BBT loss is a loss for all of the big SE banks.
They dont need any more big players in the region. There are enough.
That is what I liked about Wachovia/First Union. They were willing to take out the local competition before someone OUT of the region came calling.
rdm9990: "That is what I liked about Wachovia/First Union. They were willing to take out the local competition before someone OUT of the region came calling."
How did that work out for their shareholders? Oh yea, Wells Fargo bought this after the idiots in Charlotte ran it staight into the ground.
The problem is the banks count the deposiors money as assets. WAMU was a great example of what happens when the depositors flee. Over 1 weekend the WAMU depositers moved about 15% of depositors money on line to other banks. Monday a.m. WAMU began its fall. Lge and regional banks use these accounting gimmicks to misrepresent the actual loans and debts on there books. BBT got 20 billion in depositors money when they took over CNB. Since the takeover the SE region has taken hits from the weather which are dollar wise costing more than Katrina which was 100 billion. BBT losses are not there fault, bad luck really but none the less large losses and added in is no profits and erosion of depositors from the CNB acquisition. They are not in the running to buy anything. Subtract the depositors dollars from their spreadsheets and draw your own conclusions. BBT is not alone and the new bank legislation is going to have high impact going forward. Summed up this way, you can't count money that does not belong to you.
You are another one who fits into that catagory.
Ken's biggest mistake was buying the Calif. thrift. His other purchases were good ones. Wachovia was in no danger of failing until the California purchase and all the liar loans they held of their books.
Wachovia's biggest mistake was not merging with SunTrust in 2001 instead going for a marriage with First Union.
Crutchfield was only interested in seeing First Union grow at any cost. He was trying to keep up with McColl who was already miles ahead of him.
Tyrone is an arrogant fool who thinks hes knows banking but in reality his knowledge would not fill a thimble. And you are stupid enough to agree with him.
mvb_gvl (otherwise known as Rick): You are one stupid piece of crap.
Saying "Wachovia would have never ended up in the hands of Wells had they not purchased the California thrift" is akin to saying if the drunk had not passed out on the train tracks he would be alive today.
By the way, what does MF stand for? Spell it out little girl. Come on coward, take your thumb out of your mounth (or whatever you have there) and spit it out!
You are nothing but a racist no-neck Cracker. I have read you posts from other boards, such as:
Rick (or mvb_gvl) commented: "No one wants to say this but it is true. There are too many lazy blacks working in the postal service."
So Rick, no lazy white people work at the Post Offices in Atlanta, only lazy blacks. Well, I have to say one thing in your favor, you did use the term "blacks" instead of the word that I am sure you normally use. In fact, my guess is that you used that word in reference to me as you were preparing your ignorant post. Next time, why don't you go ahead and use it. Come on, I dare you!
Since you are disabled because of diabetes (usually referred to as "Sugar" in the South), do you receive welfare payments from the government? Because of this disablilty you say that you are forced to travel by MARTA and are unable to operate an automobile. So, do you even own a car?
I am curious as to whether or not you are able to to take MARTA to your weekly Klan meetings. I'll bet you are quite a sight on the MARTA train all dressed up in your robe. Will they let you ride with your hood.
HA, you are a dufus. You know nothing about what transpired at First Union and Wachovia in the years leading up to the bank's collapse. The home grown management team prostituted the balance sheet, they created a huge warehouse line that was ill managed, and in the years leading up to the collapse they were the nation's largest commercial lender, bigger than BofA. (have you ever heard of Ed Verrone?). They made the stupidest loans on the planet. All of this company killing strategy was originated in Nawth Carolina, by the local brain trusts. Ken Thompson was unfit to take over from that other a** clown Crutchfield. They thought they could play in the big boy sandbox and they got crushed. GoldenWest did not sink the company, it was already sunk.
"Their other acquisitions were good ones.." HA HA HA HA HA. R-Tard
Tyrone, you are the one without a clue.
The poster is correct. Wachovia would have never ended up in the hands of Wells had they not purchased the California thrift. The California thrift single-handedly sank the company. Their other acquisitions were good ones.
They would have experienced a downturn just like the other SE banks because the region was so hard hit. But they would not have ended up having to sell out to keep from going under.
You are really one stupid MF.
Rick: Calm down. Don't call people ugly names. My brother Norm is the Imam of the BB&T message board and he will not tolerate this type of behavior. Just a friendly warning - Norm will not hesitate to issue a Fatwa against you if this type of language persists.