Wachovia Bank in trouble. In talks with Citigroup.

[Lex]

Wachovia reportedly in talks with Citigroup as shares plummet

The New York Times says Wachovia is in talks to merge with Citigroup after the value of the Charlotte bank, which is burdened by questionable mortgages, skids as the financial bailout package is debated in Washington.

http://www.wral.com/business/story/3621468/

[HeraldSquare212]

1. By next week there will only be the ChaseCitiGoldmanBank.

[tekisui]

2. I should have made a withdrawel on the way home.

Not that it matters, I don't have $100,000 in it.

[CreekDog]

7. i'm just wondering why pull it out?

you don't want to take a chance that the insurance won't cover it?

but then when you go and move that money somewhere, is that place safe?

i'm pretty risk averse, but pulling all funds even if insured out?

[tekisui]

12. Yeah, it's insured.

No reason to. That's why I'm not really going to. All it would do is hurt my bank if everyone did it.

[CreekDog]

14. i understand being torn.

people the gov't wants to bail out (not us) aren't trying to be good citizens.

[AlCzervik]

3. i bet banks will end up just like the media, 3 conglomos will own them all

Chase, Citi and other huge bank here.

[Lance_Boyle]

4. BoA - literally.

[AlCzervik]

6. yup, they already hoovered a bunch of stuff.

[Lance_Boyle]

10. wait a minute - the Hoover that sucked, or the Hoover that blew?

or the vacuum cleaner?

[AlCzervik]

11. Sucked! lol.

[CreekDog]

5. my money is in there but i don't think i'm pulling it out

if people pull all their money out, ANY bank will fail, healthy or not.

but this is scary, no doubt and it could be why they are paying me a tidy interest rate on my money market.

ah whatever. crap, i'm conflicted, but if everyone panics, then nothing Wachovia could do would save them and if they all go deposit in Wells Fargo and then (hear news about that one) and then pull it out of there, then they could have a problem too.

:crazy:

[Lex]

8. I don't think pulling your money out is the answer either.

It will cause absolute failure if people do that, you're right.

[AlCzervik]

9. i'm leaving it in the bank for now but i'm thinking of switching over to a credit union.

[Lex]

13. Yes, I think they are safer.

Last week we panicked a bit because a substantial part of my SO's retirement account is with AIG.

[AlCzervik]

15. my bff's Dad had a lot of his retirement in AIG, his money guy called him and gave him the option

ride it out or pull it out with a penalty, he took it out.

[Lex]

16. We left it where it is for now.

It's in with the VALIC retirement account, which is a teacher's retirement thing.

[spin]

17. Question... what if you have more than $100,000 in the bank?

I don't but...

What If I lucked out and won the lottery and got a payout of say 10 million dollars. Where would I put the money while I was traveling around the world for six months?

[mmonk]

18. What to do.......sell my stock now before regulators take over

or possibly be taken over by another bank?

[KamaAina]

19. That's the Wachovia that was going to buy out Morgan Stanley last week?

excuse me, "merge with" Morgan Stanley?

Yeah, that would've worked. :sarcasm:

[Lex]

20. Wachovia

just seems scattered to me, over the last 2 years anyway