Fred

what?

There is the thought/philosophy that there are no coincidences *G*

Ian, did you see this:
http://www.nakedcapitalism.com.....hovia.html

So where is the $8M coming from?

I also posted this on my diary today:
For insensitivity, Wachovia refuses to be outdone
http://www.latimes.com/busines.....017.column
“Be that as it may, AIG’s Norton said next week’s Ritz-Carlton retreat would proceed as planned. He said the event would introduce new insurance products to salespeople who specialize in wealthy clients.”

Now don’t that make you feel better?

Dear heavens. Just remember this.

Insider loaning?

And even better, this.

This makes surprising sense, Ian.

Greenmail. Typical.

Thanks Ian, I had no idea. And we have our investments with Wachovia. Only because my brother works there — they bought out AG Edwards of St Louis last year.

Very disheartening, but I guess I shouldn’t be surprised.

Amazing all this paper money flying around when credit markets are supposed to be frozen.

Thank you Ian for all of your posts over the past few years on the economy and the finanical world. I don’t comment often, but I love reading your fiancial commentary.

Daym these bastards hold our mortgage!! with they way the market there is no hope of doing anything to change my mortgage to someone else…shit

Oh and yes it was a buy off… Hope when Obama gets in he has his AG do a thorough vetting of all that has gone on with the Rethuglians and Bushco and his entire crew. I am sure ther4e is a pile of crap that was completely illegal!

So…perhaps I can explain this in the terms that an old school Mafia Don might make.

“Y’see Wacho…here’s the situation. We know y’er desperate to get this deal done with Wells Fargo that pays seven on the dollar, and keeps your company together.You don’t like our deal with Citibank, it’s rotten as a corpse on the back stoop. But we can cause some big problems, seein’ that we can tangle this up in the courts for months. Meanwhile you die! But here’s the plan. Give us some grease, and the problem will disappear. It’s simple.”

So. The question is…what did Citibank get out of the deal…and was the “grease” a cut of the Wells Fargo money…or did it come from the taxpayer? Was it part of the bail-out money.

Que pasa La Raza?

any way this “loan” may be construed as a bribe?

emptywheel had some stuff earlier this year involving Wachovia and the NRCC/RNC bank accounts, when the NRCC/RNC was wondering where their money had disappeared to.
I’m wondering how thoroughly Wells looked into Wachovia before making their offer. I’d prefer that my bank not go down in flames because of the criminals in the GOP.

H/T to nikkiweir for Opening this Digg!! So Pups get those shovels Digging this Post for our resident financial GURU Ian!

Have you seen the Roubini article at HuffPo?
http://www.huffingtonpost.com/.....33917.html
I hope the link works. They better be working overtime this weekend.

Karen

“The weeklong trip for up to 75 employees of brokerage A.G. Edwards, which Wachovia acquired last year for nearly $7 billion, will also include spouses and significant others, said Teresa Dougherty, a Wachovia spokeswoman.”

So is your brother one of those going on the “all-expenses-paid cruise of the Greek Isles.”? If not, I’d have him complain.

pierce aero - long time no see!
reading now

Pues, no se. Hay todavia, creo!

(I’m somewhat better at English….)

PJEvans, see here

Karen, I posted a video presentation by Roubini to the Inter-American Bank yesterday in my diary.

Deonds on the terms. If they don’t pay it back and Wachovia doesn’t go after them…sure is.
The Ritz-Carlton In Laguna is way over the top…these bank are getting welfare on a scale that boogles rationality.
We have people slaving in cubicles to do local government work. We have to lay off and freeze hiring and these maggots that have broken the world economy are living like kings. Oy piggie piggie piggie they are rolling in our money and using it for political purposes…that can’t fly.
Can a member of the Canadian parliment get away with a bank loan for political campaign?
These guys are so over the top.

Karen, very nice to see you here.

Husband of my best friend works for Wachovia. I don’t know much about them, but he says they treat their employees pretty well, overall.

Isn’t this a straight up kick back?

Hi Newt and Margot.
ubet: Thanks, I’ll look it up. His writing is complex, but the message is clear.

Karen

thers upstairs

Actually I can’t say for sure that I know if he was invited…but I hadn’t seen that news report…thanks for the tip.

Already??

Its money laundering……

the Repugs give contracts to corporations that donate to the RNC or repug candidates which give contracts to corporations that donate to the RNC or repug candidates which…..

Crown Valley Parkway winds through the Laguna Hills to the Pacific Coast Highway, Durfers used to park and carry their boards to the beach. No longer. A golf course replaced the riding stables along the cliffs.
The course has muli million dollar mansions…loke out of Hollywoog studio days og the 1930’s. The highway was separted by trees and was a stunning drive…all gone for big deelopers.
Thr Ritz site is a beaut. All food is served with white gloves…the ambiance is compelling.
Rewarding bad behavior. Wher do I sign up to join the crime spree?

Here is an article about Christopher Ward, then treasurer of the NRCC, embezzled more than $500,000 from the NRCC, and washed it through . . . wait for it . . . Wachovia. Maybe Ian’s right: that this is blackmail/hush money for the past shady dealings of the RNCC and Wachovia, and maybe bribery to hide more, as yet undetected, crimes.

Is there a que for posts tonight?

well.. hopefully somebody can be punished for this. This can’t be kosher.. not right on the back of the bank failures and the bailout package.

I think this crisis has made me one of those angry voters, and this angry voter wants to see some rethugs in jail.

Impeachment works for me and Dennis Kucinich is ready.

I doubt it, much as I dislike the Republicans. 8 million is a lot for an individual, but it’s a trivial amount of money for a big bank, and the Republicans with their rich donors are good for it. Had Wachovia turned them down, they could have gone to any number of other banks.

Sometimes a loan is just a loan.

Why does Hank Paulson still have a job?

Ubet: The Roubini video is better than the article. Thanks for pointing it out to me. Is anyone with any clout listening to him?
Karen

Not really; see here

And then read Soros

They aren’t doing it the ‘right’ way, specifically, going first to the shareholders of banks for the capital needed, then to the private market ,and THEN to the taxpayers(government funds).

Well, I have a vested interest: AIG manages a bunch of my retirement money. Fortunately, its in a fixed income account, so hopefully they can’t screw it up too badly.

He said, hopefully.

Bob in HI

Your bank? surely you jest.