Goodbye Wachovia

If you havent heard already, Citigroup bought out Wachovia. It wasnt exactly a complete buyout, they did however buy the banking assets and left sides of the company like Securities. Basically, all I can say is, What was Citigroup thinking? In the past six months Wachovia(or as I call them, Walkoverya) has taken a major turn for the worse. This company really made some bad executive decisions which in turn ruined the whole company which was one of the largest and most powerful banks in the world. Wachovia was at the forefront of the subprime lending market. They would also allow you to "Pick your own payment." Now, how absurd is this. I have read some of the details of these loans and payments and how in the world would anyone think this would work. I would like to think that Im a pretty bright guy. I have a college degree in business and have been around the banking industry my whole life due to the fact that my father has been doing it for almost thirty years. Now what gets me is that I could see the problems that could come of this, but how in the world could these supposed geniuses at the ELITE level of a major company come to pass some of these decisions. As you can see, this is the final result of those decisions. Wachovia has totally fallen apart in the past few months with the stock going from the mid 30's down to under a $1 as of Monday. For those of you that know stocks, the divident went down to a messly .20. That is only 5 cents per share each quarter.

All I can say now is that when you see the commercials for Walkoverya you need to turn the channel as quickly as possible. Dont fall for the high interest rates on deposit products because the company is desperate to bring in new money so they are trying to buy deposits and buy market share by giving high rates. Oh I forget, if you do fall for this you wont become a Wachovia client, even though the bank may still have the name on the building, but know that you will now be a client of Citigroup. How sad.