tom15143

Robbing Peter to Pay Paul: More on Wachovia / Citi

Just looked again at the S&P ratings for WB at the end of September. Tangible book at 14.97 at end of 2007 and recommendation to "HOLD."

I got shafted out of nearly my entire investment by the "Mark to Market" rules. Wachovia could certainly have made it alone if the Feds had offered them the Citi deal terms.

Shame on me for not believing that the sky was falling.