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My understanding is that there are some huge tax benefits/writeoffs for Wells Fargo in aquiring Wachovia. These obviously would have gone to Citi as well. One of the reasons they want to take over/buy out some of the banks in trouble.
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Joe
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Ummmm..we'd managed to leave politics out of this thus far, and I think it fair to say any sitting or previous politician has enough blood on their hands to render them guilty along with all the bankers. But to this point quoted above I've gotta make a rebuttal beyond calling it plain bad. THink of the GI Bill. Soldiers coming home, no income, yet afforded money to buy a home. A good thing sure, but affirmative action towards soldiers all the same. Why? to reward them, and to benefit the whole of the country. Home ownership by any people has historically been a good thing for this nation. Say what you will, but there is long precedent for this kind of activity by us as a nation. And those efforts done during the clinton years didn't cause us this debacle 8 years later.
Clinton administration pushing for more minorities becoming homeowners - basically at any expense. This was the start of the whole mess IMHO - forcing Fannie and Freddie (and thereby the banks that underwrite through these giants) to use food stamps as an acceptable source of income on a mortgage application!!!! If you don't have an income, how can you use a borrowed income to borrow more money!!! Ridiculous. Home ownership is a right, affirmative action has no place - its simple mathematics, make the money = spend the money.
GRRRRRRRRR.
A Man is incomplete until he gets married ... then he's FINISHED!!!Comment
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As I said "IMHO". And I certainly was not enticing any political flames. And I don't condone entitlement programs of any sort, however, the GI Bill as affirmative action? Tuition assistance and stipend during re-education for employment in the world, post military service is not IMO a.c. I believe that to be a benefit of the "employer".Last edited by chopnhack; 11-25-2008, 07:59 PM.I think in straight lines, but dream in curves
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This is a pretty interesting development. Carlos Slim is Mexico's wealthiest man. I'm pretty certain the shares are being purchased for his account. Very shrewd guy, somewhat in the mold of Warren Buffett.Comment
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They hold my Mortgage. I was hoping they would fold and take it with them, instead of bailing them out why not me it would be cheaper. Beside that they would have vote next time.
TomComment
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