Wachovia

In talking this morning with a friend in Wealth Mgt in Winston, it seems that Evergreen is not part of this merger. Wachovia Corp will still exist, but no one is really sure since the employees were notified of the sale with talking points for customers emailed about 11am this morning. The management at Wachovia still isn't sure of the extent of this merger and it still has to be approved by the board.

As for jobs, http://www.wxii12.com/money/17579426/detail.html

 

Wachovia shareholders are getting somewhere around $7/share from what I've heard. The senior debt holders, which were left out in the cold following WAMU collapse, are being covered in this deal. They were/would have bailed on WB anyway. Without this deal WB would probably have had no liquidity.

 

Anyone thinking about what all this means for state revenues and Charlotte taxes? Most of these jobs are going to go away.

 

as long as they get the Charlotte Knights uptown, who really gives a fuck?

 

Is it true that the deferred comp for eligible Wachovia employees was in Wachovia stock?

 

Do you mean what Wachovia matched 401(k) contributions with?

 

I don't know about their 401k. I just heard that people were being told that their deferred comp (which is separate from a 401k) had been invested in Wachovia stock.

 

Just spoke with a former colleague in my old work area there and what it's looking like is that they're figuring they'll all be offered "packages" before year's end and that's that... man I got out just in time.... whew....

 

Farmer, I've been gone for a couple of years from there but man, I am glad I made the move I did now. Would have been scary stuff.

 

Anything to back this up? That's a HUGE difference from <$1...