Wachovia Bank (fka WB)

[whytestocks]

News; $WB Are These The Best Social Media Stocks To Buy Right Now? 3 For Your List

Top Social Media Stocks To Buy [Or Sell] In 2020 Social media has blown up in our society in the last two decades. It started with websites like MySpace and Friendster and allowed people to connect via the internet, which otherwise was not possible. Then Facebook came along and trul...

Got this from WB - Are These The Best Social Media Stocks To Buy Right Now? 3 For Your List

[whytestocks]

News; $WB Why Weibo Stock Jumped Today

Shares of Weibo (NASDAQ: WB) , a China-based messaging and content app, spiked today as investors likely reacted to news about September growth in China's economy. Weibos' stock was up by as much as 10.4% today but had gained 9.3% as of 2:34 p.m. EDT. The latest manufacturin...

In case you are interested WB - Why Weibo Stock Jumped Today

[whytestocks]

News: $WB Stock Markets Finish Sharply Higher for a Surprising Reason: China

The U.S. stock market came out of the holiday weekend with just as much upward momentum as it had last week. All three major market benchmarks gained ground, with the Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite picking up 1.5% to ...

In case you are interested WB - Stock Markets Finish Sharply Higher for a Surprising Reason: China

[whytestocks]

News: $WB Is Weibo Going Private in Response to Proposed Senate Rules?

China-based online media company Sina (NASDAQ: SINA) announced on Monday that it has received an offer to take the company private. Sina is the parent company of micro-blogging site Weibo (NASDAQ: WB) , best known as the Chinese equivalent of Twitter .  The take-private proposal ca...

Find out more WB - Is Weibo Going Private in Response to Proposed Senate Rules?

[whytestocks]

$WB bears are running Weibo Corporation Nasdaq Wb Short Squeeze

[whytestocks]

News: $WB Weibo Reports Second Quarter 2019 Unaudited Financial Results

BEIJING , Aug. 19, 2019 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB), a leading social media in China , today announced its unaudited financial results for the second quarter ended June 30, 2019 . "Weibo delivered strong user performance this quarter ," s...

In case you are interested Weibo Reports Second Quarter 2019 Unaudited Financial Results

[StockGod]

Its Wells Fargo now.

[tpg]

Hi did you received a papered work from attorneys office abt the law suit,

[FillTheGap]

What a great week to be short on WB!!!

[mordicai]

My next prediction is that Bush is going to pardon a bunch of administration/government officials and bankers before he leaves office so no criminal investigations/indictments can take place under the premise that although no wrong doing occured he wants to save these great public servants from defending their honor and incurring great legal expense. I listened to the interview of the state treasurer of north carolina today who made the point that Wachovia employed more people than General motors. He asked why was the fourth largest bank allowed to fail, but not the fifth, sixth, seventh,....? Politicians arranging sweet deals for their colleagues. Wonder how much Paulson will be paid for making speeches at future functions of the banks he has re-capitalized?

[carman09]

What do you think now "Genius"?

[gary_17368]

. . . uh; 'boom' as in 'bust'?

I don't think so... Twenty-five years ago I met a gentleman (a VERY wealthy local businessman) that kept a very low profile and led a quiet life. He told me "I made my fortune investing in Wells Fargo . . . anything that they touch will bring you rewards... so don't be afraid to ever invest in Wells Fargo". He was 97 years old when he passed two years ago.

I smiled (tongue-in-cheek...) and agreed with him and pretty much forgot about our conversation until a year or so ago, at which time I started investing in WF. I now wish I would have listened to him that 25 years ago...

[CyberGhost]

WB going boom

[meffi]

I think I have read in one article end of this year.

[azgard109]

anyone know when the merge will be complete.

[meffi]

Since WF did not withdraw their offer the shares are worth the exchange, i. e. 7 bucks once WB goes to WF.

[azgard109]

i have been seeing alot about wells fargo merging with wacovia. will that improve the price at all. i bought some at 6.42 i need it to go back up again.

[jweiskopf]

yes I do

[Bawz2wawz]

You do realize that Golden isn't really in jail don't you?

