The fight between Citigroup and Wells Fargo over that pig of a bank Wachovia still amazes me. I mean, WTF could these two want with a super-regional bank that is at best, on life support. It has gotten so bad that everyone is now suing each other for the right to get at this mess of a financial institution.
What’s it all for?
Well, Wachovia somehow manages about $800 billion in deposits through 3300 branches up and down the east coast. Needless to say, Wells Fargo has been chomping at the bit to get at some that Northeast money to help offset the bad loans it has on its books from California and the rest of the west coast. For Citigroup, it’s a quick way to add to an already growing stable of retail banking locations on the cheap while sorting out its own problems.
What’s it all mean?
Personally, I would like to see this asset go to Wells Fargo. For one, there is no overlap with current branches. Secondly, I think Wells Fargo wants to make this a ...
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Interesting news I find today
Drew Industries Inc., a White Plains-based manufacturer of parts for recreational vehicles and manufactured homes, announced a new $50 million credit agreement with JPMorgan Chase Bank N.A. and Wells Fargo Bank N.A. The credit agreement, which covers Drew and its subsidiaries Kinro Inc. and Lippert Components Inc., replaces a $70 million loan agreement that was due to end in June.
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Filed under: Rants and raves , Money and Finance Today , Wachovia Corp (WB) , Wells Fargo (WFC) , Chasing Value , Stocks to Buy , Best Stocks for 2008 This has been a terrible year for financial institutions. However, Wells Fargo (NYSE: WFC ) has been able to make it through the obstacle course better than most. The stock has been up and down with the market but the scandals and large write-downs that have tanked other companies have not been a part of the Wells story. What has m... more
SO, let me make sure I have this straight. I own a couple mortgage companies , an investment firm , and now, I have added AIG , a multi-national insurance company to the list of organizations my money has helped the Fed buy this year. I am sure I am forgetting a few, but there are just so many that I can’t keep track of them all!
AIG: Another Bites the Dust
I have been watching CNBC all day and I can’t understand the rhyme or reason the fed opted to save AIG while... more
Well, they did it just like I said they would. The House passed the drilling bill late last night by a 236-189 vote. Republicans are happy since they bullied Dems into signing a bill that if not for an election in seven weeks, would surely prefer to strap Nancy Pelosi to a rusty box spring in the rain, connected to a car battery. But the Democrats were able to Christmas tree a few tax cut repeals for big oil for good measure.
Some highlights of the bill:
The Democratic bill would allo... more
If you made money on Sirius stock please raise your hand..anyone? Anyone? Oh, just you Howard Stern? Mazal tov, cause you’re the only lucky bastard to win with this pig of a stock. And I thought Mel Karmazin knew what he was doing. For those of you not in the know, this stock is trading under a buck and faces de-listing if it doesn’t get its act together soon.
What I don’t get is how???
Tell me, with the following going for it, how did this company not execute bet... more
Considering this is a business blog , you’d think I would be talking about the absolute abortion on Wall Street yesterday. Instead, I am going to put all of you on my back and take you to a happy place. Today, we are going to talk about viral marketing at its best. I am going to talk about one of the best viral marketing campaigns to hit the net in the last two years.
What am I talking about?
I am talking about a guy, his girlfriend, a video camera (sorry, this isn’t going wher... more
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