Charlie Gasparino reports that Citi and Wells Fargo execs are in meetings right this second trying to come to a compromise on Wachovia, with one major point of contention being who gets the mid-Atlantic state deposits. And, in an excellent turn, both sides are apparently just now figuring out that some of the bad assets they might have to take in a WB split are, like, really bad. You know, like the kind that could lead to a near collapse of a bank.
Citi And Wells Fargo Talks Reveal Stunning New Insights RE: Wachovia
Posted by Bess Levin, Oct 09, 2008, 1:13pm
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Posted by guest , Oct 09, 2008 1:18PM
Charlie is such an ace reporter. Did he remember to say that it was a fluid situation?
Posted by guest , Oct 09, 2008 1:18PM
shut the fuck up 1
Posted by guest , Oct 09, 2008 1:20PM
@2 - amazing that you can type with a dick in your mouth...
Posted by guest , Oct 09, 2008 1:20PM
Is the conversation RE: the bad assets going like this?
Citi: "You take them!"
WF: "No, you wanted them so bad so you take them!"
Citi: "Mommmmmmy..."
or maybe
Pandit: "I'm rubber you're glue, bad assets bounce off of me and stick to you..."
Posted by guest , Oct 09, 2008 1:30PM
It will be pretty funny if Citi leaves Wells holding this bag.
Posted by HAM05 , Oct 09, 2008 1:32PM
@2 stop posting as guest charlie
Posted by guest , Oct 09, 2008 1:56PM
This is serious stuff. It is a corporate custody battle. Pay attention. Let's see who is the better parent?
Posted by guest , Oct 09, 2008 1:57PM
Any idea what Citis Lehman CDS exposure is?
Posted by guest , Oct 09, 2008 1:58PM
Hard to imagine there could be more downside surprises in what Whack's assets are worth. But then again, LEH was apparently using fantasy marks on commercial real estate as late as their last Sunday.
Posted by diablo , Oct 09, 2008 1:59PM
one more time, gaspar doesn't know shit.
Posted by guest , Oct 09, 2008 2:00PM
There is no transparency. None. Everyone is holding their cards close to the vest. I wonder if they, even in that room, know everything there is to know about Wachovia.
Posted by guest , Oct 09, 2008 2:04PM
Why are the credit cards suddenly going bad? Did you people stop paying your cards? Yesterday it was your porche loans and today your cards? Why? Why? Why?
Posted by guest , Oct 09, 2008 2:05PM
@ 12
What do you mean, "you people"?!?
Posted by diablo , Oct 09, 2008 2:05PM
one more time, gaspar doesn't know shit.
Posted by beentheredonethat , Oct 09, 2008 2:13PM
The not so funny part of this WB, C, WFC clusterf*ck is the unbelievable fact, and most probably actionable, is that WB is not really party to the talks. The talks are between WFC & C over the carcass of WB. Exactly how are they going to learn where the bodies are buried on the balance sheet if WB isn't even in the room. That would be a failure in due diligence and fiduciary responsibility.
Posted by guest , Oct 09, 2008 2:15PM
diablo-- one more time.
Posted by guest , Oct 09, 2008 2:26PM
porch loans are going bad, too? this is new to me. What's next lawn ornament repos?
Posted by diablo , Oct 09, 2008 2:27PM
@16
In what respect, Charlie?
(wink, wink)
Posted by Henry Ryecroft , Oct 09, 2008 2:36PM
Go make me a gobagool sandwich, Charlie.
Posted by guest , Oct 09, 2008 2:37PM
"Is there another Ashley answering the phone?!"
"You must be gorgeous!"
-Juice N.
Posted by guest , Oct 09, 2008 2:41PM
"What do you mean, "you people"?!?"
meant nothing bad, consider the board a familiar place. refer to my friends as "you people" as "you people better get your act together and just decide where we are all going tonight".
Posted by guest , Oct 09, 2008 2:43PM
#15, why do companies always do things that are not logical?
Of course WB should be there. Sheesh that is a no brainer.
Posted by beentheredonethat , Oct 09, 2008 3:02PM
@22
Is the market telling us $7 a share bid from WFC is no longer on the table? Seems so. (7 + 1) / 2 seems to be the new reality.
Posted by Anal_yst , Oct 09, 2008 3:13PM
@ 17
Porsche, Mercedes, BMW North American sales are all down 30%+ y/y. Part of this (porsche, benz) is the E class mercedes and porsche 911 are at the end of their model cycle, but lets not fool ourselves into thinking such dynamics explain anywhere close to the majority of that sales decline
Posted by guest , Oct 09, 2008 3:19PM
Porsche 997 life cycle doesn't end until the 998 (real version, not the facelift -- "997.2") comes out which is the end of 2010 to 2011. Get your facts straight.
Posted by Anal_yst , Oct 09, 2008 3:26PM
@ 25
I should have clarified that my bad, working on a model between services just wanted to shoot out a quick comment (i.e. ADD is winning)
Posted by beentheredonethat , Oct 09, 2008 3:32PM
I am glad you are all up on your Porsche minutiae. Very marketable skill going forward. You may prove yourselves invaluable to the neighborhood repo man who may be confused about such matters.
Posted by beentheredonethat , Oct 09, 2008 3:36PM
@22
I am beginning to think that WB believes if they can get a buck for the company, they are ahead of its true net worth. Methinks WFC is rapidly coming to the same conclusion, deposit base notwithstanding.
Posted by guest , Oct 09, 2008 4:47PM
@ 27 - stick to your old Pontiac Grand Am
Posted by beentheredonethat , Oct 09, 2008 5:02PM
@27
I inherited my Grandfather's Edsel, bought my Dad's Pinto, and have been enjoying my own first new car, the Yugo. The latter is just for in town.