Citibank vs Wachovia/Wells Fargo...in court!

[Mrs. P]

Originally Posted by BRKLYN2CLT

This is a bunch of crap!!! These huge banks fighting over a company, spending how much money? clogging up courts, while a lot of people live in limbo not knowing if they will have jobs!!! This is why our government needs to give 700B to the financial sector? They should have given the 700B to the citizens and let them spend it or invest it as desired! Instead we give tax payer money so they can blow it on private jets, mahogany desks, retreats, etc. This is corporate greed at it's worst!!!

Concur, and I ask myself, why oh why hasn't the upper mgmt been sued by shareholders for complete utter mismanagement? and be made to pay BACK to Wachovia's stockholders?

Wachovia's upper mgmt (which most have been replaced) should have to answer to the public. Just like Enron did.

Maybe instead of rewarding these greedy banking corporate employees, they should be made to answer to their employees and investors. They retire on millions of dollars of a contract buyouts for the men/women at Wachovia, these who made the decisions in the first place, to put Wachovia in the state they are in? Or gee, are they too busy getting their beach homes ready for winter?

[Miker2069]

Originally Posted by Mrs. P

Concur, and I ask myself, why oh why hasn't the upper mgmt been sued by shareholders for complete utter mismanagement? and be made to pay BACK to Wachovia's stockholders?

Wachovia's upper mgmt (which most have been replaced) should have to answer to the public. Just like Enron did.

Maybe instead of rewarding these greedy banking corporate employees, they should be made to answer to their employees and investors. They retire on millions of dollars of a contract buyouts for the men/women at Wachovia, these who made the decisions in the first place, to put Wachovia in the state they are in? Or gee, are they too busy getting their beach homes ready for winter?

I believe there was talk of just that, however in relation to the Goldenwest deal and Ken Thompson- investment deception on all that.

I tend to agree that seeing your stock tank to < $2 a share is no fun, at least from what I understand the Wach employees that have Wach stock in their 401K had limited exposure (meaning it's not 100% of their portfolio). But still it's terrible.