Citigroup buys Wachovia... - TriStateTuners.com :: Home of Tristate Auto Enthusiast

Maximized2000 · 09-29-2008, 11:44 AM

.....another one went under? You be the judge!

No, according to FDIC.
"The FDIC asserted Monday that Wachovia did not fail"

"Wachovia's problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments.

This summer, Wachovia reported a $9.11 billion loss for the second quarter, announced plans to cut 11,350 jobs -- mostly in its mortgage business -- and slashed its dividend. Wachovia also boosted its provision for loan losses to $5.57 billion during the second quarter, up from $179 million in the year-ago period."

http://www.nbc10.com/money/17579826/detail.html

doug · 09-29-2008, 11:45 AM

So does that mean the Wachovia Center is going to be the Citi Center?

ThatTealHatch · 09-29-2008, 11:54 AM

Quote:

Originally Posted by doug

So does that mean the Wachovia Center is going to be the Citi Center?

^^^^^^^^?

~Brian~ · 09-29-2008, 11:58 AM

I dunno how you guys feel, but to me, this is some seriously scary ****.

Whitekryptonit3 · 09-29-2008, 12:06 PM

Quote:

Originally Posted by Snowboy459

I dunno how you guys feel, but to me, this is some seriously scary ****.

Stop over re-acting.I'm a personal banker for JP Morgan Chase one of the main reasons for this is the mortgage crisis. But also people worrying about there money way to much. Withdrawing thousands of dollars from other banks to bring it to mine.

I have had over 4 million dollars in new money come over from Wachovia, So yes they are in trouble and yes they did FAIL.

omgjacki · 09-29-2008, 12:06 PM

Truth.

I don't pay attention to it as much as I think I should, but I feel if it were that serious, I would be paying attention.

**TROLL** · 09-29-2008, 12:06 PM

Ouch... I dont think anyone is really surprised by this, Wachovia has been pretty open about it lately, what I am shocked at is that Wach closed at about 10 dollars a share on Friday and Citi bought them for about 1 dollar a share today.

We shouldn't overreact to a recession? Haha... yeah whatever no big deal. You know how many peoples retirement savings are dwindling away right now? I've taken a huge hit as well but its nothing compared to some out there... and I'm not depending on it for retirement, yet.

doug · 09-29-2008, 12:09 PM

Quote:

Originally Posted by egmatt93

^^^^^^^^?

What's there to question? It's a legit question, if Wachovia was bought out, wouldn't the Flyers/Sixers facility change names?

~Brian~ · 09-29-2008, 12:11 PM

Quote:

Originally Posted by Whitekryptonit3

Stop over re-acting.

I'm talking about the position of the US economy right now and where I see all of this going... not just talking about the Wachovia situtation.

Maximized2000 · 09-29-2008, 12:31 PM

Yea all this is something for ppl to think about. I also believe that Wachovia did fail. And I'm also wondering the same thing.....The "Citigroup Center" - Home to the Sixers and Flyers?

What is this world coming too..lol

doug · 09-29-2008, 12:38 PM

Yeah.. that's too weird for me, I forget the progression.. I think it was the Mellon Center, Corestates Center, First Union Center, Wachovia Center.. and now this?!?!?!?!?!

Maximized2000 · 09-29-2008, 12:52 PM

Quote:

Originally Posted by doug

Yeah.. that's too weird for me, I forget the progression.. I think it was the Mellon Center, Corestates Center, First Union Center, Wachovia Center.. and now this?!?!?!?!?!

Hmm..pretty sure it was never called the Mellon Center (sounds too funny). I remember the place starting up as Corestates Center then First Union and then Wachovia and now I guess Citigroup.

doug · 09-29-2008, 01:03 PM

Yeah I just looked it up, idk where I got Mellon from.. coulda sworn it was at one point.

EvlEgl · 09-29-2008, 01:07 PM

Mellon Arena Is the Penguins Rink.

Scapegoat · 09-29-2008, 01:09 PM

i'm more worried about possibly monopolies that could occur due to businesses being bought up by their competitors.

Turbo s60R · 09-29-2008, 01:10 PM

i think the mets new baseball field is named after citi group but im not sure

muck the fets

BustedUjoint · 09-29-2008, 01:16 PM

Yeah, this definitely sucks. My cousin just lost his job over this buy out. Originally worked for AG Edwards who was bought out by Waccovia just about a year ago, who Citi Group now owns. Citi Group is ditching Wacco's Institutional Sales, ending with family out of a job.

doug · 09-29-2008, 01:17 PM

Quote:

Originally Posted by Scapegoat

i'm more worried about possibly monopolies that could occur due to businesses being bought up by their competitors.

Yeah, I agree.. it is scary, didn't Washington Mutual go down too?

Gorilla Unit 33 · 09-29-2008, 02:04 PM

this makes me nervous because right after one company buys another comes a layoff period, and my mom works for wachovia and has already seen alot of her retirement benefits dissapear since they started cutting back what they offer there employee's. She's got the years to retire but she needs to be 50 years old to qualify for more benefits, and she's not.

Maximized2000 · 09-29-2008, 02:05 PM

Quote:

Originally Posted by doug

Yeah, I agree.. it is scary, didn't Washington Mutual go down too?

