Wachovia *DID* collapse--Paulson just now

[underpants]

from a prepared statement right outside of the White House.

Wolf Blitzer commented that we had been told that CitiGroup bought it -apparently it was about to collapse or it did and we were lied to all day

:wow: not that we were lied to but Wachovia collapsed???

:nuke:

[jillan]

1. How dare Wachovia advertise! Just moments ago on msnbc

they had a commercial for their credit card.

Just like I received an application for a credit card in the mail from WaMu the day after they went under.

Unbelievable how they continue to try and screw us over.

[KamaAina]

7. WaMu and AIG advertised, too, right up until the fat lady sung

in fact, both were blitzing the teevee with ads designed to pull in money from suckers who didn't know what was going on, much less which companies were on the precipice.

[marmar]

2. Of course it did....Citi "buying Wachovia's assets" is Latin for "collapse"

Semantics. Semantics.

[underpants]

5. I know

but all day it has been

Wachovia did NOT collapse!! Your ATM will still work. You line of credit is still good!!!

All day.

[Virginia Dare]

9. Well, I did use my Wachovia ATM today, and it did work..

but it was my debit card...I figured it had collapsed though. I was in my local branch today, and I felt like I was in a funeral parlor.

[brentspeak]

3. 80% drop in share price

Down to a buck and spare change.

[Fleshdancer]

4. I need to go to the Wachovia down the street with the "Now Open" banner and take a pic

I saw it this weekend and didn't know whether to laugh or cry.

[seafan]

6. Yeah, just HOW CLOSE was Wachovia to collapse? Probably pretty close.

September 29, 2008


2:14 PM CDT St. Louis Business Journal

The Wachovia-Citi deal is a sale, not a bank failure.

12:17 PM CDT St. Louis Business Journal

The U.S. Treasury issued the following statement Monday by Secretary Henry Paulson on the sale of Wachovia Bank:

“I commend the action taken by Chairman Bair and the FDIC today to facilitate the sale of Wachovia Bank to Citigroup in an orderly fashion to mitigate potential market disruptions. I agree with the FDIC and the Federal Reserve that a failure of Wachovia would have posed a systemic risk.

[DemoTex]

8. Saturday morning the big rumor was that there was a run on Wachovia on Friday.

The word was the run was big in NC and SC markets. Then the info lid clamped down.

[underpants]

10. Didn't know that

lid was tight

we bank there

[mmonk]

11. I think it had about another 3 months.

Plenty of time to work out a deal instead of a firesale over the weekend whereby no one could react. This was scare tactics to get the bill approved. Just my 0.02.