Well it seems that a war has broken out between Citigroup and Wells Fargo over who gets to buy Wachovia. According to Wachovia's filings last week, they stated that if Citigroup didn't buy them out that day, there was a good chance that Wachovia would be siezed by federal regulators. WAIT A SECOND HERE! Wasn't this the bank that only a couple of months ago was still pushing option arms? Wasn't this the bank that was supposed to be so solid in statement after statement by senior management, ie Ken Thompson? Now it would seem to me that people bought and sold stock, invested money with, applied for mortgages, opened accounts based on this "information" from the CEO and the Company. Where are the regulators? Where is the FBI? Why aren't these people being indicted? I thought banks were highly regulated institutions. Who is lying here? What happened to our money? Well,you can be the judge of that.
Seems Wachovia manages a fund that several large colleges and universities use, and when these organizations wanted to pull their money from this fund, Wachovia initially limited them as to how much they could take out. What happened to that money? Well, inquiring minds want to know......Stay tuned on that one.
I know it seems like I am picking on Wachovia, I am not, there are many wonderful people that work there and most of them had no idea of what was really going on. What we need is to find out who knew what when, dramatically scale back branch banking giants like Wachovia, and return to small local community banks. Those are easier to keep an eye on.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment