Wachovia mulls sale amid banking turmoil

Wachovia mulls sale amid banking turmoil

www.independent.co.uk

Wachovia, one of the biggest retail banks in the US, put itself up for sale last night after a tumultuous day for banking shares across the world.

Wachovia Corp. shares plummeted 43 percent last week as it reportedly began talks Friday with Citigroup about a possible merger.

(visit the link for the full news article)


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Wachovia might be gone by the end of the week, this is getting really bad.

This has to be a conspiracy, in my opinion to introduce the Amero or a global currency. Check out fedupusa.com

We the people need to stay alert, take action and really make these criminals pay.

I always said if Wachovia or Bank of America goes, its going to get really bad really quickly.


www.independent.co.uk
(visit the link for the full news article)

Wachovia has been hurting big time for awhile. It hasn't been long ago that I read of one of the top executives turning a profit on stock sales. I had heard from a Wachovia employ that there had been a huge layoff just prior to that. He had been able to stay on at half of his salary and no health benefits. I read in the external link that a merger with Citigroup is in the works, and they are also in hot water, I understand.

wow, I though that for now at least..... this was more contained in the U.S.
This is spiralling worldwide, very concerning indeed.





[edit on 28-9-2008 by ModernAcademia]

Wasn't Wachovia also the bank that specifically knew of widespread theft of it's depositors via automatic drafts and did NOTHING to stop the activity?

*loam goes looking for a link*

EDIT:

Here it is:

Wachovia to Pay $144 Million in Telemarketing Case (Update5)

Wachovia Corp. will pay as much as $144 million to settle a U.S. regulator's claims that the bank's poor oversight allowed telemarketers and payment processors to withdraw millions of dollars from customers' accounts.

Wachovia, the fourth-largest U.S. bank, will pay as much as $125 million in restitution to customers, a $10 million civil penalty and $8.9 million for consumer-education programs, the U.S. Office of the Comptroller of the Currency said today in a statement on its Web site. The Charlotte, North Carolina-based bank agreed to the settlement without admitting or denying wrongdoing, the Washington-based OCC said.

The settlement stems from an 18-month investigation that determined Wachovia profited from fees and other charges on accounts maintained by payment processors and telemarketers who took advantage of thousands of consumers, most of them elderly, from June 2003 through December 2006.

I wonder if that settlement is worth the paper it was written on now.

The rotting stench coming from our financial institutions and markets knows no bounds.

Someone needs to open a window.


[edit on 28-9-2008 by loam]

The Bank's are insolvent. They've got the wallet of the taxpayer now, thanks to Congress. One last Theft before they send america to its fate.