.

[Blue_In_AK]

8. They're watching our money market funds

which used to be our stocks. We took our IRA money out of the stock market months ago. Our guy there said things weren't likely to look better until after the election. It seemed like our local branch had a slightly Democratic tilt.

Citigroup has my mortgage.

Can someone explain to me what this all means?

[terrya]

10. Oh, man. I'll keep my fingers crossed for you...and everyone else.

Hey, I'm banking at Washington Mutual. Or should I say JP Chase now.

I hear you.

[1corona4u]

18. I am going to go Monday, and at least take half of my money out...

just in case. I'd rather have some, than none while I wait to see if FDIC would come through.

[ronnykmarshall]

23. Do you bank w/ WAMU aka Chase?

There's no need to pull money out. WAMU is sold. It's not going under. Chase owns them now.

[1corona4u]

33. Wachovia...

and I have a lot of money in there....probably what most people make in a year...so yeah, I am concerned about it.

[ronnykmarshall]

35. If you're over the $100K

Move some of it out.

But I don't see Wachovia going belly up.

[1corona4u]

37. I don't really either....

so I will watch this very closely....but I also have money in there that is a for a client, along with mine. I'll just have to stay informed on it...I can't imagine having that kind of money laying around the house, but I do worry about FDIC, since they are already known to be having issues....as recently as the 16th of the month....

[jazzjunkysue]

48. When I got my wachovia mortgage last year they said they don't take sub-prime

loans. I've been told they bought another bank with iffy loans, but, Wachovia itself did everything right, including verify my salary, even though I had 40% down.

And besides, your mortgage is an asset to them-It's safe. As long as you're not adjustable, sit tight. I've got a 20 year 5.37%- Not giving that up. Nope. :)

[regnaD kciN]

38. Having Chase own them is enough reason to take my money out....

I've dealt with Chase before. They're slime. :puke:

[ronnykmarshall]

20. I have an account there too.

Opened it up for the interest rate 3.75%. I don't think Chase will keep it that high.

I also bank w/ Citibank .... I'm a total bank whore.

[terrya]

21. You know, I've had nothing but good experiences with WaMu.

Seriously. Their fees were pretty low, and great customer service.

I hope it will continue with Chase.

[ronnykmarshall]

26. I'm sticking it out and see.

The one good thing is that Chase has branches and ATM all OVER NYC. I hate ATM fees! I might keep that account as my NYC account.

[terrya]

27. Apparently, we'll get access to Chase ATM's soon.

There's a shitload of them all over Chicago. One even at work. :-)

[ronnykmarshall]

32. There are no Chase branches in California.

Which is why Chase is so happy to get WAMU.

Cool thing is that account numbers will stay the same. But they will probably change their deposit system. WAMU is the old S&L types where they don't process the paper deposit slip.

It's all bank talk .... I'll get people confused.

[regnaD kciN]

43. According to what they're reporting in the Seattle papers...

...account numbers will change, but not for a few months.

[ronnykmarshall]

49. Not every where.

Only where in places were there are both Chase and WAMU branches.

In California, our account numbers won't change. Same with the other west coast states.

[regnaD kciN]

41. It won't...

Check out Chase's web site if you want to see your future, because all WaMu's accounts will become Chase accounts, and subject to their terms. They aren't anywhere near as favorable was WaMu's were.

[1corona4u]

45. I like Chase....

they hold my mortgage, and I have a CC with them. The CC has the lowest rates of all the cards I hold. Like 7.4%. My mortgage is 6%, fixed also.

[ronnykmarshall]

50. Our auto loan is there.

[bunnies]

11. My bank went down yesterday.

Good times. Good times.

[FVZA_Colonel]

12. Another financial institution going under.

Somehow I doubt more tax cuts and deregulation are what are needed to fix this mess.

