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Watchin tha world go by
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8,151 Posts
Discussion Starter · #1 ·
wichovia wont fail ---- what a deal --- FDIC only has to cover 270B.
and their 42B in losses will be covered by us as well. nice to be able to buy a company, keep its profits, and not have to pay back purchase loan.

sweet ---- where do i sign up for one of these deals

http://finance.yahoo.com/marketupdate/overview?u
Citigroup (C 20.05, -0.10) is acquiring Wachovia's (WB 0.94, -9.06) banking operation in a deal facilitated by the FDIC. The FDIC entered a loss sharing arrangement, where Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, with the FDIC absorbing losses beyond the $42 billion. Wachovia will continue to own AG Edwards and Evergreen. Wachovia did not fail, but it is widely assumed that wary depositors pulled funds out of the struggling bank following Washington Mutual's (WM 0.16) collapse, sparking Wachovia need to sell itself.
 

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well, you could sign up at "devils Island", masons, Belgium, Yale, they have lotsa "outlets", and, if wish to "sell your soul" for a Mess of potage", they need stoolies, slaves, puppets, etc.....how much do ya want to earn
 

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Watchin tha world go by
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8,151 Posts
Discussion Starter · #3 ·
would settle fer a failed company CEO severance package
 
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Fideli Certa Merces
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178 Posts
wichovia wont fail ---- what a deal --- FDIC only has to cover 270B.
and their 42B in losses will be covered by us as well. nice to be able to buy a company, keep its profits, and not have to pay back purchase loan.

sweet ---- where do i sign up for one of these deals

http://finance.yahoo.com/marketupdate/overview?u
Citigroup (C 20.05, -0.10) is acquiring Wachovia's (WB 0.94, -9.06) banking operation in a deal facilitated by the FDIC. The FDIC entered a loss sharing arrangement, where Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, with the FDIC absorbing losses beyond the $42 billion. Wachovia will continue to own AG Edwards and Evergreen. Wachovia did not fail, but it is widely assumed that wary depositors pulled funds out of the struggling bank following Washington Mutual's (WM 0.16) collapse, sparking Wachovia need to sell itself.

From what I heard on CNBC this morning, the FDIC hasn't put up any money (yet) and wont unless Citi loses more than $42B.

The FDIC is covering anything beyond $42B in losses. Also, the FDIC took in something like $12B in cash from Wachovia "just in case".

So, Citi would have to take a $54B loss on $312B before the FDIC is actually out any money. If they take less than a $54B loss, then the FDIC actually comes out ahead and makes some money.
 
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