Speculation had focused on Wells Fargo as the buyer, but the FDIC brokers a Citi arrangement that excludes AG Edwards and Evergreen. Also, Goldman is looking to buy $50b in assets from troubled lenders.
Stephen Taub, CFO.com | US
September 29, 2008
This is unfortunate, but it should serve as a wake up call to all American investors. If you want to protect your money, you need to diversify and invest at least some of it overseas. These are hard times for American investing firms. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website. Best, Frank Miller http://www.theoffshorebankaccount.com
Posted by JD Salinger | September 29, 2008 04:24 pm
When I was growning up in NC in the 60's and 70's, Wachovia was the most conservative bank. It did not have problems in the REIT times in the mid 70's as did NCNB (now Bank of America) or First Union which acquired Wachovia for stability and strength. The old time Wachovia employees must be sick.
Posted by Richard Gilliam | September 29, 2008 12:50 pm
Any word on the Wachovia Hybrid/Trust Preferreds in the Citi deal would be welcome.
Posted by Dogbreath Hastings | September 29, 2008 10:11 am© CFO Publishing Corporation 2009. All rights reserved.