[Anticipating]

Wells Fargo profits better than expected



The bank reports that net income declined 25% but earnings beat forecasts; says merger with Wachovia on track to close by year's end.
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See all CNNMoney.com RSS FEEDS (close) Last Updated: October 15, 2008: 8:20 AM ET


Quick Vote
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NEW YORK (CNNMoney.com) -- Wells Fargo & Co. said Wednesday its third-quarter net income declined about 24%, but the results were much better than expected.

San Francisco-based Wells Fargo (WFC, Fortune 500) reported net income of $1.64 billion, or 49 cents a share, down 25% from a profit of $2.17 billion, or 64 cents a share in the same period a year ago. Analysts expected earnings of 41 cents a share, according to Thomson Reuters.

Revenue was $10.38 billion, lower than estimates of $10.96 billion, but up 5% from $9.85 billion in the year-ago quarter.

The news comes on the heels of a better-than-expected quarterly report from JPMorgan Chase (JPM, Fortune 500). The two banks have been widely acknowledged as being among the best-run during the credit crisis and neither bank has reported a loss during the past fee quarters.

Still, both financial institutions are slated to receive part of a $125-billion emergency injection of capital from the federal government in an attempt to unfreeze frozen credit markets. Wells Fargo will get $25 billion from the Treasury Department.

Last week, Wells Fargo said it plans to complete its purchase of Wachovia Corp. (WB, Fortune 500) by the end of the fourth quarter and the company reiterated that in its earnings report.

On Sunday, the Federal Reserve approved the $11.7-billion deal but it is still subject to the approval of Wachovia shareholders. No date has been set for that vote.

Shares of Wells Fargo rose about 3% in premarket trading Wednesday and the stock is up about 14% year to date, making it one of the few big bank stocks that has gained ground this year.

First Published: October 15, 2008: 8:19 AM ET

[stormy weather]

so interesting to note all that is going on with W as I drove by it this last week in So, Ca.

[dragon man]

did you see to day the wfc file suit to citi law suit? saw that in my broker account, do not remember if wachovia or were both .

[puckhead]

What happens to Wachovia DEP's?

Like WAVAP

[PennySlayer]

WASHINGTON (Reuters) - The Federal Reserve on Sunday gave its stamp of approval to the takeover of Wachovia Corp by Wells Fargo & Co of San Francisco, which had battled New York-based Citigroup for ownership of the wounded bank.

In an unusual Sunday afternoon announcement that appeared timed to precede the opening of shaky global financial markets, the Fed said it already had been in touch with the U.S. Department of Justice and banking regulators about the deal.

"Those agencies have indicated that they have no objection to the approval of the proposal," the Fed assured.

The fight between Wells Fargo and Citigroup over Wachovia, which is based in Charlotte, North Carolina, was acrimonious right up to the point when Citigroup finally backed out last Thursday.

It had drawn particular attention because it took place amid the frantic scramble by the U.S. government and regulators to devise ways for shoring up hard-pressed financial institutions, including through possible direct injections of capital into banks.

The Fed cited the "unusual and exigent circumstances affecting the financial markets, the weakened financial condition of Wachovia and all other facts" in its decision, saying it had shortened the usual notice period it generally gives regulators about such takeovers.

The deal could be completed in five days, the Fed said.

Wachovia was among the many regional banks that found itself in the grip of the credit crisis, holding large portfolios of toxic mortgages as the value of borrowers' homes dropped and they became unable to pay their loans.

After Citigroup dropped out last Thursday, the Fed said it would immediately begin considering Wells Fargo's bid for Wachovia and Sunday's approval came as little surprise.

[gary_17368]

re: "Believe me, WFC will walk away from this deal and leave empty hand to WB. "

May we ask what this prognosis of yours is based on; fact or fiction?

Personally I don't feel Wells Fargo made their offer just to "blow smoke" to throw off Citi.

[PennySlayer]

Here is the deal. maybe someone can read it to you so you understand.

1.Here is a copy of recent news regarding shareholder vote:
"CHARLOTTE, N.C. (AP) -- Wachovia Corp. said it won't seek shareholder permission to issue preferred shares as part of its acquisition by Wells Fargo & Co. in a move approved by the New York Stock Exchange.

The bank, which is being acquired by Wells Fargo for about $11.7 billion, said in a statement Friday that waiting to secure shareholder approval for the issuance would "seriously jeopardize the financial viability of Wachovia."

