The documents behind the story
Its a crying shame Wachovia aka First Union was NOT saved by the Feds when all the rest were who wanted to be were. There should be some way to backtrack and undo this with Wells Fargo so that Wachovia can become like it was as its own company headquarted in CNC. The Fed is behind this theft of a top 5 bank headquartered in perhaps a city they didnt want it to be headquarted in. They tried to move BOA to NYC too.
Yeah it's a shame WB went, but the hole was really deep there (up to $70 B in writeoffs) and management was frankly not up to the task. But Wells has a lot of resemblance to the old WB (pre FUNB) and will likely prosper. Count us fortunate
Quite helpful data, lots of thanks for your article.
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