Yea they were bought by JP Morgan.

09-29-2008, 11:44 AM	#1
Maximized2000 Tri-State Aficionado Join Date: Oct 2007 Member #5971 My Ride: 00 Maxima SE iTrader: (0)	Citigroup buys Wachovia... .....another one went under? You be the judge! No, according to FDIC. "The FDIC asserted Monday that Wachovia did not fail" "Wachovia's problems stem largely from its acquisition of mortgage lender Golden West Financial Corp. in 2006 for roughly $25 billion at the height of the nation's housing boom. With that purchase, Wachovia inherited a deteriorating $122 billion portfolio of Pick-A-Payment loans, Golden West's specialty, which let borrowers skip some payments. This summer, Wachovia reported a $9.11 billion loss for the second quarter, announced plans to cut 11,350 jobs -- mostly in its mortgage business -- and slashed its dividend. Wachovia also boosted its provision for loan losses to $5.57 billion during the second quarter, up from $179 million in the year-ago period." http://www.nbc10.com/money/17579826/detail.html __________________ Check us out!! To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.

09-29-2008, 12:06 PM	#6
omgjacki Tri-State Post Whore Join Date: Sep 2007 Location: Gilbertsville, PA Member #5869 My Ride: 2018 CX-5 GT Premium, 2018 Honda Grom iTrader: (4)	Truth. I don't pay attention to it as much as I think I should, but I feel if it were that serious, I would be paying attention. __________________ Ryan M. Sherwood September 9, 1985 - October 7, 2009

09-29-2008, 12:31 PM	#10
Maximized2000 Tri-State Aficionado Join Date: Oct 2007 Member #5971 My Ride: 00 Maxima SE iTrader: (0)	Yea all this is something for ppl to think about. I also believe that Wachovia did fail. And I'm also wondering the same thing.....The "Citigroup Center" - Home to the Sixers and Flyers? What is this world coming too..lol __________________ Check us out!! To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.

09-29-2008, 01:07 PM	#14
EvlEgl Tri-State Post Whore Join Date: Feb 2006 Member #1412 My Ride: 2010 Hyundai Genesis Coupe iTrader: (0)	Mellon Arena Is the Penguins Rink. __________________ 2010 Tsukuba Red Genesis Coupe 3.8 2008 Kawasaki ZX6R [FRSH]

09-29-2008, 01:10 PM	#16
Turbo s60R Tri-State Post Whore Join Date: Oct 2006 Location: East Nottingham Member #2794 My Ride: 2009 Ford Focus coupe se iTrader: (0)	i think the mets new baseball field is named after citi group but im not sure muck the fets __________________ 15-15 Livin the dream To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. 2004 Volvo s60R-sold To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures. Now rockin the murdered out econo box 09 Ford focus coupe To view links or images in signatures your post count must be 10 or greater. You currently have 0 signatures.

09-29-2008, 11:45 AM	#2
doug Tri-State Post Whore Join Date: May 2005 Location: Springfield, PA Member #450 My Ride: 2007 WRX STi Limited, 1969 Z/28 Camaro iTrader: (1)	So does that mean the Wachovia Center is going to be the Citi Center?

09-29-2008, 12:38 PM	#11
doug Tri-State Post Whore Join Date: May 2005 Location: Springfield, PA Member #450 My Ride: 2007 WRX STi Limited, 1969 Z/28 Camaro iTrader: (1)	Yeah.. that's too weird for me, I forget the progression.. I think it was the Mellon Center, Corestates Center, First Union Center, Wachovia Center.. and now this?!?!?!?!?!

09-29-2008, 01:03 PM	#13
doug Tri-State Post Whore Join Date: May 2005 Location: Springfield, PA Member #450 My Ride: 2007 WRX STi Limited, 1969 Z/28 Camaro iTrader: (1)	Yeah I just looked it up, idk where I got Mellon from.. coulda sworn it was at one point.

09-29-2008, 01:09 PM	#15
Scapegoat TST Ruined My Life! Join Date: Dec 2005 Location: stop looking at my gold Member #1208 iTrader: (1)	i'm more worried about possibly monopolies that could occur due to businesses being bought up by their competitors.

09-29-2008, 02:04 PM	#19
Gorilla Unit 33 TST Ruined My Life! Join Date: Jun 2005 Location: Where do you live? Member #532 My Ride: Fly Mosca II w/pegs LOLZ iTrader: (7)	this makes me nervous because right after one company buys another comes a layoff period, and my mom works for wachovia and has already seen alot of her retirement benefits dissapear since they started cutting back what they offer there employee's. She's got the years to retire but she needs to be 50 years old to qualify for more benefits, and she's not. __________________ find me here: gorillaunit33.wordpress.com

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Who buys junk cars???	BlackBulletTSi	Off-Topic	7	03-05-2008 06:24 PM
Wachovia Spectrum no more?	doug	Off-Topic	11	01-23-2008 12:05 PM
i feel bad for whoever buys this	Gorilla Unit 33	General Car Related Chat	21	06-06-2007 07:25 PM
would you guys be interested in group buys?	igo4bmx	Off-Topic	7	07-18-2005 08:15 PM