Wachovia Corp. (WB)

All Comments on WB

  • commenter
    Value Dope
    Oct 08 11:37 AM
    @VIC: Top Hedge Fund Picks [view article]
    sclarksons - before you get on your knees for Ackman, you should realize the guy's previous hedge fund Gotham Partners liquidated. Course, you value guys will take any non-value fund to the woodshed if it liquidates but ignore it with your own.

    Ackman's investors in his TGT fund have lost their asses too.

    BRK will be destroyed when WEB kicks it. I know we allthink Ajit will do fine and whoever the Chief Inv Officer will be fine but I'd be WEB accounts for 50% BRK value, so let's see how others do operating a monster like BRK w/o WEB's genius.     Reply
  • commenter
    The Truth
    Seeker
    Oct 08 11:25 AM
    General Discussion on WB
    This is beyond criminal and crazy...CITIGROUP has/is sueing Wachovia Corporation for up to $60 billion in damages for breaking an exclusivity agreement when it clinched a rival deal to sell itself to Wells Fargo...Ok let me get this right, Citi bids $2.1B+/- for WB's cream (another questionable gov't intervention) and Wells Fargo comes in and bids more than 7x (keep company whole and benefiting the shareholder more than the Citi offer)..so now Citi is sueing for 30x's +/- their bid....I just do nto get it :-)

    The Gov't needs to intervention and push to restore order in financial markets but telling Cit to take a hike or offer more... Wonder why the market is going nuts these financial firms are out of control     Reply
  • commenter
    User 275960
    Oct 08 11:23 AM
    Latest On Hedge Funds, Banks And Bailouts [Housing Tracker] [view article]
    Zebra, your plase is some where else,not to try to scare the hell of us Reply
  • commenter
    axelrod608
    Oct 08 10:46 AM
    Wall Street Breakfast: Must-Know News [view article]
    J........59 Look how you dealt with the situation - you cut back, made do with less and responsibly dealt with the situation. At one point in my life I would have been homeless except for monthly checks from my father who was then in his 80's. It has been a long road back.

    Look how the government is dealing with the problem - throwing massive amounts of money in every direction. What do we know about the results of that ? World Bank economists studied every national financial crisis over a 30 year period. Their conclusion was that the length and depth of the ensuing recession was directly correlated with the mount of money the government threw at the problem to try to fix it. 100% of the time. No exceptions.

    20 years ago, the most expensive stock and real estate in the world was in Japan. They intervened in their financial crisis and bailed out all the banks. Today, 19 years later, you can still buy stocks and real estate at half - or less - than 20 years ago.

    Anyone who thinks the markets and real estate wll turn around in a few months and everything will be rosy again is just not paying attention to the lessons history teaches those who pay attention.

    And NOBODY in DC is paying attention.     Reply
  • commenter
    jlounsbury59
    Oct 08 10:07 AM
    My Website
    Wall Street Breakfast: Must-Know News [view article]
    Under water? It has happened before. I built my "dream home" in 1972. I owned the land and was able to finance the construction 100%, using the land value as equity. Within a few years, I am sure that the market value of the property was less than my mortgage, if I could have sold it, which was debatable .

    Because of the oil crisis I was having trouble meeting living expenses. The cost of driving to work and the cost for heating my home approximately tripled in a short period of time. All other costs increased dramatically. Inflation rates in the 70's moved well into the teens. My income did not keep pace.

    My family wore used clothes. We drove very little and had an old car. We went in the woods and dragged home firewood (by hand) so that we could use less heating oil. There were no vacations for five years. But never once did we consider foreclosure. We had a place to live and sacrificed everything else to protect it.

    I sold that home in 2004 for ten times the original cost.

    The current situation will also pass. We will come out the other side stronger. The pain may last for years. Government action may or may not help. Washing out the effects of shocks, in this case a credit bubble bursting, take time. Just remember, you don't hang the wash out to dry until all the detergent has been rinsed out.     Reply
  • commenter
    axelrod608
    Oct 08 09:34 AM
    Wall Street Breakfast: Must-Know News [view article]
    Upside down nation. Underwater. And it looks like the corporate-run government is doing everything it can to preserve the jobs of the casino gamblers masquerading as financiers and not lifting a finger to keep the solvent citizens afloat. No good deed goes unpunished.

    The nation will not recover without significant change. We need savings. Time to declare an end to taxes on interest and dividends. Time to tax debt. Really. The only way out of this mess is to require sound economic principles.

    And then there's our "government"... Trying to spend our way out of this mess is as futuile as trying to drill our way out of the "energy crisis".

    Finally, having watched this begin, noting all the dumb deregulation by both major parties that caused it all, how can any thinking American go to the polls and vote for a Republicrat ? The only truly insoluble problem in this country is the two parties in charge.

    No leadership. no morals, no ethics, no principles, and bad judgement. Just keep those campaign contributions coming from corporate America. If we do not fundamentally change our election process we will not survive. Campaigns MUST be 100% government funded with NO outside ads.

