« previous next »
Pages: [1]   Go Down

Author Topic: Citicorp has a temper tantrum  (Read 374 times)

Offline Nwbie

  • Gold Member
  • *****
  • Posts: 2022
Citicorp has a temper tantrum
« on: October 03, 2008, 03:03:17 PM »
Citicorp needs Fed money - Wells Fargo Doesn't - how will the fed react?
anyone want to setup a betting pool?

http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/wells_fargo_wachovia



Logged
Skuzzy-- "Facts are slowly becoming irrelevant in favor of the nutjob."

Offline Fangio

  • Zinc Member
  • *
  • Posts: 49
Re: Citicorp has a temper tantrum
« Reply #1 on: October 03, 2008, 03:09:58 PM »
I find this VERY interesting!

Wachovia first puts together a deal with some Fed help to sell all their banking operations to Citi. But the deal is not signed or finalized....   BUT,  Citi does have an agreement with Wachovia for exclusive rights to negotiate with Wachovia to put together a deal.

Then Wells Fargo makes Wachovia a MUCH better offer to buy up all the operations and this deal requires nothing from the Fed or Treasury its an entirely free market deal. 

Wachovia figures they are going to get sued either way.  If they take the Citi deal, the shareholders will sue for not maximizing their returns by taking the offer that yielded a higher return. If they take the Wells deal then Citi will sue saying Wachovia violated the exclusive negotiating deal.

So Wachovia is taking the bigger Wells Fargo offer and apparently will fight Citi by saying that they DID NOT negotiate with Wells Fargo, rather then simply accepted an offer that was put on the table with no negotiations required.....

My prediction?   Lots of lawyers are going to make LOTS of money!




Fang
Logged

Offline Curval

  • Plutonium Member
  • *******
  • Posts: 11572
      • http://n/a
Re: Citicorp has a temper tantrum
« Reply #2 on: October 03, 2008, 03:15:16 PM »
Quote from: Fangio on October 03, 2008, 03:09:58 PM
My prediction?   Lots of lawyers are going to make LOTS of money!

THAT is a safe bet.
Logged
Some will fall in love with life and drink it from a fountain that is pouring like an avalanche coming down the mountain

Offline oakranger

  • Plutonium Member
  • *******
  • Posts: 8380
      • http://www.slybirds.com/
Re: Citicorp has a temper tantrum
« Reply #3 on: October 03, 2008, 03:21:28 PM »
Quote from: Nwbie on October 03, 2008, 03:03:17 PM
Citicorp needs Fed money - Wells Fargo Doesn't - how will the fed react?
anyone want to setup a betting pool?

http://news.yahoo.com/s/ap/20081003/ap_on_bi_ge/wells_fargo_wachovia


 






Sounds like a "GOLDEN PARASUTE" for some of the top fat pigs.
« Last Edit: October 03, 2008, 03:23:41 PM by oakranger »
Logged
Oaktree

56th Fighter group

Offline Bodhi

  • Plutonium Member
  • *******
  • Posts: 8698
Re: Citicorp has a temper tantrum
« Reply #4 on: October 03, 2008, 03:33:19 PM »
Messed up.  But I agree, Wells Fargo was the better option.
Logged
I regret doing business with TD Computer Systems.

Offline Elfie

  • Platinum Member
  • ******
  • Posts: 6143
Re: Citicorp has a temper tantrum
« Reply #5 on: October 03, 2008, 04:05:00 PM »
Quote from: Bodhi on October 03, 2008, 03:33:19 PM
Messed up.  But I agree, Wells Fargo was the better option.

Wells Fargo is the better option by far for taxpayers since we don't have to put up any money for the buyout.

It also sounds like the deal with Citicorp wasn't finalized yet, so maybe Wachovia can actually back out of that agreement w/o getting sued.
Logged
Corkyjr on country jumping:
In the end you should be thankful for those players like us who switch to try and help keep things even because our willingness to do so, helps a more selfish, I want it my way player, get to fly his latewar uber ride.

Offline Chalenge

  • Plutonium Member
  • *******
  • Posts: 15179
Re: Citicorp has a temper tantrum
« Reply #6 on: October 03, 2008, 04:14:39 PM »
Wells Fargo has been a good investment since... forever.  :aok
Logged
If you like the Sick Puppy Custom Sound Pack the please consider contributing for future updates by sending a months dues to Hitech Creations for account "Chalenge." Every little bit helps.

Offline SirLoin

  • Platinum Member
  • ******
  • Posts: 5708
Re: Citicorp has a temper tantrum
« Reply #7 on: October 03, 2008, 06:21:43 PM »
City Bank was fined 3 billion dollars 4 years ago for fraud..They want bailout money now?
Logged
**JOKER'S JOKERS**

Offline Ripsnort

  • Radioactive Member
  • *******
  • Posts: 27260
Re: Citicorp has a temper tantrum
« Reply #8 on: October 03, 2008, 06:27:35 PM »
Wells Fargo carries our mortgage.

Speaking of which, if your bank that carries your mortgage goes tits up, does the new "owner" still carry the same interest rate? Just curious as I have 9 years left to pay on our house (and we're at 4.5% interest rate!)
Logged

Offline Hornet33

  • Gold Member
  • *****
  • Posts: 2487
Re: Citicorp has a temper tantrum
« Reply #9 on: October 03, 2008, 06:29:29 PM »
Yeah this one I'm watching. Wachovia is the outfit that handles my companies 401K accounts. They screw up my retirement plan, and I'm shooting someone :furious
Logged
AHII Con 2006, HiTech, "This game is all about pissing off the other guy!!"

Offline Urchin

  • Platinum Member
  • ******
  • Posts: 5517
Re: Citicorp has a temper tantrum
« Reply #10 on: October 03, 2008, 09:23:18 PM »
Yea Rip, the new owner keeps the same terms you had with the old one.
Logged

Offline lazs2

  • Radioactive Member
  • *******
  • Posts: 24886
Re: Citicorp has a temper tantrum
« Reply #11 on: October 04, 2008, 10:39:42 AM »
wells fargo carries what little is left on my home but my bank is a local conservative one that is not affiliated with any other.

lazs
Logged
Pages: [1]   Go Up
« previous next »