http://www.consumerismcommentary.com/2008/10/06/whats-going-on-with-wachovia-citi-and-wells-fargo/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 21 Nov 2009 16:42:00 -0500 http://wordpress.org/?v=2.8.5 hourly 1 http://www.consumerismcommentary.com/2008/10/06/whats-going-on-with-wachovia-citi-and-wells-fargo/#comment-184559 Anca Tue, 07 Oct 2008 05:20:14 +0000 http://www.consumerismcommentary.com/?p=4102#comment-184559 As someone who banks at Citi, this drama makes me want to move all my money over to my credit union. Drama belongs on tv, not in my bank. As someone who banks at Citi, this drama makes me want to move all my money over to my credit union. Drama belongs on tv, not in my bank.

]]> http://www.consumerismcommentary.com/2008/10/06/whats-going-on-with-wachovia-citi-and-wells-fargo/#comment-184492 Robert H Mon, 06 Oct 2008 15:19:36 +0000 http://www.consumerismcommentary.com/?p=4102#comment-184492 This is also about the faith in the FDIC. The fact that the FDIC seems to be showing preference to Wall Street after the deal was apparently sealed with Citi has caused people to already start talking about losing faith in the FDIC. Considering the role the FDIC provides for our banking sector, that is a pretty big effect. You have to start looking not only at the ramifications of the deal (whether Wells or Citi is better for the economy, the Wachovia, etc.), but also the ramifications on a lack of faith an yet another government agency supporting the economy (Fannie, Freddie). This is also about the faith in the FDIC. The fact that the FDIC seems to be showing preference to Wall Street after the deal was apparently sealed with Citi has caused people to already start talking about losing faith in the FDIC. Considering the role the FDIC provides for our banking sector, that is a pretty big effect. You have to start looking not only at the ramifications of the deal (whether Wells or Citi is better for the economy, the Wachovia, etc.), but also the ramifications on a lack of faith an yet another government agency supporting the economy (Fannie, Freddie).

]]> http://www.consumerismcommentary.com/2008/10/06/whats-going-on-with-wachovia-citi-and-wells-fargo/#comment-184489 Frank Miller Mon, 06 Oct 2008 14:47:28 +0000 http://www.consumerismcommentary.com/?p=4102#comment-184489 It is a sign of the times. Now, our big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Unfortunately, the bailout will not help them much. They are suffering and when they suffer, we all hurt. Individual investors should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas preferably in Asia or parts of Europe. I personally use offshore bank accounts and they have helped me with diversification and asset protection. It is a sign of the times. Now, our big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Unfortunately, the bailout will not help them much. They are suffering and when they suffer, we all hurt. Individual investors should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas preferably in Asia or parts of Europe. I personally use offshore bank accounts and they have helped me with diversification and asset protection.

]]> http://www.consumerismcommentary.com/2008/10/06/whats-going-on-with-wachovia-citi-and-wells-fargo/#comment-184474 SteveDH Mon, 06 Oct 2008 12:57:15 +0000 http://www.consumerismcommentary.com/?p=4102#comment-184474 Wachovia signed a promise that they would not negotiate with or enter into other agreements and Citi was feeding them cash. When the dust settles we'll all probably find out that the deal wasn't so much about the shareholders, employees, and the American taxpayer as it was about the boards executives. Wachovia showed that it lacks basic honesty in its business dealing. What about the depositors and investors doing business with Wachovia. Will the promises to them be so easily broken? Wachovia signed a promise that they would not negotiate with or enter into other agreements and Citi was feeding them cash. When the dust settles we’ll all probably find out that the deal wasn’t so much about the shareholders, employees, and the American taxpayer as it was about the boards executives. Wachovia showed that it lacks basic honesty in its business dealing. What about the depositors and investors doing business with Wachovia. Will the promises to them be so easily broken?

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