So long, Wachovia

[GG]

Maybe now it's serious?

[meazza]

Maybe now it's serious?

 

Time for a silent thread?

 

I don't think anyone could have predicted the amount of shareholder wealth lost in the last 3 weeks.

[/dev/null]

Need to double check my accounts there and make sure they're under $100k total

[meazza]

Need to double check my accounts there and make sure they're under $100k total

 

From what I could see your assets have been seized.

 

Cheers.

[Dwight Drane]

Time for a silent thread?

 

I don't think anyone could have predicted the amount of shareholder wealth lost in the last 3 weeks.

 

[DC Tom]

 

Lucking in to it with a ridiculous Biblical interpretation of economics doesn't count.

[SDS]

is this official? Wachovia is my bank and they handle our retirement accounts at work.

[/dev/null]

is this official? Wachovia is my bank and they handle our retirement accounts at work.

 

Nothing is "official" yet. Their stock prices plummeted and they're on the Google/Drudge/CNBC Deathmarch. But they are still solvent and afloat

 

That said, do yourself a favor (and the same thing I'm doing) and make sure your total balance is <$100k (FDIC insured)

[SDS]

Nothing is "official" yet. Their stock prices plummeted and they're on the Google/Drudge/CNBC Deathmarch. But they are still solvent and afloat

 

That said, do yourself a favor (and the same thing I'm doing) and make sure your total balance is <$100k (FDIC insured)

 

If I had that kind of liquidity.... Sadly, I don't.

 

we stash our savings in another bank, but we do our checking there. However, I'm just wondering about the access of what we do have there in the meantime.

 

I apologize for being an ignorant SOB, but I imagine retirement accounts are probably not at risk since they are just managing where the funds go - correct?

[/dev/null]

If I had that kind of liquidity.... Sadly, I don't.

If you have less than $100k total with Wachovia (or whatever the next bank to go under) I wouldn't sweat it. If the Feds are willing to prop up $700B of private funds they will also honor the FDIC. Of course $100k may not be worth what it used to be, but you'll still have it

 

we stash our savings in another bank, but we do our checking there. However, I'm just wondering about the access of what we do have there in the meantime.

Again, if you're under $100k you're insured. My checking is safe, but I've moved funds from my Wachovia Money Market to Navy Federal. Once my CDs come due I'll probably move those too

 

I apologize for being an ignorant SOB, but I imagine retirement accounts are probably not at risk since they are just managing where the funds go - correct?

Correct, they're managing it. They don't hold the assets. But then again if they've managed your assets the way they've managed their own

I finally found the courage to check my 401k balance. Over the last year and a half...Current Balance < (The amount I've contributed + employer match)

[TPS]

Maybe now it's serious?

I wonder if it's Goldman's turn to buy a large bank on the cheap?

[Pine Barrens Mafia]

Here's to hoping it crashes and burns!!

 

Git 'er done, free market!

[John Adams]

Nothing is "official" yet. Their stock prices plummeted and they're on the Google/Drudge/CNBC Deathmarch. But they are still solvent and afloat

 

That said, do yourself a favor (and the same thing I'm doing) and make sure your total balance is <$100k (FDIC insured)

 

Also, like WaMu, don't expect them to fold up. They'll get snatched up by one of the monsters. Wachovia has had problems for a while. The WSJ ran at least 2 stories this year about how badly they've been managed by their bigger-than-life CEO, who wanted to merge-and-acquire them into Bank of America status. Looks like that plan didn't work.

[East Brady]

Lucking in to it with a ridiculous Biblical interpretation of economics doesn't count.

But but but...what about Mr. Mortgage, he predicted it 6 months to a year ago without using biblical reference's.......

[Alaska Darin]

But but but...what about Mr. Mortgage, he predicted it 6 months to a year ago without using biblical reference's.......

I predicted it 5 years ago. Anyone with an ounce of sense could see this coming.

[John Adams]

I predicted it 5 years ago. Anyone with an ounce of sense could see this coming.

 

Did you get your foresight from Revelations or common sense?

 

I heard Ron Paul talking about the bailout and making some sense. Oddly, the show discussing his commentary was the Bubba the Love Sponge show. Anyway, Paul is furious over the bailout and thinks it's stupid to do it (I disagree). But then he went on to say what I've seen Forbes and other WSJ commentators saying: the next administration needs to strengthen the dollar. That will be a challenge after we print 700 billion new dollars.

[Dwight Drane]

Lucky me!

 

Let's play a word game and see how lucky I can get for this next go around.

 

First word......Denver's best WR

Second word.....This CB has starred for both New England and the Jets over the past decade

 

 

Considering the US injected $1 trillion alone last week, and EU a few hundred billion on Friday...I'm not so sure any plan is going to work. It is interesting that Congress is so hellbent on getting out of town by Monday. I mean, what could possibly go wrong this week? And McCain and Obama had so much passion in their debate last night. They were really going at each other.

 

I really hate that the Bills pick this year of all times to turn it on. If we are 5-0 and the season gets postponed, does that mean we have an undefeated season? Sweet!

[erynthered]

I wonder what will happen to my 30K line of credit.

[Chilly]

http://www.fdic.gov/news/news/press/2008/pr08088.html

[GG]

I wonder if it's Goldman's turn to buy a large bank on the cheap?

 

It would be tough. They don't have the capital to buy a healthy bank, and they don't have the capital to take on an ailing bank and wait out the turnaround. Unless, they do it in concert with a PE firm co-investing.