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Old 01-16-2009, 06:45 PM
 
Location: State of Being
35,885 posts, read 67,193,442 times
Reputation: 22375

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Quote:
Originally Posted by Jonypon123 View Post
Bank of America and Wachovia are Charlotte's backbone,
With them gone, the city will lose a lot of what makes it Urban, and stand out from Raleigh.
I do think that if the banks fall, then Raleigh will eventually catch up with Charlotte, maybe in 40 years?

But
Bank of America's losses weren't as bad as expected, and with all the extra money pouringg in, they'll get back on track soon.
Yep, you are so on target. Once the banks all leave and take their buildings with them, we will be rolling up the streets of Charlotte and >POOF< Charlotte will exist no more.
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Old 01-16-2009, 09:41 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,677,355 times
Reputation: 3695
I read this today.....

Todays Outrage: Bank of Americas Secret Backroom Bailout: Tech Ticker, Yahoo! Finance

Just disgusting....the whole thing.

Who do you believe anymore? The banks all lie, Paulson, the whole bunch. Ken Lewis is just a clone of Ken Thompson.........no one knows where all of OUR money is going...their all criminals in my book.

Now I'll get off my soapbox.
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Old 01-16-2009, 09:47 PM
 
Location: Charlotte, NC
7,041 posts, read 13,132,403 times
Reputation: 2324
and, all the while, they refused to help Wachovia...
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Old 01-16-2009, 11:15 PM
 
6,272 posts, read 10,029,488 times
Reputation: 4724
Quote:
Originally Posted by big mean bear View Post
Bank of America. The bigger they are, the harder they fall? Isn't there an inherent risk in Charlotte putting all of its eggs in Bank of America's basket? What will happen to Charlotte if they go under?
Well, I seriously doubt Charlotte will stop growing. Atlanta lost it's title as the financial center of the south to Charlotte (back when Atlanta was nearly the size of present day Charlotte) and Atlanta has done quite well since then. Asking the question "What will happen to Charlotte when the banks go?" is about as silly as asking "What will happen to Charlotte if it lost the Headquarters for Nascar and US Airways?" Well guess what folks, Charlotte is NOT the HeadQuarters for either US Airways or Nascar yet both are major players in Charlotte anyway. Some of our newcomers need to understand that banking is not Charlotte's only claim to fame nor is it the sole catalyst for growth in Charlotte. Here is Charlotte's population growth over the decades.

Historical populations for Charlotte
1880 7,094
1890 12,000
1900 19,000
1910 34,000
1920 70,983
1930 85,864
1940 100,899
1950 134,042
1960 201,564
1970 241,178
1980 315,473
1990 395,934
2000 540,828

2010 will put Charlotte at about 700,000. The growth rate from 1990 to 2010 (the banking years for Charlotte) isn't even close to the rate of growth Charlotte saw from 1900 to 1920. From 1940 to 1960, Charlotte's population doubled. Charlotte's population NEVER doubled in 20 years during the banking days. Charlotte even posted positive growth during the Great Depression!!! Over the years, Charlotte has seen the rise and fall of many industries and still kept growing. As long as the American South continues to boom, Charlotte will continue to be one of the booming leaders. Why on Earth would someone bet against a community with over 120 consecutive years of steady growth!!!

Last edited by urbancharlotte; 01-16-2009 at 11:53 PM..
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Old 01-17-2009, 08:38 AM
 
Location: Boone, NC
1,155 posts, read 3,149,292 times
Reputation: 282
Quote:
Originally Posted by CouponJack View Post
I read this today.....

Todays Outrage: Bank of Americas Secret Backroom Bailout: Tech Ticker, Yahoo! Finance

Just disgusting....the whole thing.

Who do you believe anymore? The banks all lie, Paulson, the whole bunch. Ken Lewis is just a clone of Ken Thompson.........no one knows where all of OUR money is going...their all criminals in my book.