Shareholders will still vote on the acquisition deal, which much also receive regulatory approval."
2.I am not worry about Moody. It only puts WFC on a review. By the time they know that Buffett invested heavily in WFC and received a call from him, they will leave it unchanged.
3.I just read the article "Wells Fargo wins battle to claim Wachovia" in the New York times' Business section today. It said "Lawyers said that the $60 billion claim by Citi-group will not be easy to make. Wachovia and its board have strong defenses of their actions. Corporations have obligations to protect the interests of investors, and for Wachovia to ignore a higher bid for the company would arguably have been a breach of thoses duties.
Then there is the issue of the bailout legislation signed into law last week by President Bush. A provision in the legislation appears to invalidate bank acquisitions "in connection with any transaction" in which FDIC uses its authority....Wachovia is likely to argue that the bailout provision invalidated its agreement with Citigroup".
Moreover, the deal with Citi actually saved Citi who will be next in the domino fallout.
4. Also from the same article, it said "Richard M. Kovacevich, the chairman of Wells Fargo, said the merger was "simply an incredible fit that will carry on Wachovia's proud tradition of being one of the very best financial institution in the world".
Bottom line, WFC will never back out the deal no matter what happens in the next three weeks.

[puffyk]

Looks like you were wrong on this one

[dragon man]

cit want to much for for nothing and will go court but no 60 billion dollars it wants in law suite.

[European]

You can't bash with less than 10 total posts. LMAO!!!!

Euro

[hahawin]

"No Termination Fee, no liability" hints that WFC $15B buyout deal is fake. The real purpose behind the deal is to block Citi to acquire WB. $15B compare to $2B offer of Citi is way too much and too risk to take over. Believe me, WFC will walk away from this deal and leave empty hand to WB.

[puffyk]

Wachovia-Wells Fargo Deal Contains No Termination Fee >WBFont size: A | A | A6:45 PM ET 10/9/08 | Dow Jones
RELATED QUOTES


4:01 PM ET 10/9/08
Symbol Last % Chg
C 12.93 -10.21%
WB 3.60 -28.85%
WFC 27.25 -14.58%
Real time quote.

DOW JONES NEWSWIRES

Wachovia Corp. (WB) disclosed Thursday in a Securities and Exchange Commission filing that the proposed acquisition of the company by Wells Fargo & Co. (WFC) doesn't contain a termination fee.

According to a copy of the merger agreement attached to the SEC filing, if the merger pact is terminated by either Wachovia or Wells Fargo under certain specified circumstances, the pact "shall forthwith become void and have no effect, and none of Company (Wachovia), Parent (Wells Fargo), any of their respective Subsidiaries or any of the officers or directors of any of them shall have any liability of any nature whatsoever under this agreement."

Also, the pact specifies that neither Wachovia nor Wells Fargo will be relieved or released from any liabilities or damages arising out of its "knowing breach of any provision of the agreement."

On Oct. 3, San Francisco-based Wells Fargo agreed to pay $15.4 billion to buy all of Wachovia, which dashed Citigroup's bid to acquire the Charlotte company's banking operations. Citigroup had struck an agreement Sept. 29 in principle to buy Wachovia's banking operations, but Wells Fargo stepped in on Oct. 2 to buy all of Wachovia. Wachovia's board opted for the Wells Fargo deal, which it says is more favorable for its shareholders.

The three parties then got involved in a legal battle over the two deals to acquire Wachovia and, on Oct. 6, agreed to a litigation standstill agreement that initially was set to expire Oct. 8, but was later extended to Friday, 8 a.m. EDT.

Late Thursday, Citigroup said in a press release that an agreement couldn't be reached with Wells Fargo to give the two banks part of Wachovia. Citigroup also said it wouldn't try to block the merger of Wachovia and Wells Fargo.

Also, Citigroup, which said it remains willing to complete the transaction, said it plans to pursue its legal claims against Wachovia and Wells Fargo for breach of contract and for tortious interference with the contract.

[budgetthis]

After hours showing interest in adjusted valuation of $7.00.

Budget

[raynemadison]

Is it a bad idea to buy now? I heard it would be a good one as it should start going back up tomorrow.

[dragon man]

if wachovia got all those bad loans then winner will sell them to bailout program. to bad wachovia bought a certain bank that became the end of this find bank. look like some some at wb did go good job of inspecting west coat bank before wb sign the deal.