    We either get the lobbyists out of DC or we turn over the government to them. If we haven't already.....     Reply
  • commenter
    pgvinter
    Oct 08 09:03 AM
    BoA Cuts Off Countrywide ARMs to Save Body of Mortgages [view article]
    The problem with taking this approach is that it essentially requires capitulation. Eliminating the neg-am would involve losing the majority of the interest accrued on the loan over the first two or three years, and because these loans were most popular in FL, NV, CA and a few other overheated markets the principal reduction is somewhere in the neighborhood of 20% or more. This is a HUGE hit to take and requires the institution to essentially predict a default rate of >12% on the portfolio in order for the alternative to seem economical. At that point the FDIC has to step in because an institution that is overweight these kinds of loans is insolvent. Reply
  • commenter
    tedstr
    Oct 08 08:55 AM
    Pay Little Heed to Economic Reports and Move On [view article]
    better than that...the real story is the end of the Wintel monopoly. Intel chips in Macs and dual operating environments means every PC owner lusting after a beautiful Mac now has no barriers to entry. This is why their laptop business is booming and a wholesale switch to Macs is on. The phones are a sideshow to this phenom.

    This is why Gates is retiring, Vista was an attempt to mitigate the damage by emulating an Apple interface, gone horribly wrong, and Balmer is gone nuts over MSN, his only lifeboat. Buy apple, sell MSFT     Reply
  • commenter
    I Should
    Know
    Oct 08 08:36 AM
    @VIC: Bill Ackman on Wachovia [view article]
    I'm long on WF and I'm not sure if I want their offer to go through or not. The Feds aren't going to cover or buy 100% of Wachovia's toxic loans and they probably have the most in the country just behind WaMu at #1 and Countrywide (B of A) at #2. If the incompetent dopes at Citi take Wachovia at a price higher than the Wells offer, Wells will have the opportunity to come-in and take the whole shebang 18 to 24 months from now. Buying Wachovia will not make the Citi higher-ups any smarter; they couldn’t run a 7-11 effectively. Reply
  • commenter
    Catskill
    Oct 08 01:45 AM
    Trust, Confidence, the Markets and the Federal Government [view article]
    I think the problem isn't the Democrats or Republicans - it's all about GREED...it's everywhere and our government didn't want to "regulate" how much profit a person can make, that's not a "democracy", well, GREED doesn't fit in either...anywhere. Regulations and monitoring these big corporations is a necessity, because without them we ALL suffer in the end. Reply
  • commenter
    BudH
    Oct 08 12:18 AM
    My Website
    @VIC: Top Hedge Fund Picks [view article]
    These guys are about as truthful as the poker players on TV. They probably are on the exact opposite sides of those trades. Reply
  • commenter
    MWall
    Oct 08 12:09 AM
    The Duplicitous Sheila Bair [view article]
    May be Sheila Bair wanted to help her new good friend, Warren Buffet, make more money. FDIC cannot be trusted as long as she is at the helm. Reply
  • commenter
    Strike
    Oct 07 11:41 PM
    Latest On Hedge Funds, Banks And Bailouts [Housing Tracker] [view article]
    zebra zebra: Did you miss the AIG boat, and are now simply trying to talk the stock down so as to buy it cheaper? Your conclusion totally contradicts the message in the article you cited. If Ackman, a notorious short-seller, suddenly loads up with AIG stock (as he did successfully with Wachovia) , what does this tell you? Cerainly not that you should 'sell' AIG. Maybe you didn't understand the article, so I'll repeat it below:

    “Bill Ackman, who heads the Pershing Square hedge fund [and has been short financials for a long time] has switched gears, snapping up significant stakes in Wachovia and American International Group Inc.(AIG)—his first investments in financial institutions in five years. Mr. Ackman said he began acquiring a 180 million-share, or 9%, stake in Wachovia last Monday, after the North Carolina bank agreed to be acquired by Citigroup Inc. Since then, he’s had the good fortune to see his stake rise significantly after Wells Fargo & Co. trumped Citi’s (C) bid late last week.” (Crain’s NY Business, Oct. 6)

    Sounds like a case of sour grapes to me.


    On Oct 07 05:16 PM zebra zebra wrote:

    > SELL!! AIG is DONE!!     Reply
  • commenter
    Vikram
    Oct 07 07:23 PM
    My Website
    @VIC: Bill Ackman on Wachovia [view article]
    Milt:
    You seem to have missed the WHOLE point of Ackman's presentation and this article. The remaining assets after what Citi takes are worth MORE than Wells offer; according to Ackman between $7-$19/share.     Reply
  • commenter
    User 218984
    Oct 07 06:14 PM
    The Duplicitous Sheila Bair [view article]
    Seems to me like Bair has her priorities straight. I frankly don't care if a bunch of bankers throw a tantrum over being double crossed. They do it enough to the common man. Go Sheila. She has greatly improved her standing in my eyes. Reply
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