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First negative fallout from the bailout didn't take long. . .
RightwingUnderground 2686 reads
posted

Law of unintended consequences? Or maybe not so unintended. Say hello to some of the effects of government take over of the power of Wall Street.

Wachovia gets a better deal placed on the table (from Wells Fargo), a MUCH better deal (7X better) by the way. What does the government do? It trys to block it and favors the lessor deal "it" set up (with Citigroup)

This is government control and regulation that we can live without.

-- Modified on 10/3/2008 10:53:07 PM

Related Link: http://www.bloomberg.com/apps/news?pid=20601087&sid=a3kLqJLWovqw&refer=worldwide

Mister Red Baron1228 reads

The bail out bill doesn't give the government control over M&A if the bank hasn't applied for a loan from the government.

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RightwingUnderground1810 reads

I don't see how the government can dictate to Wachovia which deal to accept, but clearly the article indicates that the government is trying to do so. As I stated earlier, before any bill was even proposed, this is about Washington gaining power over Wall Street.

-- Modified on 10/4/2008 12:10:07 AM

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kerrakles1284 reads

Government didn'r but Citi bank is. Citi has been pumping money into Wachovia for liquidity. Citi claims Wachovia violated the merger agreement. Citi may not win in court but it is their right to contest.

As matter fact FDIC hasn't said a word

Nice spin but truth is very different. Ever considered a job at MSNBC?

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Timbow1810 reads

I am guessing  you do not own any Wachovia stock but RWU might :)
Warren Buffet is the one making the killing .

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kerrakles2689 reads

Even if I did, truth is truth.

Don't think Citi is going to win, if they go to court. FDIC is keeping very quite also.

If you own Wachovia, you will shares of Wells-Fargo, it is a 0.92 or something like that.


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RightwingUnderground1038 reads

http://www.theeroticreview.com/discussion_boards/viewmsg.asp?MessageID=72759&boardID=39&page=1

-- Modified on 10/5/2008 1:30:54 AM

Related Link: http://www.theeroticreview.com/discussion_boards/viewmsg.asp?MessageID=72759&boardID=39...

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RightwingUnderground963 reads

Government hasn't said anything? You clearly did NOT read the link.

"The Federal Deposit Insurance Corp., which helped broker Citigroup's purchase when Wachovia's health faltered, ``stands behind its previously announced agreement,'' FDIC Chairman Sheila Bair said in a statement today."

I'm only going on what I read. Reports were that the government was backing the Citigroup deal while the Wells Fargo deal was being reported as 7 times better for Wachovia. No one said Citi can't contest and fight for this. If they've been harmed Wells Fargo could compensate them.

Do you own stock in Citi, LOL?

-- Modified on 10/4/2008 12:17:57 PM

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wormwood1198 reads

butt-fucked and they just realized Wells Fargo has a smaller dick.

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GOPGeezer1509 reads

"big Dick" for nothing.

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Timbow1448 reads

DAMN feds did mess it up . Wells would have offerd more but they were barred Friday .
Proof is now in the pudding.

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