Wachovia has been raided. (stock)

[sterlinggirl]

Time for another run

[goodbyehollywood]

This isn't like IndyMac at all. It's about auction-rate securities, not mortgages. If it causes a run, then people are panicking for the wrong reason.

Traders are playing the stock for a quick buck. People late to the party are going to get burned. What a crazy market!

[bentlebee]

Originally Posted by goodbyehollywood

This isn't like IndyMac at all. It's about auction-rate securities, not mortgages. If it causes a run, then people are panicking for the wrong reason.

Traders are playing the stock for a quick buck.

One thing can lead to another...for sure this won't be the last time they are going to look at certain deals at banks and maybe later at affiliated professions.

[goodbyehollywood]

Well, they're going to be looking at a lot of banks and I'll bet none of them will hold up under close scrutiny. There's been lots of funny stuff going on these past few years and most, if not all, of the banks have things they'd like to hide or downplay. People are soon going to realize that they can't pull their money every time the Feds take interest in a bank or its books. After another run or two, it will all become ho-hum.

Of course, mattress sales may rise.

[jimmyrocks]

Originally Posted by bentlebee

Jimmyrocks...don't worry

it's not much, I just use it as a checking account
I was more concerned that other banks might freeze ATM withdraws or something from that account, but I think it'll be ok.

[RTTNFAM]

Originally Posted by ShepsMom

I'll give them about 9 month to either be sold or close their lending dept. I also see Chase sign coming up!

Is Chase having troubles?

[bentlebee]

Originally Posted by jimmyrocks

it's not much, I just use it as a checking account
I was more concerned that other banks might freeze ATM withdraws or something from that account, but I think it'll be ok.

I guess we all need to have a little bit more cash just incase the creditcard machines in the stores will be out of order and we can't use the ATM's either

[teatime]

Originally Posted by RTTNFAM

Is Chase having troubles?

No, I think she was predicting that Chase would buy them out, too. Chase is strong.

[thebigr]

Oh No. I need to run to the bank and get my money and bring it home and stuff it in the safe. Do you think I should take a gun with?

[LaMadden]

Wachovia is a good bank that got tied up with west coast scum. My mom always said you are who you hang out with. Wachovia is my bank and I love them and they will be fine. I know for sure They have my money too.