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Old 12-21-2008, 11:44 AM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,273,958 times
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Quote:
Originally Posted by CouponJack View Post
You can be scott free legally , but ethically this guy has blood on his hands IMO....I know if I made a decision and performed so poorly to put thousands out on the street, (and still be filthy rich), I'd try to do something to help those people out.....that's just me.

I agree. I'd live the rest of my life feeling personally responsible for those losses as well. Yeah, he was warned about the risks, yeah, he gambled huge (which you can make an argument for ethics and taking chances with thousands of people's jobs), but the flip side is well...what if he gambled and won? What if this entire mortgage crisis doesn't happen?

All hindsight at this point.
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Old 12-21-2008, 12:12 PM
 
Location: State of Being
35,885 posts, read 67,023,037 times
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For all those who have been - or will be - touched by Wachovia's situation - it will most likely have a profound effect on their lives. Job loss, especially in this economic climate, turns lives upside down.

The fallout is hard to calculate or even anticipate. All I know is, for each person who will lose his/her job, it will be quite devastating - at least for a while. For some, it could mean long term unemployment and tremendous financial loss. Others, it could mean changing fields. These are life-altering situations.

We are in the midst of all this right now, and so no one can truly ascertain the depth of what is taking place around us. It will be several years down the road b/f anyone can truly assess what happened and how people's lives were changed b/c of it.
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Old 12-21-2008, 01:56 PM
 
4,677 posts, read 8,031,025 times
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Quote:
Originally Posted by drew0020 View Post
Unfortunately thats business. I realize some Wachovia employees fear layoffs, but look at everyone else out there who have already lost their jobs? Its a tough economy right now so I hope everyone can enjoy the holidays and that things slowly improve in 2009.

Plus when you think things are that bad be thankful that you have your health. It really puts things in proper perspective!
The truth could not be made any plainer
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Old 12-21-2008, 05:37 PM
 
Location: Wouldn't you like to know?
9,114 posts, read 15,641,651 times
Reputation: 3690
Quote:
Originally Posted by BrianH1970 View Post
I agree. I'd live the rest of my life feeling personally responsible for those losses as well. Yeah, he was warned about the risks, yeah, he gambled huge (which you can make an argument for ethics and taking chances with thousands of people's jobs), but the flip side is well...what if he gambled and won? What if this entire mortgage crisis doesn't happen?

All hindsight at this point.
I understand that if he gambled and won, I'm not typing that previous message.

Also, its not like the risks weren't there. GW was doing extremely risky loans in '05 & '06....basically giving loans to anyone w/a pulse. I understand its a little easier to play MMQ, But he didn't win and one person (Thompson) put a ton of people on the streets. (and walked away w/millions which is another kick in the teeth)...how do you not feel dirty after doing something like that? Couldn't you at least make an effort to help out some you put out??

Brian, I'm not arguing w/you, I'm just venting a point..it just seems like the wrong people always get rewarded..that's all
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Old 12-21-2008, 05:45 PM
 
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Folks.. all is not lost. Wells Fargo must establish an East Coast base of operations. The infrastructure in place will be kept and possibly expanded. Yes, there will be layoffs, unfortunately, and our hearts must go out to those affected. However, there will be new opportunities that come from this merger. Since Wells currently has no Eastern presence, many of the people in place will be retained.

I do not know this for fact, lets just say I know someone who works for Wachovia, and this is the word being passed down. and no, I am not a Wells Fargo employee!
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Old 12-21-2008, 05:58 PM
 
Location: Charlotte, NC
7,041 posts, read 13,106,172 times
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Quote:
Originally Posted by brunzca View Post
Folks.. all is not lost. Wells Fargo must establish an East Coast base of operations. The infrastructure in place will be kept and possibly expanded. Yes, there will be layoffs, unfortunately, and our hearts must go out to those affected. However, there will be new opportunities that come from this merger. Since Wells currently has no Eastern presence, many of the people in place will be retained.

