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Maybe it 's like on tv: from having the millions and living big they make the huge mistake, the ultimate evil deed and next camera shot they are freezing in the kitchen while slobbering the tv dinner on.
For all those who have been - or will be - touched by Wachovia's situation - it will most likely have a profound effect on their lives. Job loss, especially in this economic climate, turns lives upside down.
The fallout is hard to calculate or even anticipate. All I know is, for each person who will lose his/her job, it will be quite devastating - at least for a while. For some, it could mean long term unemployment and tremendous financial loss. Others, it could mean changing fields. These are life-altering situations.
We are in the midst of all this right now, and so no one can truly ascertain the depth of what is taking place around us. It will be several years down the road b/f anyone can truly assess what happened and how people's lives were changed b/c of it.
Brilliant and moreover INFORMED couple of posts Ani.
You are so right about the WB-WFC situation and our city's. WB unfortunately was poorly managed atop and the rest is history. Utopically the merger of GW and WB could have worked if due diligence would have been practiced instead of the rush deal that ensued.
GW was an option arm company however it did thrive selling it for 25 years with no problems even during downturns.
WB execs though -and the Sandlers as well- failed to realize that that very same business model was well in its way to be disrupted by the sequel of events that took place during the real estate boom and ultimately bust.
Had WB execs done their job WB would still be here, even after the purchase of GW. WB could have sold a big chunk of WB's portfolio as late as of Sep 2007 but chose not to b/c they have drunk out the kool-aid provided by a very agressive and savvy group of sales force at GW.
In addition to that measure WB could have chose to limit its exposure -and public perception of the GW deal before investors- by not making the pick-a-payment product as WB's new "flagship" product. Instead they preferred to go that route ruining thousands of well established relationship with long time bank customers.
WB could have offer the option arms to a very limited number of customers who could have made good of it and only in areas where real estate was not over inflated like Ca and Fla, instead (again stupid top management at work) preferred to reward loan officers who were still raking hundreds of loans in those very same places with complete diregard of looking at a long term picture and risk.
Greed runied WB, and I find mindboggling that very same inept leadership is the one leaving with golden parachutes. I hope a new set of measures about ACCOUNTABILITY is very high in the agenda for the new Obama adminstration (not an Obama fan BTW but this needs to get done or the masses of crooks in Wall Street will keep raping us left and right!
Wells Fargo & Co. And Wachovia Corporation Announce Completion Of Merger
Thursday, 1 Jan 2009 12:02am EST
Quote:
...As a result of the transaction, Wells Fargo acquired all of Wachovia Corporation and its businesses and obligations, including all of its banking deposits.Wachovia’s stock symbol WB was retired effective December 31, 2008. ...
Well one door closes as another opens...however it was a bit surreal going to google finance and seeing zero transactions on the WB symbol...
Who is the biggest employer BOA or Wachovia in Charlotte, NC. I am new to the area...
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