[dragon man]

UPDATE 1-Wachovia talks hit snag over division of assets-WSJ




(Adds details)
- Oct 9 (Reuters) - Talks between Citigroup Inc, Wells Fargo & Co and the
U.S. government over a way to divide Wachovia Corp between its two suitors were
hung up on several key issues Wednesday, The Wall Street Journal said citing
people familiar with the situation.
After looking deeper into Wachovia's books, Citigroup and Wells Fargo have
been surprised by the concentration of assets they regard as low-quality, the
paper said, citing the people.
Both banks are worried that buying even part of Wachovia could saddle them
with steeper losses than previously expected, the paper said.
The two would-be buyers have also been sparring over the computer system
used in Wachovia's retail branches, one person familiar with the discussions
told the paper.
Citigroup wants full control of Wachovia's system when the deal closes,
while Wells Fargo wants the system to be shared temporarily, the paper said.
People close to the discussions told the paper that they remain hopeful that
a deal can be reached.
A Citigroup spokesperson declined to comment.
Wells Fargo did not immediately return calls seeking comment.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Mike Nesbit)
Keywords: CITIGROUP/WELLSFARGO
[e-mail]
jlw

COPYRIGHT

Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.

[DrHarleyboy]

Tomorrow a roller coaster...last 2 minutes this went crazy with buys. Will be crazy again tomorrow with updates

[TripleL]

The drama continues... Everyone still watching and making a buck or two here with Wachovia, eh?

Sold all shares and hit nice green on progressive Oct. calls 5.00(.WBJQ) & 6.00(.WBJW) on Friday A.M. per previous set GTC's... SSWWEEEETT...

Still holding/sitting on Nov. calls 7.50(.WBKY)...

Believe it will work out somemore, eh?

All just in my opinion of course...

[MARKETEDGE]

WB was probably halted for an announcement due to Citigroup's lawsuit. JMO, news may be coming.

[halpern6]

wow...wb just halted.....!

[william2112]

halted...news coming

[RobNThaQC]

I hope so; for Wachovia and Charlotte's sake...

[PennySlayer]

That a boatload of crap. WFC will have 100% of WB by the weekend...eom....See shareholders

[RobNThaQC]

In the news regarding WB....

http://www.charlotteobserver.com/business/story/235935.html

[kumqwatt]

Press Release Source: Wells Fargo & Company

Wells Fargo Statement on Appellate Court Decision to Vacate Temporary Restraining Order
Sunday October 5, 9:57 pm ET

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC - News) issued the following statement this evening regarding Citigroup’s claimed exclusivity agreement with Wachovia Corporation:

“The appellate court has entered an order vacating Judge Ramos’s order of yesterday. We are pleased that the unfounded order entered yesterday has been vacated. Wells Fargo will continue working toward the completion of its firm, binding merger agreement with Wachovia Corporation.”

Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements about Wells Fargo and Wachovia and the proposed transaction between the companies. There are several factors – many beyond Wells Fargo’s control – that could cause actual results to differ significantly from expectations described in the forward-looking statements. Among these factors are the receipt of necessary regulatory approvals and the approval of Wachovia shareholders. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

For a discussion of factors that may cause actual results to differ from expectations, refer to each company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and Annual Report on Form 10-K for the year ended December 31, 2007, including information incorporated into each company’s 10-K from their respective 2007 annual reports, filed with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

MORE INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT

The proposed merger will be submitted to Wachovia Corporation shareholders for their consideration. Wells Fargo will file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement of Wachovia Corporation that also constitutes a prospectus of Wells Fargo. Wachovia Corporation will mail the proxy statement-prospectus to its shareholders. Wachovia shareholders and other investors are urged to read the final proxy statement-prospectus when it becomes available because it will describe the proposed merger and contain other important information. You may obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, at the SEC’s website (www.sec.gov). You may also obtain free copies of these documents by contacting Wells Fargo or Wachovia, as follows:

Wells Fargo & Company, Attention Corporate Secretary, MAC N9305-173, Sixth and Marquette, Minneapolis, Minnesota 55479, [phone].

Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, [phone].

