

Citigroup buys Wachovia - visakhcr
http://money.cnn.com/2008/09/29/news/companies/wachovia_citigroup/?postversion=2008092908

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byrneseyeview
1) No, it didn't. Citi bought the banking assets of Wachovia.

2) This has already been posted in the appropriate venue:
<http://www.newmogul.com/item?id=470>

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kqr2
I went to Wachovia on Saturday to withdraw some money and they actually had a
mini run on the bank.

They actually ran out of checks to issue to customers! It took them over an
hour to actually get more checks so that they could pay people.

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jcromartie
It's clear that our financial system is simply unsustainable. What happens
when all of the big banks have been rolled up into one, and that one super-
bank is on its last legs? Nobody will be around to buy them.

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anamax
The folks who didn't get into the fancy stuff, such as Wells Fargo and many of
the regionals, are doing quite well.

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jcromartie
True. I'm mostly talking about the unbelievable amount of money that exists
purely as debt, thanks to the investment banks and central banking in general.
A return to more conservative banking is all I really expect... but not
without some major casualties.

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theantidote
Well there goes my bank. Oh well, at least it didn't fail or anything and my
account is always insured by the FDIC, although I'm not sure how one would go
about collecting that insurance.

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fallentimes
You won't need to - your deposit will just eventually be with Citi.

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vaksel
I hope they don't close the branch by me.

