Today it's Wachovia

My job is centered around Wachovia, so this promises to be an interesting time. Lots of good folks there, it definitely doesn't match the New York banker stereotype. Of course, the New York bankers might not match that stereotype either, I dunno, heh.
 
dmccormack said:
Well, it's hard to do much without some bank account in some bank...

:dunno:
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What happens is the runs follow the rumors. Wachovia was mentioned late last week. WaMu was also a few days rumor->failure. (Stupid) People were talking out their ("insured" to $100K) money, and we know that there's only 1.22 cents per $1 in the non-existent FDIC "insurance fund."
 
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mikea said:
What happens is the runs follow the rumors. Wachovia was mentioned late last week. WaMu was also a few days rumor->failure. (Stupid) People were talking out their (insured to 100K) money, and we know that there's only 1.22 cents per $1 in the non-existent FDIC "insurance fund."
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It's like the scene from "It's A Wonderful Life."
 
dmccormack said:
And you say that because....?
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National City Bank was mentioned on Fox News as being in serious trouble, this was Friday I believe. I have family that "used" that bank.

Don't shoot the messenger. :no:
 
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Geico266 said:
National City Bank was mentioned on Fox News as being in serious trouble, this was Friday I believe. I have family that "used" that bank.

Don't shoot the messenger. :no:
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I've heard of NCC being on the "Banks Soon To Go TU" short list for quite some time now.
 
gprellwitz said:
Right?:dunno::fcross:
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sure if that works for you.

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gprellwitz said:
Me three. Though my mortgage was held by WaMu. I did start feeling little twinges this morning as I wondered whether the problem could spread to the little credit unions, but decided that was unfounded paranoia. Right?:dunno::fcross:
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The problem is your mortgage is probably NOT held by WaMu. It's one of many on some piece of paper, on another piece, on another piece, on another piece, waiting for the U.S. Treasury to buy it.

I got the disclosure that said my mortgage could be sold, but the bank had never "sold" one, ever and then I see that they never had it in the first place. They just service it.
 
wow, this really is turning into a mess. I haven't been unhappy with Wachovia since they bought my little local bank. They are not nearly as fee-hungry as BofA (Bank of Antichrist). Citi, though, they're pretty fee-hungry too. Time to switch to a nice little local bank again.
 
Hmm. WaMu was my bank. I didn't rush to get my money out of it, and sure enough it's been taken over. Near as I can tell, so far it's been the seamless transaction that they promised. I'm curious to get my letter in the mail from WaMu/JPMorgan Chase to inform me of the "Exciting news!"

If my money mysteriously disappears, I'll let you know. Fortunately, I don't have a lot in there.
 
I'm switching to bank of Serta for a few months.
 
Ted DuPuis said:
Hmm. WaMu was my bank. I didn't rush to get my money out of it, and sure enough it's been taken over. Near as I can tell, so far it's been the seamless transaction that they promised. I'm curious to get my letter in the mail from WaMu/JPMorgan Chase to inform me of the "Exciting news!"

If my money mysteriously disappears, I'll let you know. Fortunately, I don't have a lot in there.
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Your money is perfectly safe....until the FDIC really has to start writing checks.
 
smigaldi said:
They can only do that if there is residual cocaine on your cash.
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I made up a long post that musta got lost:

Just read about this guy:

Federal Appeals Court: Driving With Money is a Crime
Eighth Circuit Appeals Court ruling says police may seize cash from
motorists even in the absence of any evidence that a crime has been
committed.

A federal appeals court ruled yesterday that if a motorist is carrying
large sums of money, it is automatically subject to confiscation. In the
case entitled, "United States of America v. $124,700 in U.S. Currency,"
the U.S. Court of Appeals for the Eighth Circuit took that amount of cash
away from Emiliano Gomez Gonzolez, a man with a "lack of significant
criminal history" neither accused nor convicted of any crime.

On May 28, 2003, a Nebraska state trooper signaled Gonzolez to pull over
his rented Ford Taurus on Interstate 80. The trooper intended to issue a
speeding ticket, but noticed the Gonzolez's name was not on the rental
contract. The trooper then proceeded to question Gonzolez -- who did not
speak English well -- and search the car. The trooper found a cooler
containing $124,700 in cash, which he confiscated. A trained drug
sniffing dog barked at the rental car and the cash. For the police, this
was all the evidence needed to establish a drug crime that allows the
force to keep the seized money.

Associates of Gonzolez testified in court that they had pooled their life
savings to purchase a refrigerated truck to start a produce business.
Gonzolez flew on a one-way ticket to Chicago to buy a truck, but it had
sold by the time he had arrived. Without a credit card of his own, he had
a third-party rent one for him. Gonzolez hid the money in a cooler to
keep it from being noticed and stolen. He was scared when the troopers
began questioning him about it. There was no evidence disputing
Gonzolez's story.

