Lost Wachovia, but Bank of America went up, right? And does it really matter? (Charlotte: real estate, 2009)

[soooma]

Hi, guys, I was reading a couple of Articles, and I understood that losing Wachovia headquarters in Charlotte? and no Wachovia no more anywhere else?

And the funny thing is that Wachovia GDP was last year 55 mUSD while Wells Fargo was 3 mUSD less,,,, so it was all about policies not just how much you make?

But, I was interested to know, after the GM and Ford hits and being in the top 10 and Bank of America is #9 on the list of Top 20 of the F500, So Bank of America might move up with it GDP of 119 mUSD to be the 7th???

So my question is?
There is no Wachovia no more in USA? and it is gonna be Wells Fargo? and does that mean? that Of course Charlotte lost one of it F500?

thanks just wondering,
and by the way way what does that mean for the city of Charlotte?

[MysteryMT]

Perhaps some background information will be handy, here is some light reading to review:

Wachovia

Goodbye to Wachovia
Official Wachovia Death Watch Thread
Wachovia Bank, Charlotte
Wachovia: what's the word on the street re: lay-offs?
Wachovia loses 8.9 Billion, and will layoff 6k+ workers

Bank Of America
Bank Of America Down 29% today
Bank of America Stock UP 29% today
Bank of America Job Cuts and CHARLOTTE
Bank of America to buy Merrill Lynch
Bank of America. The bigger they are, the harder they fall?


A Little of Wachovia & BoA
Lay-offs at Banks . . . quietly slashing the workforce?
Charlotte could lose Wachovia (and B of A) HQ
Lost Wachovia, but Bank of America went up, right? And does it really matter?

Real Estate
Possible Wachovia effect on real estate
Prices continuing a deeper slide
Buy now or later
Charlotte Housing Crash Well Under Way . . .

Impact on Charlotte
What would it mean to Charlotte, if banks are Nationalized?
Charlotte: the party's over?

Unrelated but Still Makes me Happy To think about
Woman, 70, Fights Off Intruders With Pan
Emeril to replace scrappy woman's saucepan
---
K so my method of copying and pasting threads and hoping they'd work as links failed miserably, sad panda, but CD does have a wonderful search engine to gain some other poster's opinions.

[jstubbspt]

BAC is insolvent. End of story.

WFC's troubles will be getting major air time as the year progresses. They bought out Wachovia to become too big to fail.

No such thing as too big to fail; perhaps too big to survive is more apt as these companies provide systemic risk to the country as a whole. Time to stop flushing taxpayer money down these black holes and go all Teddy Roosevelt on them and bust them up.

Sadly this won't happen until much more harm is done to our economy. We'll eventually do the right thing when we have no other options.

[Whytewulf]

Originally Posted by jstubbspt

BAC is insolvent. End of story.

WFC's troubles will be getting major air time as the year progresses. They bought out Wachovia to become too big to fail.

No such thing as too big to fail; perhaps too big to survive is more apt as these companies provide systemic risk to the country as a whole. Time to stop flushing taxpayer money down these black holes and go all Teddy Roosevelt on them and bust them up.

Sadly this won't happen until much more harm is done to our economy. We'll eventually do the right thing when we have no other options.

read the other posts... jstubb is pretty inaccurate about bofA being insolvent, they are paying their creditors and not going bankrupt. 2009 will suck for many companies.. taxpayer money is not going down the drain, stop being so sky is falling.

[CouponJack]

Originally Posted by Whytewulf

read the other posts... jstubb is pretty inaccurate about bofA being insolvent, they are paying their creditors and not going bankrupt. 2009 will suck for many companies.. taxpayer money is not going down the drain, stop being so sky is falling.

Its only natural to feel depressed when the company you're talking about has lost over 70% of its stock value YTD.

Can you please tell us why you constantly defend this company when it continues to go lower into an abyss?

Does someone have pictures on you or what?

[jstubbspt]

Originally Posted by Whytewulf

read the other posts... jstubb is pretty inaccurate about bofA being insolvent, they are paying their creditors and not going bankrupt. 2009 will suck for many companies.. taxpayer money is not going down the drain, stop being so sky is falling.

Bloomberg.com: Worldwide

How much more unrealized losses are going to be forthcoming from BAC as the housing market continues to slump? If BAC is not insolvent why do then need taxpayer money to continue to function. No one put a gun to Ken Lewis' head and forced the take over of Countrywide and Merril Lynch. If they're on such sound financial footing time to pay back the taxpayers and stop suckling at Uncle Sam's teat.

[anifani821]

The bottom line is - no one knows what the effect with be over time b/c of the banking situation here in Charlotte. So it is all just speculation. We know there are lay-offs occurring weekly, but each person's situation is different. Some people have assets and resources to draw on while they are out of work; others don't. Whether those lay-offs will have any direct correlation to foreclosures - all guess work.

There is a well-established multiplier effect that occurs w/ each lay-off in any given region. It is a domino effect. How this will affect us all here in Charlotte - again - who knows. Some people will move from the region; some people will find a job here and move into the region. Corporations who recognize the value in vacant commercial real estate may decide to move here, wh/ would create jobs.

These are all eventualities that no one can ascertain, regardless of what "experts" may predict. Statistical probabilities are just not gonna work on this situation b/c there are too many variables w/ each person's financial situation. If people are married, and the other spouse is working and they have money saved up or assets to be tapped into . . . that is very different from people who may be living paycheck to paycheck and have a mortgage that is burdensome.

So to answer the OP question . . . no one knows and anyone who says he/she does is just speculating, even if using "facts" and statistics.

As I have said before, in the end, it really doesn't matter. All each of has control over is our own personal situation. If you are someone who was heavily invested in bank stock, then you already know what the damage is . . . and if you are facing a layoff, you are making contingency plans and looking for work - probably anywhere you can find it, including outside the area. If you have already lost your job, you are trying to figure out how to survive until you can land a position. It all comes down to individual stories and no one can speculate how each person will find resolution to his/her personal situation.

[chicagocubs]

Also to answer the OP's question:

No, Wachovia IS no more.

Wells Fargo is the new owner.

[Whytewulf]

Originally Posted by CouponJack

Its only natural to feel depressed when the company you're talking about has lost over 70% of its stock value YTD.

Can you please tell us why you constantly defend this company when it continues to go lower into an abyss?

Does someone have pictures on you or what?

Stock Value does not indicate long term survivability. I am not defending BAC, I am trying expose more of the picture. The news is only negative and using words like insolvent, is not accurate. They have not failed or indicated any of their payments obligations. Yes BAC is hurting, like all financial institutions and many many other companies. So let's see how thier first quarter is. You say lower in the abyss, what makes you say this, do you have information no one else has? They made thier $402MM dividend payment, they don't want more money. No one forced them to take on Countrywide, but that may be paying off, Merrill, I don't know, lots of sketchiness there. I really have no idea, what will happen, if I did, well, I would need to worry would I? They could fail easily enough, but they aren't citi right now. So again, I think we just need to give a bit of time to the situation and let some of these companies work out of it. 2009 will be bad, no doubt, it will be bad for Charlotte. But hopefully we can survive and come our a tighter ship and catch up.

[BrianH1970]

Speaking of the sky always falling...

Originally Posted by CouponJack

Its only natural to feel depressed when the company you're talking about has lost over 70% of its stock value YTD.

Can you please tell us why you constantly defend this company when it continues to go lower into an abyss?

Does someone have pictures on you or what?

Hey Jack!!! Nice to see you this afternoon!!!!