Citi acquires Wachovia

[S592R]

And they only get larger ... and fewer. Which only exposes the country to greater risk from the decisions of the few. :bored Read in an article that the 700b package has a special provision on assets purchased during m/a or bankruptcy where a holder can actually sell them to the government for MORE than they paid for them!!! Ok, so the Gov. is financing the front side of this transaction and then the back side also! What needs to happen as a part of this is a plan to put MORE banks into the system and to prevent further m/a activity of the large banks.

fast and loose ... fast and loose. :bs

 

[Kayvan]

Same thing happened during the S&L crisis/RTC.

Actually, buyers of the Loans could put back bad loans to the Govt with an insured Put with zero risk, fully backed by the FSLIC, (S&Ls FDIC)

They bought loans at 85-99 and sold them all day long at 102-112, with no risk.

GlenFed, HomeFed, Calfed, Centrust, M-Bank, First Gibraltar, Carteret, Lomas were a few...

PE & billionaires took advantage of this window for a few billion b-4 loophole was closed.

 

[S592R]

yeah .... I'm trying to confirm things I read in an article and trying to get a copy of the bill. If true there are more than just a few loopholes in it .... and need to be closed before another down turn occurs.

Truth is the USA has a AAA credit rating because the world needs us too ... once that need is no longer needed then we will be discarded like a used diaper. We need to turn from a nation of debtors to a nation of savers.

 

[anya]

Wachovia

Hope my 1031 will still be financed!:frown