Now I'll get off my soapbox.
Yup, exactly the reason I closed my B of A Visa card yesterday and opened a checking account with another bank NOT mixed up in all this bailout garbage, in preparation of closing my B of A checking account in PROTEST of their despicable actions. I wish all B of A customers that could do so would also join the protest and take their money elsewhere.
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Old 01-17-2009, 08:38 AM
 
249 posts, read 798,572 times
Reputation: 97
Quote:
Originally Posted by chicagocubs View Post
Well, I don't wish any bank ill (after all, I work for one) but, I guess that this was a wake-up call for BOA who was, IMO, acting pretty arrogant prior to this. Also, I really agree that the CW purchase will become THEIR Golden West. (if it hasn't already)
There are HUGE differences between the Golden West and Country Wide deals. There is no comparison when you look at how much was spent on Golden West, Wachovia bought them right before the subprimes were about to blow at the peak of their value. Now that's not to say CW may turn out to be a good investment for BofA, I don't think anyone knows at this point... but the amount invested in the deal is trivial compared to GW.

In regards to ML, BofA wanted to walk away from the deal at one point but the gov't basically "enticed" them not to for the greater good of the overall economy. Not saying BofA is perfect, because they're not, but what will happen next in this lousy economy is anyone's guess.
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Old 01-17-2009, 08:40 AM
 
Location: CLT native
4,280 posts, read 10,055,476 times
Reputation: 2270
Quote:
Originally Posted by jdljr View Post
yup, exactly the reason i closed my b of a visa card yesterday and opened a checking account with another bank not mixed up in all this bailout garbage, in preparation of closing my b of a checking account in protest of their despicable actions. I wish all b of a customers that could do so would also join the protest and take their money elsewhere.
+1
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Old 01-17-2009, 08:52 AM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,677,355 times
Reputation: 3695
Quote:
Originally Posted by New2Charlotte View Post
There are HUGE differences between the Golden West and Country Wide deals. There is no comparison when you look at how much was spent on Golden West, Wachovia bought them right before the subprimes were about to blow at the peak of their value. Now that's not to say CW may turn out to be a good investment for BofA, I don't think anyone knows at this point... but the amount invested in the deal is trivial compared to GW.

In regards to ML, BofA wanted to walk away from the deal at one point but the gov't basically "enticed" them not to for the greater good of the overall economy. Not saying BofA is perfect, because they're not, but what will happen next in this lousy economy is anyone's guess.
It doesn't matter what was spent on Countrywide. A bad deal is a bad deal.

Time will tell, but it looks like he's 0 for 2 here.....

Yes, Govco "enticed" BofA, but again, Lewis did not have a gun to his head. I don't care if they offered him a trillion dollars, He didn't HAVE to do the deal. Now he's got these two companies that he's got to make work. Good luck...
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Old 01-17-2009, 10:31 AM
 
Location: Charlotte, NC
7,041 posts, read 13,132,403 times
Reputation: 2324
Quote:
Originally Posted by CouponJack View Post
It doesn't matter what was spent on Countrywide. A bad deal is a bad deal.

Time will tell, but it looks like he's 0 for 2 here.....

Yes, Govco "enticed" BofA, but again, Lewis did not have a gun to his head. I don't care if they offered him a trillion dollars, He didn't HAVE to do the deal. Now he's got these two companies that he's got to make work. Good luck...
And, CW was (is) bigger and encompassed a larger share of the bad (toxic) loan market. I worked there for a small three month time period quite a few years ago and was appalled at the way they underwrote and approved loans. The potential for massive losses is far greater than the GW deal. The thing that brought Wachovia down was not what was paid for GW, but the loans themselves. Little known fact: CW also offered negative am mortgages as well as doing a lot of other questionable practices. That is why they are also under scrutiny by the feds. I think that the combination of CW & ML will bode badly for BOA and they will have a tough time getting through this.
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Old 01-18-2009, 07:44 AM
 
Location: Charlotte, NC
7,041 posts, read 13,132,403 times
Reputation: 2324
Hmmmm.


BofA's Ken Lewis faces growing pressure over deals | CharlotteObserver.com (http://www.charlotteobserver.com/597/story/480215.html - broken link)
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