Posted by guest, Oct 10, 2008 12:55AM

first?

That's about $5.43 a share for WB which is today's high. Will this help?

Posted by guest, Oct 10, 2008 12:58AM

Where do I show up to start bidding on the WB swag?

-Dick in CLT

Posted by guest, Oct 10, 2008 12:58AM

"While we reiterate our great respect for Citigroup and its senior management and wish them well"

hahaha

Posted by guest, Oct 10, 2008 1:06AM

Oh wait, so WFC needs to trade down to 18.08 for the deal to be priced even-Steven at yesterday's close.

WFC 27.25
WB 3.60

Why is WFC paying such a huge premium? Are their shares going to open at 18.08?

Does anyone even care anymore?

Posted by guest, Oct 10, 2008 1:18AM

this deal is a big mistake...

Posted by guest, Oct 10, 2008 1:20AM

steel's a class act. anyone know if he's stay to run the i-bank/wealth mgt (ag edwards & evergreen)?

Posted by guest, Oct 10, 2008 1:28AM

Haha. Does Wachovia really put the interests of shareholders, customers and clients above their own passion for receiving facials?! Uh, no.

> The people of Wachovia have demonstrated
> firsthand that we always put the interests
> of our shareholders, customers and clients
> ahead of our own--even in the most difficult
> of times.

Posted by guest, Oct 10, 2008 2:14AM

This is going to be the biggest mistake in wells fargo's history,
Wachovia has 120 billion dollars worth of option arm loans on their books.

Posted by guest, Oct 10, 2008 2:44AM

Can someone please tell me how one goes about moving one's brokerage account? And can someone please tell me where the account would truly be safe?

Posted by guest, Oct 10, 2008 3:02AM

steel=piece of shiitte

Posted by guest, Oct 10, 2008 3:03AM

@10 call chuck schwab they will answer all your questions.

Posted by guest, Oct 10, 2008 3:10AM

A question:

If a hedge fund is going down when you get your money back, do you at least get your original investment back? My friend is beyond inebriated cause he learned his fund was going kaput today and he is crying and not understandable saying he won't get his original investment back. Could that be true?

Posted by guest, Oct 10, 2008 3:58AM

financialtraders blog has called a bottom for the DOW in the middle of the night.

"For the DOW that magic number is 8250. During the night only futures are open,
and they are trading at 8270, which is the equivalent in the cash market to the value of 8250. We can calling this a bottom."

Full article:

http://financialtraders.blogspot.com/2008/10/stock-market-crash-october-2008-bottom.html

I have not seen this guy miss even just once. Let us see how he will do for this one.

Posted by guest, Oct 10, 2008 4:23AM

Wonderful, short sell ban extended to 17th October.......................

Thanks Mr Cox!

Posted by guest, Oct 10, 2008 4:28AM

Idiots that say this is bad for wfc, tax benefit will be a multiple to the price wfc paid for wb (all u non investment bankers, call some one at well fargo securities to tell u how a multiple works

Wfc wants deposits and retail from wb, could care less about ibd, they may keep some arms and will prob have an ibd that is no longer more on the dl than the CIA

That being said, citi ur next, wfc will buy u too

Posted by guest, Oct 10, 2008 6:43AM

Ok. The contagion has officially spread to Japan.

Japan insurer collapse.

http://www.bloomberg.com/apps/news?pid=20601101&sid=a3ai_Qgp6uNI&refer=japan

Posted by guest, Oct 10, 2008 7:12AM

@13 Touch my monkey. Love him.

Posted by guest, Oct 10, 2008 7:13AM

#13

Yes, hedge funds are high risk investment vehicles and investors can lose their entire investment.

Sorry to break the bad news to you.

Posted by guest, Oct 10, 2008 7:49AM

#15 link?

Posted by guest, Oct 10, 2008 8:14AM

#9
WB has $120B in option arms? Thanks for the scoop chief! Idiot...

Posted by guest, Oct 10, 2008 8:56AM

This is a great deal for WFC. $25 billion in tax benefits in the next few years! also the combined company will have the largest national retail brokerage, more than BofA. Also, WB has more assets than WFC and a lot of high quality divisions. WFC/WB will be a very strong company.

Posted by guest, Oct 10, 2008 9:24AM

Suck it Citigroup.

Posted by guest, Oct 10, 2008 9:37AM

@9: The $122B OA portfolio is the LEAST of their worries.

A much bigger issue is the severity of losses on the rest of their $488B portfolio of loans.

Wachovia has shown NO ability or credibility in getting their arms around just how shitty the credit quality is with the rest of their $366B of other loans.

Why do you think C ran the fuck away? Wells is gonna regret this play.

Posted by guest, Oct 10, 2008 10:40AM

#24: Do you really think Citi is better at credit quality than Wells?

Posted by guest, Oct 10, 2008 10:46AM

9 That OA portfolio is not going to WFC at par. Lots of room for writedowns.

19 HF's are structured in a way that precludes amateurs from participating. Your response is far too earnest, given that the person asking is probably pulling your chain.

Posted by guest, Oct 10, 2008 10:54AM

@25 - Dumbass -Citi desperately needed the deposits but knew that Fed would backstop only so much in losses - then Citi got a real look at Wachovia's loans and found that they are pure shite.

WFC obviously thinks the IRS tax giveaway minimizes their downside risk.

Neither C or WFC has even a remote handle on evaluating the true credit quality or the extent of losses.

This will be a $7B transaction soon enough. Started at $15B - now $11.5B

Posted by guest, Oct 10, 2008 11:55AM

#27 - Let me get this right. WFC, one of the best run banks in the country, the only stock Buffett owns in his personal account outside of Berkshire, is going to risk WB's $500B loan portfolio for a tax break???

Come on, surely you have learned more as a 1st year analyst.

Citi will get their deposits either with a Nat City or US Bank merger. This was nothing more than the Fed telling Citi enough is enough - we will take care of you so get lost for now.

Posted by guest, Oct 10, 2008 12:16PM

#27 - Let me get this right. WFC, one of the best run banks in the country, the only stock Buffett owns in his personal account outside of Berkshire, is going to risk WB's $500B loan portfolio for a tax break???

Come on, surely you have learned more as a 1st year analyst.

Citi will get their deposits either with a Nat City or US Bank merger. This was nothing more than the Fed telling Citi enough is enough - we will take care of you so get lost for now.

Posted by guest, Oct 10, 2008 12:29PM

#28 AND # 29 - I guess as a noob you haven't quite mastered the "Post Comment" button yet ...

and ..."one of the best run banks in the country" 6 months ago would have been damning with faint praise and in today's environment is devoid of meaning.

Posted by guest, Oct 10, 2008 2:15PM

#30: On the contrary, this is why JPM, BAC and WFC are now the winners in this mess. They were and still are the best run banks in the country. They will dominate the landscape going forward.

Posted by guest, Oct 10, 2008 2:43PM

#31 - Wishful thinking ... operative word is "Now". In six months time you'll be saying 2 of them are the "best run banks" in all the land.

Nice to see you've mastered that "Post Comment" button though