I do not know this for fact, lets just say I know someone who works for Wachovia, and this is the word being passed down. and no, I am not a Wells Fargo employee!
Brunzca, that might be well and good, however, we are still loosing the prestige and honour of having a home-grown company as our actual headquarters...not an eastern branch of a CA bank. I am not sure that Wells is going to keep very many folks, reading the announcements of who will be running the show and it is Wells Fargo people all the way and no indication of where each department will be headquartered.

Bottom line, Wachovia was a great company for this city, and for it's employees. It's demise is one that should be acknowledged as being a very sad ending to an era. I, for one, will miss that Wachovia blue and will find that red Wells Fargo sign to be somewhat jarring.
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Old 12-21-2008, 06:19 PM
 
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I can understand that.. I have known Wachovia to be a wonderful company, and hope that Wells Fargo chooses to adopt many of their practices! Wachovia has long had a superior customer service rating, and if Wells wants to continue their success, they may well change.
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Old 12-21-2008, 06:45 PM
 
Location: Charlotte, NC
2,193 posts, read 4,535,870 times
Reputation: 1072
Quote:
Originally Posted by CouponJack View Post
I understand that if he gambled and won, I'm not typing that previous message.

Also, its not like the risks weren't there. GW was doing extremely risky loans in '05 & '06....basically giving loans to anyone w/a pulse. I understand its a little easier to play MMQ, But he didn't win and one person (Thompson) put a ton of people on the streets. (and walked away w/millions which is another kick in the teeth)...how do you not feel dirty after doing something like that? Couldn't you at least make an effort to help out some you put out??

Brian, I'm not arguing w/you, I'm just venting a point..it just seems like the wrong people always get rewarded..that's all

I agree. What I feel should happen is the exact same thing that would happen to a small business owner. If the small business owner took heavy risks and lost all the money, he would be bankrupt. He wouldn't STILL walk away with millions. He'd go under, the business would be gone and the employees would move on to something else.

Corporations though are heartless, corporations don't care about others.
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Old 12-21-2008, 08:11 PM
 
Location: Some got six month some got one solid. But me and my buddies all got lifetime here
4,551 posts, read 9,273,958 times
Reputation: 2121
Quote:
Originally Posted by CouponJack View Post
Brian, I'm not arguing w/you, I'm just venting a point..it just seems like the wrong people always get rewarded..that's all

I know what you're saying and I'm not arguing either. I pretty much agree with what you've said here. I know his moves ultimately cost me my job at Wachovia this year, but what's done is done. Having the feds investigating the GW deal is a complete waste of time and money. Thompson got his parachute, the Sandlers got their money from Wachovia, the rest of us are left still looking for work. I can either shake my fist and yell, "You dirty rat bastard", or dust myself off and move on. I do have a belief in Karma. I'll move on with my life, he'll get his.

Just one thing though: If Wells Fargo didn't buy Wachovia this year, they would have bought them eventually, mortgage crisis or not, Golden West deal or not. It's not like the Wells name was brand new to the Wachovia mix either. The marriage was bound to happen at some point, it just wound up being rushed.
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Old 12-21-2008, 08:38 PM
 
Location: Charlotte,NC, US, North America, Earth, Alpha Quadrant,Milky Way Galaxy
3,769 posts, read 6,753,253 times
Reputation: 2109
Quote:
Originally Posted by chicagocubs View Post
Brunzca, that might be well and good, however, we are still loosing the prestige and honour of having a home-grown company as our actual headquarters...not an eastern branch of a CA bank. I am not sure that Wells is going to keep very many folks, reading the announcements of who will be running the show and it is Wells Fargo people all the way and no indication of where each department will be headquartered.

Bottom line, Wachovia was a great company for this city, and for it's employees. It's demise is one that should be acknowledged as being a very sad ending to an era. I, for one, will miss that Wachovia blue and will find that red Wells Fargo sign to be somewhat jarring.
While that's true, Wachovia will be a California run bank with California based management. There will however be a lot of re-shuffling internally to Wachovia and NC employees, there will be layoffs but it may not be *as bad* as some may think. There are actually open recs to be filled internally at Wells and utilizing Wachovia people is the first option. However if you are a Wachovia employee, I'd say you have until March 2008 to get your plan B together. We've had well over a year of knowing this was going to happen, o no one should feel like they were caught off guard.
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