Goodbye to Wachovia (Charlotte: 2009, foreclosed, houses)

[chicagocubs]

This year has been a horrible year for this bank. We can banter about and say whose fault it was/is, and carry on about the shareholders loosing their shirts with the bottom-scraping share prices...But, at the end of the day, Charlotte is loosing a major banking headquarters in just a few weeks. The city will suffer this loss because it was a home-grown institution that made it big; and thus, that prestige will no longer be "ours". Employees are sure to suffer, although numbers are not yet known. Quite honestly, they have already suffered though the months of being in limbo and the emotional highs and lows throughout this mess.

It is like a death in the family of Charlotte. Good or bad, I am mourning the loss of this (formerly) great institution.

[CouponJack]

I know several people who work for the bank who all fear their jobs will be lost soon...

Not a good feeling....

[adavi215]

This is a good point Chicago. Wachovia and First Union for that matter were homegrown NC banks. I am sad to hear about this happening. But in the end, this will better Charlotte because we will adapt and improve as a city, just like we did from cotton mills to textiles to manufactoring to distribution to banking to the future. I wish those affected best wishes and I hope they gey duly compensated until then.

[CouponJack]

If Ken Thompson had a soul, he'd take the millions from the golden parachute he got and try to help out the people he put on the streets...

Just another Bernie Madoff IMO....

[chicagocubs]

Well, an article I read recently said that the Feds were investigating the whole lot; the Sandlers, Golden West as well as Thompson & clan. There might be justice, but, it will be too late.

[BrianH1970]

Originally Posted by CouponJack

If Ken Thompson had a soul, he'd take the millions from the golden parachute he got and try to help out the people he put on the streets...

Just another Bernie Madoff IMO....

Ken Thompson didn't break any laws in acquiring Golden West. If he was convinced that the deal would ultimately cost him his job and bring Wachovia down, he never would've gone forth with it. Bernie Madoff intentionally stole billions from his clients. Big difference.

[drew0020]

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!

[CouponJack]

Originally Posted by BrianH1970

Ken Thompson didn't break any laws in acquiring Golden West. If he was convinced that the deal would ultimately cost him his job and bring Wachovia down, he never would've gone forth with it. Bernie Madoff intentionally stole billions from his clients. Big difference.

I know and understand that. Legally Ken Thompson will hide behind the fact (like all CEO's do) that these terms were negotiated long ago yada, yada yada....

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.

[Hoagie58]

Originally Posted by drew0020

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!

Gee, I would have never thought to look at it that way! Hey honey- dont sweat losing your job at Wachovia, because hundreds of others before you already have!

Dont worry that the house might be foreclosed on, because hundreds of others before us have had their houses foreclosed on!

Dont worry about having to live in a box under a bridge somewhere, because hundreds of others already do!

Hey, and we always have our health- as long as we dont freeze to death!!

Boy, you're right! When I put it in perspective I almost feel celebratory at the thought of my DW losing her job!

[drew0020]

Originally Posted by Hoagie58

Gee, I would have never thought to look at it that way! Hey honey- dont sweat losing your job at Wachovia, because hundreds of others before you already have!

Dont worry that the house might be foreclosed on, because hundreds of others before us have had their houses foreclosed on!

Dont worry about having to live in a box under a bridge somewhere, because hundreds of others already do!

Hey, and we always have our health- as long as we dont freeze to death!!

Boy, you're right! When I put it in perspective I almost feel celebratory at the thought of my DW losing her job!

Thats the Christmas spirit at work. Geez! I didnt say not to worry, but just to put it in perspective.