Official Wachovia Death Watch Thread (Charlotte: appointed, foreclosed, lease)

[massageman]

Wachovia's common stock went into single digits yesterday and was down again big today, but is bouncing up somehow. Post your comments and predictions on the death of the nation's fifth largest bank here.
What price will the Fed/Treasury find a savior for this sinking ship? $2 a share, $5 or was a buyer found today, for $10, like Bear Stearns? Or could this be the bottom of the stock's crash and the time to buy a company that will still be known as Wachovia?

What percent of the HQ employees will be laid off, 0%, 50%, 100%? Or do some still think a JP Morgan Chase is really going to keep thousands of jobs in Charlotte, when people already do the SAME jobs in NY for the company? What will happen to the Wachovia building, does any Charlotte firm need that much space? Think the city can buy it to consolidate offices or will it be subdivided by floor and leased to smaller companies?

Do you know any innocent employees, nice people that didn't sell or trade mortgages that are about to lose their jobs? Do you know some pompous Wachovia employees or consultants, who's world is about to be turned upside down? Let us know when you see Wachovia employee homes go on the market for a loss, as it will be ironic, cosmic justice, since many of them were getting rich by ripping people off with "pick-a-payment" sleazy loans, that added to people's principals each month! How long will it be before the Observer does an Enron type article on someone that had half of their 401k in company stock and now lost it all? Watching this bank fail before our eyes will not be good for the region, although I got ripped a new one, when I mentioned it on another thread that was closed. Maybe no jobs will be lost, the bank will stay open as Wachovia and the region won't get hurt for the next few years, who knows.

[Hoagie58]

"Pick a payment" was a Golden West product. Wachovia only offered it after their acquisition. Certainly have it in for Wachovia, dont you? Are you Ken Thompson?

[JLK706]

My boyfriend just got a full time job (Was a contactor with Wachovia) and recently we bought a home so I really hope it's not as horrible as you make it sound.

Do you have it in for us? He is in IT and has nothing to do with banking.

[anifani821]

Assuming you are seriously posting this thread in anticipation of a death knell for Wachovia - I am put off by the jocular tone.

As we have discussed on this forum in the past, many people here in CLT have jobs tied to Wachovia . . . and making bets on whether or not Wachovia is going to remain viable seems rather a macabre pursuit to me.

[emagine]

Thank you for your most uplifting humor in your post about the future of Wachovia. Many people will be effected by what could become. As the wife of someone who was just hired, moved down from Canada I would hope your comments and thoughts will remain just as that - as opinions. If Wachovia should slide I would like to think the tone of your own thoughts would be dismissed and not deemed as a death.

[lovesMountains]

Originally Posted by massageman

Wachovia's common stock went into single digits yesterday and was down again big today, but is bouncing up somehow. Post your comments and predictions on the death of the nation's fifth largest bank here.
What price will the Fed/Treasury find a savior for this sinking ship? $2 a share, $5 or was a buyer found today, for $10, like Bear Stearns? Or could this be the bottom of the stock's crash and the time to buy a company that will still be known as Wachovia?

What percent of the HQ employees will be laid off, 0%, 50%, 100%? Or do some still think a JP Morgan Chase is really going to keep thousands of jobs in Charlotte, when people already do the SAME jobs in NY for the company? What will happen to the Wachovia building, does any Charlotte firm need that much space? Think the city can buy it to consolidate offices or will it be subdivided by floor and leased to smaller companies?

Do you know any innocent employees, nice people that didn't sell or trade mortgages that are about to lose their jobs? Do you know some pompous Wachovia employees or consultants, who's world is about to be turned upside down? Let us know when you see Wachovia employee homes go on the market for a loss, as it will be ironic, cosmic justice, since many of them were getting rich by ripping people off with "pick-a-payment" sleazy loans, that added to people's principals each month! How long will it be before the Observer does an Enron type article on someone that had half of their 401k in company stock and now lost it all? Watching this bank fail before our eyes will not be good for the region, although I got ripped a new one, when I mentioned it on another thread that was closed. Maybe no jobs will be lost, the bank will stay open as Wachovia and the region won't get hurt for the next few years, who knows.

Everyone is entitled to their own opinions - I just don't happen to agree with any of yours

The sky is NOT falling Chicken Little.

[CouponJack]

IMO, Wachovia is in prettty bad shape right now, however the thread is in bad taste.

It could've been asked in a much different way....

[Whytewulf]

It's bad but not that bad... Wachovia and many financial institutions will be changing, but they will not be going away. Wachovia still quite liquid.

[BrianH1970]

Being someone who's a self appointed expert in bad taste, this thread covers pretty much just that.

There are other threads that are debating the topic a little more intelligently than one putting an "official death watch" on a company.

For what it's worth, when a stock trades under 5 dollars a share, they become a candidate for government takeover. When a stock sinks that low basically has all but had it's equity destroyed with very little chance of a turnaround.

But we can copy and paste this post in a better thread.

[flexysteve]

Massageman, whats your gripe against Wachovia? You have quite a few posts that are anti-Wachovia and you hope to see them fail.

Did you get denied for a loan, or laid off from them or did someone there steal your girlfriend?

Lemme guess, Wachovia approved you for some adjustable rate mortgage that you didn't look into and just signed on the dotted line. When the payments jumped, you couldn't pay and got foreclosed and now it's Wachovia's fault. Boo hoo. Get over it.