is truly amazing. If I was a long, I'd be up in arms about the money being wasted on the hostile attempt to take over Wachovia. You should hear the commercials they're running in NC every five minutes. In one, one man asks another if his son, who works at a Wachovia branch, will lose his job if First Union wins. What a joke to play that to shareholders in NC this way, seems to me they'd be a lot more concerned about losing two large bank headquarters. Yesterday seemed like strike three anyway.
Ok, what we hear you saying is that, of the 14 top FTU execs, 9 of them were at First Union when all the dumb a** stuff with Corestates, Future Bank, Money Store, etc. was going on. Now, these same people want to run Wachovia, too. Why should Wachovia Bank be entrusted to people who participated in running First Union into the ground?
This is an opinion.
Get your facts straight RDM.
Maybe you can tell me how and why Thompson, the head of capital markets would recommmend the purchase of of consumer businesses like Corestates and a finance compnay like The Money Store. John G. was making all of the decisions at that time.
Maybe you should put less empahsis on what your professor's think at UVA and try to do more thinking on your own. Because based on your comments, either they're doing you a diservice, or you're doing them a diservice because your opinions are baseless and have no facts to support them.
Either way, you don't know what you're talking about. Do a little more research next time.
"...then why are you trying to rally people not to support a North Carolina bank?"
The rallying is not really needed.
"One of the main reasons STI wants WB is to keep competition out."
There is SOME truth to that comment, but both WB and FTU are currently in Ga. If they are combined, do we have MORE competition? We do not have to rally against FTU. Go to the some of the markets where FTU is currently located. When they entered the market, it was usually through buy-out, then the slash & burn started. As many posters know, the Southerners tend to take a while to forget...
No one in some of the FTU markets forgot what they did to get in...Savannah, GA., is a good example...ask folks down there how they feel about FTU.
"Hopefully you'll still be around over the next few quarters and we can continue this conversation after STI lowers the earnings forecast."
I certainly hope so, and I will eat crow if it is warranted by our numbers.
"My guess is that their choices are a lot more grounded and analytically based than yours."
You may be right. I have made some poorer investment decisions in the past based upon the "gut feel" rather than solid financial analysis...but you do live and learn.
A question is not an attempt at anything.
According to press releases, Thompson was head of Capital Markets at the time of the Corestates and Moneystore. Don't think you can blame him for the Moneystore and Corestates.
If you are so certain that FTU will not be competition, then why are you trying to rally people not to support a North Carolina bank?
One of the main reasons STI wants WB is to keep competition out.
Rdm, I agree
After what Ken Thompson did in using the legislature and governor of NC to keep a GA based bank out, why would Georgians want to support any NC based bank?
Maybe it is time for Georgians to stand up and say, we dont want to do business with NC banks.
There are plenty of good GA based banks operating now. Plenty of places for Georgians to move their accounts to.
Wasn't Thompson head of human resources at the time of CoreStates and Money Store?
To say that FTU does not have new management is absurd. The board of directors has been decreased and you have a new CEO. That new CEO came from within but that does not invalidate the claim to new management. If Thompson had continued with Crutchfield policy, then you could challenge the title of new management. But Thompson has focused on fixing the problems. So far, Thompson has proven himself to be new management. You may just find that FTU will provide real competition in GA. If FTU wins, they have a lot of incentive to put it to STI.