Wachovia Bank, WTF, you morons

User Forum Topic
Submitted by temeculaguy on June 30, 2008 - 10:16pm

Check the date, it's true. Wachovia decided just today to stop issuing new neg am loans. Which means last week they were still doing it. As you read on you see they didn't even start until 2006 and it cost the CEO his job. How is it possible that a bunch of clowns like us with no banking experience other than balancing a checkbook could run the 4th largest consumer bank in the country better than those who actually went to school and get paid to do it.

I'm thinking of offering my services as a consultant and at the first meeting I will say something like "I think the next big thing in mortgage banking will be.....down payments." Then the guy to my right raises his hand, I call on him and he says "let me see if I have this right, you mean the borrower puts up some of their own money so we reduce our risk by that percentage, I like it, but is that legal? There are a lot of new regulations, maybe we should run this by the lawyers."

http://biz.yahoo.com/ap/080630/wachovia_...

Welcome to 2008 Wachovia, we missed you.

‹ In San Diego TODAY, what developments should I check out? Bottomless: Home Prices to Fall Another 10-15 Percent, Says Schwab's Sonders ›
As of last week they had a
Submitted by TemekuT on June 30, 2008 - 10:24pm.

As of last week they had a great 12-18 month CD rate. Capital infusion in light of decreasing loan origination fees, anyone?

Um, and BAC to my
Submitted by flu on June 30, 2008 - 10:50pm.

Um, and BAC to my disappointment decided to go through with the CFC deal... That, my friend, is my WTF for this week.

Why weren't company annalists
Submitted by PadreBrian on July 1, 2008 - 1:05am.

Why weren't company annalists sounding alarms..or if they did why where they fired or ignored?

Reminds me of the CIA reports that said there weren't any WMD in iraq in 2003.

Sometimes it's easier just to play along.

I want to be co-CEO! :) Back
Submitted by CA renter on July 1, 2008 - 2:27am.

I want to be co-CEO! :)

Back in 2006, one of my largest short positions was in Golden West (World Savings) because most of their mortages were in California, and most were ARMs, with many neg-ams and other exotic "products".

Then, the idiots at Wachovia bought WS in May of 2006, IIRC -- when any toad should have been able to see the writing on the wall -- and paid an f'ing premium for it!!!!

Whooosh, went all of my money on that trade (usually trade options), just like that.

If I could see it, why couldn't they?

That's why I don't buy the theory that CEOs (and their executive entourage) "deserve" their pay. They are well-connected, and that is all!!!!

"If I could see it, why
Submitted by JWM in SD on July 1, 2008 - 11:06am.

"If I could see it, why couldn't they?"
Because their paycheck depends on them to not see it.

"That's why I don't buy the theory that CEOs (and their executive entourage) "deserve" their pay. They are well-connected, and that is all!!!!"

Welcome to the world of the Ivy League Idiots as I like to call them. Every time I've worked with one of them, I either end up cleaning up their mess or as cannon fodder in one of their ill-conceived strategies.

I honestly don't think any of them really know what they are doing....they just sound like they do.

Maybe they "saw" it...
Submitted by dumbrenter on July 1, 2008 - 12:43pm.

Maybe they "saw" it...

And did the best they could to profit from it.