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@t_ngern, I'm saying that WB paying the 12 billion (+ Feds seizing the Golden West part of Wachovia because the rest is great) a better option than what happened now. I know enough about investing to know that we Wachovia shareholders were robbed blind. Plus do have any better suggestions or answers to why us Wachovia shareholders should suffer? Nobody has yet told us how bad Wachovia debt really was.
Oct 02 16:46 pm
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All Comments by Siddharth Dalal »Robbing Peter to Pay Paul: More on Wachovia / Citi [View article]
Hopefully other large shareholders oppose the deal. So far the market is assuming that it is a done deal.
I don't know about WM, but Wachovias toxic debt was about 1/3rd of it's loan portfolio about 110 billion of which they expected losses on 14% of those loans = ~15 billion. I'm not sure what is meant by they expected losses - how much to the dollar are these worth now? 0, 10c, 50c, 75c? Who knows? Could Wachovia have sold those 15 billion worth of loans at 5 billion? 1 billion? Anything is better than what heppened.