Wells Fargo and Wachovia and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Wachovia Corporation shareholders in connection with the proposed merger. Information about Wells Fargo’s directors and executive officers and their ownership of Wells Fargo common stock is contained in the definitive proxy statement for Wells Fargo’s 2008 annual meeting of stockholders, as filed by Wells Fargo with the SEC on Schedule 14A on March 17, 2008. Information about Wachovia’s directors and executive officers and their ownership of Wachovia common stock is contained in the definitive proxy statement for Wachovia’s 2008 annual meeting of shareholders, as filed by Wachovia with the SEC on Schedule 14A on March 10, 2008. You may obtain a free copy of these documents by contacting Wells Fargo or Wachovia at the contact information provided above. The proxy statement-prospectus for the proposed merger will provide more information about participants in the solicitation of proxies from Wachovia Corporation shareholders.

[European]

Court tilts Wachovia WB fight toward Wells Fargo WFC
Sunday October 5, 9:39 pm ET
By Sara Lepro, AP Business Writer
Wells Fargo gets favorable federal court ruling as it battles Citigroup to take over Wachovia

NEW YORK (AP) -- The battle for control of troubled bank Wachovia tilted toward Wells Fargo Sunday as a state appeals court blocked a lower court ruling that had favored rival bidder Citigroup.
At stake is the $339 billion in Wachovia deposits and its network of more than 3,300 branches throughout the country that would solidify the winner as being in the top tier of U.S. retail banking.

In the Sunday night ruling, the Appellate Division of State Supreme Court threw out an order by Justice Charles Ramos issued late Saturday at the request of Citigroup; the order would have extended the time under which Wachovia and Citigroup had to complete their deal.

Citigroup, which announced on Sept. 29 that it had received federal government backing to acquire the banking assets of Wachovia Corp. for $2.1 billion, or the equivalent of about $1 a share, said it would appeal the decision.

The fight was also waged in federal court, where Wachovia asked U.S. District Judge John Koeltl to declare invalid part of the Citigroup deal that would have restricted Wachovia from considering competing bids.

With both Wells Fargo and Citigroup vowing to press their legal rights to a deal with Charlotte, N.C.-based Wachovia, analysts warned that a prolonged takeover fight carries enormous risk at a time when the nation's financial system is under the worst stress since the Great Depression.

"I would hope there would not be a long battle because that does not bode well for Wachovia's existing business," said Ben Halliburton, chief investment officer at Tradition Capital Management in Summitt, N.J. "Any delays in action and uncertainty ... just causes further problems for the operating entity."

It was clear from documents filed in federal court Sunday that Wachovia was in considerable trouble when it agreed to the deal. Wachovia disclosed that it agreed to the deal "with the understanding that a seizure of its banking assets later that day by the Federal Deposit Insurance Corp. would occur" unless it accepted Citigroup's proposal.

Four days later, San Francisco-based Wells Fargo & Co. stunned Citigroup by announcing that Wachovia's board had agreed to its $14.8 billion all-stock offer. Originally, the deal was valued at $15.1 billion, or $7 a share, but Wells Fargo stock declined after it was announced.

Wells Fargo also said it would need no FDIC assistance to complete the takeover, which would be aided by a new IRS rule designed to make it easier for banks to offset losses from loans and other bad debts held by other banks they acquire.

"This deal enables us to keep Wachovia intact and preserve the value of an integrated company, without government support," Robert Steel, Wachovia's president and chief executive, said in a statement Friday.

In its request to Ramos, Citigroup invoked an exclusivity agreement in the deal that it said barred Wachovia from considering competing bids from other potential buyers before Oct. 6, which is Monday.

Meanwhile, Wachovia asked Judge Koeltl to declare that the Wachovia-Wells Fargo agreement "is valid, proper and not prohibited by a letter agreement between Wachovia and Citigroup." Koetl scheduled another hearing for Tuesday so Citigroup could respond.

Citigroup said in a statement announcing Ramos' ruling late Saturday it "is prepared to continue negotiations with Wachovia on the parties' previously agreed-to transaction."

It was quite possible that litigation among the three banks could go on for some time; any ruling by either judge was likely to be appealed. A protracted court fight raised the possibility that Wachovia, already hurt by billions of dollars in losses from failed mortgages, will further weaken. However, the government, which has closed and then seized failing banks including Washington Mutual Inc., the nation's largest thrift, would likely step in if the bank were in jeopardy.

Wachovia is among the banks whose billions of dollars in losses from bad mortgage bets ultimately led to the government's $700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry.

