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A city of Charlotte employee told me that their is now a hiring freeze within the city because of the situation with Wachovia. (The city's tax base is affected.)
I spent most of my day in the car listening to NPR. They are reporting that Citi is not pursuing the purchase anymore so Wachovia goes to Wells Fargo after all. However, Citi will be legally pursuing damages in the amount of 60 Million.
A city of Charlotte employee told me that their is now a hiring freeze within the city because of the situation with Wachovia. (The city's tax base is affected.)
Not just because of Wachovia, but because of the economy in general. Many municipalities are taking this stance, which is only prudent.
And people are getting too caught up with this “Wachovia’s being sold, it’s the end of the world” stance. When in reality, it’s probably best for Charlotte that they were sold. If they had remained independent there would have been just as many, if not more, layoffs locally and elsewhere. They had three alternatives, sell to Citi, sell to Wells, or go it alone. Without a doubt, selling to Wells was the best option in the long run for all; the employees, the shareholders, the city, etc.
I spent most of my day in the car listening to NPR. They are reporting that Citi is not pursuing the purchase anymore so Wachovia goes to Wells Fargo after all. However, Citi will be legally pursuing damages in the amount of 60 Million.
"I spent most of my day in the car listening to NPR" - well, there's your problem right there
I spent most of my day in the car listening to NPR. They are reporting that Citi is not pursuing the purchase anymore so Wachovia goes to Wells Fargo after all. However, Citi will be legally pursuing damages in the amount of 60 Million.
It's 60 Billion and not Million!!! Almost 27 times more than they bid for Wachovia!!!
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