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For insensitivity, Wachovia refuses to be outdone
As ailing Wachovia Corp. waits to see whether it will be acquired by Wells Fargo & Co. or Citigroup Inc. -- possibly with taxpayers paying the tab for hundreds of billions of dollars in bad loans -- some of the company's top brokers are preparing to depart Saturday for an all-expenses-paid cruise of the Greek Isles.
The weeklong trip for up to 75 employees of brokerage A.G. Edwards, which Wachovia acquired last year for nearly $7 billion, will also include spouses and significant others, said Teresa Dougherty, a Wachovia spokeswoman.
Indeed. Also
The TV keeps telling me that credit markets are frozen. Businesses can't get the loans they need to stay afloat. People can't get mortgages. But one groups seems to be doing just fine.
The NRCC just received an $8 million loan from Wachovia. The loan is totally unsecured, meaning if the NRCC defaults the bank gets NOTHING. That is about as sound an investment as giving a drunk some cash as he heads down to Tijuana.
So let me get this straight:
- Wachovia is on the brink of insolvency, to the point where is needs to be first sold to Citigroup with the help of the FDIC, only at the last minute to be bought by Wells Fargo.
- People cannot get mortgages and those are backed by houses, which while declining in price still have some value.
- But its financially sound to make unsecured multimillion dollar loans to their Republican buddies.
no subject
Date: 2008-10-12 08:29 pm (UTC)