Wachovia spokeswoman Christy Phillips-Brown said in a statement Sunday the company believes its agreement with San Francisco-based Wells Fargo is "proper, valid and ... in the best interest of shareholders, employees and the American taxpayers."

She said Citigroup is free to make a better offer to Wachovia under that agreement.

Wells Fargo said Sunday it has "a firm, binding merger agreement" with Wachovia.

"That agreement represents a transaction that, in stark contrast to Citigroup's proposal, provides significant and certain value to Wachovia shareholders, keeps Wachovia intact, is better for all of Wachovia's stakeholders including its employees and does not demand financial support from our government," the bank said, adding that it is confident that it will complete the deal.

"Nothing in the court's temporary order impacts our ability to ultimately do that."

The FDIC said Friday it "stands behind its previously announced agreement with Citigroup." It also said it would review all proposals and work with regulators of all three institutions to resolve the tug-of-war. An FDIC spokesman did not immediately return calls for comment on Sunday.

The legal fight pits two of the largest remaining financial institutions against one another as the ongoing credit crisis leads the federal government to arrange marriages and sales among banking entities.

But not only does a legal battle delay Wachovia's saving, it could also be damaging to Citigroup, Halliburton said.

"I'm quite surprised that Citigroup would be agitating in this fashion, given that they themselves might need some government favors in the near future," Halliburton said, either for recapitalization or potentially to take over some other failed institution with the help of the FDIC.

"I can see why Citigroup wants it. I'm just surprised they don't recognize in all likelihood it's over."

Wachovia was a big originator of what are called option adjustable-rate mortgages, which offered very low introductory payments and let borrowers defer some interest payments until later years. Delinquencies and defaults on these types of mortgages have skyrocketed in recent months.

Wachovia and Citigroup are among the companies that have been forced to take billions of dollars in write-downs because of failed mortgages and mortgage-backed securities that have also plunged in value. The heavy losses led to the failure not only of WaMu and a number of smaller banks, but also the government-brokered sale of Bear Stearns Cos. to JPMorgan Chase & Co. and the bankruptcy filing of Lehman Brothers Holdings Inc.

Despite its escalating loan losses, Wachovia is still worth far more than either Citigroup or Wells Fargo is offering, said Herb Sandler, the former co-chief executive of Golden West Financial Corp. Wachovia picked up about $122 billion in option ARMs when it bought Golden West and its thrift, World Savings in 2006 for $24.3 billion.

Arguing the projected losses on the World Savings loan portfolio have been grossly exaggerated, Sandler believes Wachovia is still worth at least $60 billion. "This is still a viable company," said Sandler, who declined to disclose how many shares he still owns in Wachovia. He and his wife received Wachovia stock worth more than $2 billion at the time the deal closed.

New York-based Citigroup has not turned a profit for three straight quarters, and lost a total of $17.4 billion during that period after writing down its assets by about $46 billion. That's the most write-downs of any U.S. bank.

[QaB2i]

its a dawg fight!!!

[rlsurb]

i hope it works out

[william2112]

just to reiterate my previous point:

Posted by: william2112 Date: Saturday, October 04, 2008 5:21:10 PM
In reply to: None Post # of 269
there is something called shareholder approval.....citi can go suck on that....then...they can maybe start to understand how they blew it



....that.....

"In any event, a Citigroup deal would be subject to a vote by Wachovia shareholders. The WSJ is reporting that Citi last week upped its bid for Wachovia, but before the parties could get down to brass talks, Wells Fargo swooped in. So we’re not sure, at this point, exactly which deal is more favorable to shareholders, and just how Wachovia shareholders would vote, if presented with one."

http://blogs.wsj.com/law/2008/10/05/working-for-the-weekend-the-latest-on-the-wachoviacitiwells-situation/

...blah..blah...bid on

[makesumgravy]

Judge blocks Wachovia-Wells deal
New York State court to hold hearing allowing Citi to press for its previous agreement to buy Wachovia.
Last Updated: October 5, 2008: 4:22 PM ET


NEW YORK (CNNMoney.com) -- A New York State judge has temporarily blocked the merger of Wachovia with Wells Fargo, according to a news release by Citigroup - which is trying to buy Wachovia itself.

New York State Supreme Court Justice Charles Ramos issued the order late Saturday, saying that Citigroup and Wachovia must appear before him on Friday, Citigroup said, adding that the order was granted over the objection of Wachovia.

