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Wachovia is next...

Sad how once someone goes under, there's a new "little guy" left vunerable.

Fox article

Quote:

Wachovia Corp. has entered into preliminary talks with a handful of possible buyers people familiar with the company told the Wall Street Journal.

The company is the latest in a parade of banks to look for safety in the arms of a suitor amid concerns that the weak economy is pushing them deeper into peril. Washington Mutual Inc.'s late-Thursday failure rattled the shares of other troubled banks, and shares in Wachovia fell 27 percent on Friday as investors fretted about its massive mortgage portfolio.

Investors are growing concerned that a host of banks nationwide, both large and small, could come under fresh pressure to either raise more capital or else find someone willing to buy them.

Wachovia is talking to potential buyers including Wells Fargo & Co., Banco Santander of Spain and Citigroup, people familiar with the situation told the Wall Street Journal. Wachovia officials don't believe they need to rush into a deal, and the bank isn't feeling immediate pressure on its financial condition, people familiar with the company said.

Hmm, glad my money's out of Wachovia.

I'm thinking about just hiding it under my mattress. ;)

It's official...Wachovia has been purchased by Citigroup. Isn't Citi owned by the Saudi royal family?

Quote:

Originally Posted by PeppyGPhiB (Post 1724696)

It's official...Wachovia has been purchased by Citigroup. Isn't Citi owned by the Saudi royal family?

I couldn't find that info. Where should I look?

ETA: http://money.cnn.com/2007/11/08/news...tune/index.htm

"In the midst of staggering losses and intense public scrutiny, former Citigroup CEO Charles O. Prince III could always count on the support of the company's biggest individual shareholder: Prince Alwaleed bin Talal bin Abdul Aziz al Saud. Less than a month ago, the Saudi prince, who owns 3.6% of the company, even dismissed a sharp drop in earnings as a 'mere hiccup.'"

He is the single biggest share holder, but at 3.5%, I'm not sure if it makes sense to say he or his family owns the company.

Quote:

Originally Posted by UGAalum94 (Post 1724921)

Well, that's why I added the question mark - it was a question.

My father, of all people, sent me this link, he even added a "LOL". ;)

The 401Keg Plan

I simply have this totally helpless feeling about all of this. I decided I have to let it go. As I told the kids, as long as I have a job, we'll be ok. They are feeling the fear from all of the adults around them and the news reports. And, if worse comes to worse, well, my brother and I haven't yet sold my mom's condo so I'm sure he'd let me live there for what it's costing us to carry it if something disastrous occurred.

When we've had natural disasters, people donate money, have blood drives, etc. After 9/11, we had prayer vigils and blood drives, and donations, we hung flags.. there were things we could DO that helped us make it better somehow. With this national crisis, it doesn't feel like there's anything we can DO. We just keep watching the market, and hoping it gets better soon.