infoplease

Wachovia Dumps Citigroup, Merges with Wells Fargo

As a long time Wachovia shareholder I don't know why we need Citi or WF since the bail out has been signed. Sell the bad debt to the goverment and start with a clean slate. Wachovia has many assets, such as a great retail bank and a very well thought of brokerage arm. We were doing fine until Ken Thompson lost his mind and the board went a long with him on the Golden West Purchase. If those loans were off the books or as Robert Steel said about two weeks ago, he had a team working with homeowners on those loans and with time most of them could be worked out without a loss, Wachovia could once again become a strong, viable bank. At this point as a stockholder I do not see why we need WF. Our bank is worth much more than 7.00 a share and if they would do away with the mark to market it would allow the assets to be revalued and raise the bank's liquidity. There are many things that could be done if Mr. Steel only had a little time. Once again analyst stating they were ready to downgrade WB caused the beginning problem last week end. This is a shame when analyst and media can put out info that eventually causes the demise of a lot of good institutions which given time could have possibly worked through their problems.