In a deal struck last Monday with the assistance of the Federal Deposit Insurance Corporation (FDIC), Citigroup had offered to take over Wachovia's banking operations for $2.2 billion. The deal did not include Wachovia's asset-management or retail-brokerage units.

But four days later, Wells Fargo said it was buying all of Wachovia for approximately $15.1 billion in stock.

"This deal enables us to keep Wachovia intact and preserve the value of an integrated company," Wachovia CEO Robert Steel said in a statement on Friday.

The battle also has implications for taxpayers.

The Citigroup offer had come with a backstop from the FDIC, which would cover any losses on Wachovia's $300 billion loan portfolio beyond the first $42 billion. The Wells offer does not ask for FDIC assistance.

In a statement on Sunday, Wachovia said the company believes its agreement with Wells Fargo is "proper, valid and ... in the best interest of shareholders, employees as well as the American taxpayers." Citigroup is free to make a better offer to Wachovia under that agreement, the statement said.

As of Friday, Citigroup still had support of industry regulators. "The FDIC stands behind its previously announced agreement with Citigroup," Federal Deposit Insurance Corporation Chairman Sheila Bair said in a statement, adding that it would pursue a resolution with all three companies.

Citigroup (C, Fortune 500) had been pressing Wachovia (WB, Fortune 500) and Wells Fargo (WFC, Fortune 500) to abandon their merger plans, arguing that it had entered into an exclusivity agreement with Wachovia.

Citigroup may have a legitimate claim to challenge the Wells Fargo deal. A copy of the exclusivity agreement between Citigroup and Wachovia obtained by CNNMoney.com reveals that Wachovia had agreed not to seek out another bidder, nor to provide information or enter talks that might facilitate a rival bid.

Wells Fargo, in a statement Sunday, said it has "a firm, binding merger agreement," the Associated Press reported.

Why they want Wachovia
A Wells Fargo victory would transform the San Francisco-based bank, whose operations and branches are largely located in the Midwest and on the West Coast, into a dominant presence along the East Coast and in the Southeast. Wachovia is based in Charlotte, N.C.

That would put Wells Fargo squarely in competition with the likes of JPMorgan Chase (JPM, Fortune 500) and Bank of America (BAC, Fortune 500).

Should Wells Fargo ultimately prevail, it will control about $800 billion in deposits and have nearly 11,000 banking locations.

"This would represent a major strategic win for Wells Fargo," said David Hendler, analyst with CreditSights, in a report.

If Citigroup wins, it would represent a huge step forward for the company's retail banking aspirations, whose footprint has lagged many of its biggest rivals.

Investors cheered Citigroup's decision last week to buy Wachovia's banking assets. But some observers had wondered whether Citigroup could pull off the deal since it is in the process of a major restructuring after posting close to $18 billion in losses over the past three quarters.

The tie-up, however, comes at a cost for Wells Fargo. The company said it expected to incur about $10 billion in merger related costs. It said it would also record Wachovia's impaired assets at fair value, which could bring further writedowns.

Howard Atkins, Wells Fargo's chief financial officer, said that pre-tax losses and market adjustments from Wachovia's loan portfolio would hit $74 billion and the bulk of that would be written off shortly after the transaction closes.

In the wake of Friday's news, rating agencies Standard & Poor's and Moody's both placed Wells Fargo on watch for a potential ratings downgrade.

Still, the company said it expected the acquisition to add to earnings in the first year of operations, adding that it planned to raise $20 billion, primarily through a common stock sale to help prop up its capital position.

In the last month alone, the nation's banking industry has undergone a dramatic facelift, including the failure of Washington Mutual and its subsequent purchase by JPMorgan Chase, as well as Bank of America's acquisition of Merrill Lynch (MER, Fortune 500).

First Published: October 5, 2008: 8:16 AM ET

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[william2112]

they don't want citi to actually back down(imo)...they want them to pony up....a little update:


"Wachovia responded Sunday to a New York judge's order temporarily blocking the sale of the bank to Wells Fargo with a lawsuit of its own, asking a federal judge in Manhattan to allow the deal to go through. A hearing on Wachovia's request was being held Sunday afternoon"

http://biz.yahoo.com/ap/081005/wells_fargo_wachovia.html

...bid on..