So Dick K. of Wells Fargo just ended the conference call by saying, I shit you not: "I think you will enjoy the stage coach. Let's ride together." Back tracking slightly, the last questions from David Hilder of Putnam Investments were the ones we all wanted to ask.
DH: The name?
A: We think it's pretty obvious. IT'S GOING TO BE WELLS FARGO.
DH: Okay, and Bob Steel-- did WB have a binding agreement w/ Citi and do you owe Citi anything in compensation?
[really awkwardly long pause]
A: These calls are forward looking...but i'm sensing some controversy on this issue. [Ed.: oh are ya? sensing a little controversy?]
DH: Okay...but you can't speak to a binding agreement w/ Citi?
A. NO.
And now Charlie Gasparino is reporting that Citi is thinking of suing Wachovia.
Posted by guest , Oct 03, 2008 10:30AM
This is such a farce: Citi got an insane below-market, sweetheart deal for WB that completely screwed the WB shareholders. The only way that deal happened was under duress - pressure from the FDIC.
In this new Age of Wall Street Responsibility, how can Citi possibly claim their deal is better for anyone (other than Pandit)?
Step up and pay FMV or sit back down, Pandit.
Posted by guest , Oct 03, 2008 10:33AM
The CEO is speaking to Erin Burnett now on CNBC.
Posted by guest , Oct 03, 2008 10:41AM
Traditional bankers rule! Wall Street is so yesterday.
Posted by guest , Oct 03, 2008 10:41AM
We had a deal Wade! A deal's a deal!
/fargo
Posted by guest , Oct 03, 2008 10:43AM
Traditional bankers rule! Wall Street is so yesterday.
Posted by MarshallStack , Oct 03, 2008 10:47AM
Harvard MBAs apply for teller positions, dream of branch manager position.
Posted by guest , Oct 03, 2008 10:53AM
This pretty much says it all. No merger agreement - just an exclusivity agreement. Interesting that Citi has been providing liquidity support. Have to wonder how this affects Citi's dividend cut and announced capital raise.
http://biz.yahoo.com/bw/081003/20081003005424.html?.v=1
Posted by guest , Oct 03, 2008 10:53AM
WHERE'S THE MONEY LEBOWSKI!
Vikram is screaming at his underlings - YOU WANT A TOE - I'LL GETCHA A FUCKING TOE - I CAN GETCHA A TOE BY 3PM! YOU DON'T WANT TO KNOW HOW BUT I'LL GET ONE!
Posted by guest , Oct 03, 2008 10:56AM
This pretty much says it all. No merger agreement - just an exclusivity agreement. Interesting that Citi has been providing liquidity support. Have to wonder how this affects Citi's dividend cut and announced capital raise.
http://biz.yahoo.com/bw/081003/20081003005424.html?.v=1
Posted by guest , Oct 03, 2008 1:44PM
WFC to C.. wellovia
Posted by guest , Oct 03, 2008 2:56PM
You're out of your league, Donny.