Kofi Bofah

Wachovia + Morgan Stanley = Dumbest Merger in History

What in the world is Wachovia Bank going to do with Morgan Stanley?

Wachovia is the Charlotte, NC bank that I have dubbed 'Whack' ovia due to its dubious decision making. Wachovia's balance sheet is loaded with toxic debt, due to heavy mortgage exposure and poorly timed acquisitions. The bank actually bought out AG Edwards brokerage and Golden West, a subprime mortgage lender at the height of the euphoria. Of course, the transactions have been severely mangled throughout the course of this debacle. I would argue that Wachovia is the most mismanaged of the large, money center commercial banks.

This is the blind leading the blind. The situation is comical.