[Warren Stupidity]

15. Two huge banks this week.

So in addition to the 700B that McStunt is holding hostage, when exactly will the FDIC go broke from bank busts? How much more taxpayer loot is that going to take? We seem to be signing up for a total devaluation of the dollar as we start printing the money to cover this shit. If you look under the covers of the Bailout Bill, it seems their real concern is money market funds, a run on which would cause a meltdown of truly catastrophic proportions as the houses of cards like Fidelity and Vanguard et al collapse. We can't float a tsunami of funny money for very long before our neighbors stop redeeming our currency.

[ananda]

17. Links

Wachovia and Citi together are not as big as WaMu was alone.

http://www.marketwatch.com/news/story/wachovia-shares-fall-after-wamu/story.aspx?guid={1F265D96-B8C0-4A9D-B2A2-1BEA35F146B0}&dist=msr_20

http://www.reuters.com/article/newsOne/idUSTRE48P87H20080926

Wachovia's market value was about $21.6 billion as of Friday's market close, and Citigroup's was $109.7 billion, according to Reuters data.

...

Charlotte, North Carolina-based Wachovia, the sixth-largest U.S. bank by assets, has faced persistent pressure from investors because of its $122 billion of option adjustable-rate mortgages, a portfolio that Chief Executive Robert Steel considers "distressed."

The bank suffered a record $9.11 billion loss in the second quarter, and some analysts have said it may need more capital after raising $8.05 billion in April.

Wachovia came under further pressure Friday as investors worried about the fate of a $700 billion government bailout of the financial sector.

JPMorgan Chase & Co's decision to write down many loans it took over when it bought much of Washington Mutual Inc banking operations on Thursday may foreshadow greater losses at Wachovia, analysts said.

Citigroup, the nation's largest bank by assets, has lost $17.4 billion over the last three quarters, but Chief Executive Vikram Pandit has been working down an enormous portfolio of complex debt that lost value as credit markets tightened.

[TahitiNut]

22. Well, taking down WaMu on Thursday instead of Friday COULD be because Wachovia's going down today.

I'm not persuaded by the smoke and mirrors rationalization for doing WaMu yesterday. It seems to me it's more likely that they didn't want to do BOTH on the same day.

[1corona4u]

31. No, it leaked out about WaMu....so they were forced to let people know

so they didn't panic. That's been widely reported. Besides, Wachovia is not going out today. They are in early merger talks, according to the article.

[aint_no_life_nowhere]

24. I've got money in Wells Fargo - I hope they know what they're doing

They are supposed to be one of the safer and more wisely run banks in the U.S. at the present time.

[CreekDog]

25. Wells Fargo is supposed to be bulletproof

which explains why they can keep their money market rates at approximately 0%.

[ronnykmarshall]

28. They're like BofA

and the bank I work for.

Intrest rates are a joke.

Which is why I have accounts all over the place. ING has GREAT rates.

[Tutonic]

36. B of A=Guys from Sicily. Make you a loan you can't refuse!

[ronnykmarshall]

39. They were a better bank when the Italians still owened them.

[1corona4u]

30. I'm sure they know what they're doing..

:eyes:

[PBS Poll-435]

46. They appear to be the best run bank in the biz.

They are the only American bank to have an Aaa rating.

However, when Q308 results are posted, they are going to have to do a much better job explaining their so-called "level 3 earnings." If they release the same vague info that they did in Q2, the analysts are going to pound them.

[Hansel]

52. Wells Fargo is the only US bank in the world's top 10 safest banks for 2008. nt

[kestrel91316]

29. My bank (WaMu) just went under, got bought by JPMorganChase.

Customers have nothing to worry about. My checking account is unchanged. It's the INVESTORS in WaMu stock that got screwed (like the guy down the street with the Ameci's Pizza place - he lost $800 of his kid's college money in WaMu.

[demokatgurrl]

40. Mine too

fortunately they only have my checking account.

[TransitJohn]

42. Why post in GD:P?

:shrug:

[Lex]

44. I posted the same story in GD with a link some time ago. (link)

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=389&topic_id=4098858&mesg_id=4098858

[1corona4u]

47. Uhm...gee...maybe because of the bailout?

If it bothers you, feel free to skip it.