Yesterday the Eighth Circuit summarily dismissed Gonzolez's story. It
overturned a lower court ruling that had found no evidence of drug
activity, stating, "We respectfully disagree and reach a different
conclusion... Possession of a large sum of cash is 'strong evidence' of a
connection to drug activity."



http://newsgroups.derkeiler.com/Archive/Rec/rec.autos.driving/2006-08/msg01550.html
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SCCutler said:
Wow.

Just, wow.

It seems to me that possession of a large amount of cash is evidence of... possession of a large amount of cash.
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Unfortunately, not in America any more.

There are a number of cases like these - including folks going to Vegas and a used car dealer that were turned over to authorities by TSA... and ended up having their money seized. You then gotta prove your innocence to get it back because they can hold it "administratively" without charging anyone with a crime.
 
SCCutler said:
Wow.

Just, wow.

It seems to me that possession of a large amount of cash is evidence of... possession of a large amount of cash.
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It used to be that refusing to take off your shoes was an indication that you might have stinky feet. Now it's an indication that you are a potential terrorist threat.:(
 
It's not widely advertised, but most of the big bizjets have at least one safe hidden away behind a panel or bulkhead. We routinely carried "large amounts" of cash especially on international trips, for a variety of reasons. Sometimes it couldn't stay on the plane, like the time the G-V sank on the ramp in Paris. What's the most cash anybody has ever had in their hotel room safe?

In early 2001 we needed fuel in Bali, Indonesia, on the way to Kuala Lampur, so asked the local guy for a price. Credit card was ~$3/gal, cash was .67/gal (both after metric conversion) so we peeled off a few bills and bought ~$4k worth. I always wondered if any of the dough made it to the cash register, but not my job.

SCCutler said:
Wow.

Just, wow.

It seems to me that possession of a large amount of cash is evidence of... possession of a large amount of cash.
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SCCutler said:
Wow.

Just, wow.

It seems to me that possession of a large amount of cash is evidence of... possession of a large amount of cash.
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Counselor, permit me turn your attention to the facts in evidence:

large sum of cash...(irresponsibly) secured...for a purchase of x times less than the value of the cash sum..."pooled" by unknown persons...carried in a rental not in the name of the driver.

I put "irresponsibly" in para to illustrate this is not the tried 'n true, ie, normal way people carry cash. I quote "pooled" because at the time of field arrest it is a fictious story.

Really, $124K for a refer box truck???? Uh huh, I have a bridge to sell you.

Call it profiling but this case, as posted here, screams probable cause.

I have transported large amounts of money (>$50,000) but not in the manner of which the defendant did. As you know, a paper trail carries weight.

Ignorance is not an excuse.
 
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Richard said:
Fianlly someone speaks some sense. Well done, Biz.

FWIW, I am extremely happy the fed bail-out did not pass...do not pass GO, do not collect $200(000,000,000,000,000).
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Interesting. I don't think that it's something to be happy about. It won't cost me my job, but it's an entirely different story for UAL, GM, etc. employees. Credit is the backbone of most businesses....I won't be surprised if those two, as well as plenty others, fail within a couple of months.
 
wsuffa said:
Unfortunately, not in America any more.

There are a number of cases like these - including folks going to Vegas and a used car dealer that were turned over to authorities by TSA... and ended up having their money seized. You then gotta prove your innocence to get it back because they can hold it "administratively" without charging anyone with a crime.
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Blah blah blah. Put your money where your mouth is and join me in the revolution. BYOGuns. For real.
 
wabower said:
It's not widely advertised, but most of the big bizjets have at least one safe hidden away behind a panel or bulkhead. We routinely carried "large amounts" of cash especially on international trips, for a variety of reasons. Sometimes it couldn't stay on the plane, like the time the G-V sank on the ramp in Paris. What's the most cash anybody has ever had in their hotel room safe?

In early 2001 we needed fuel in Bali, Indonesia, on the way to Kuala Lampur, so asked the local guy for a price. Credit card was ~$3/gal, cash was .67/gal (both after metric conversion) so we peeled off a few bills and bought ~$4k worth. I always wondered if any of the dough made it to the cash register, but not my job.
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A long time ago I knew some ferry pilots who got themselves into a sticky wicket. It seems landing in one country would automatically deny you entry into a neighboring country in Africa.

What kept them out of prison and the plane from impoundment forever?...money, lots of green cash. That guard at the hanger...don't make eye contact but be sure to pay the saheeb. That plus stay only at a certain hotel and be gone by 0600 tomorrow.
 
sba55 said:
Interesting. I don't think that it's something to be happy about. It won't cost me my job, but it's an entirely different story for UAL, GM, etc. employees. Credit is the backbone of most businesses....I won't be surprised if those two, as well as plenty others, fail within a couple of months.
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My point is why throw taxpayer's money at a broken cause? Change the paradigm. Clean house rather than slapping a coat of paint on ugly.

The politicians have become ever more careless with taxpayer's money. Need more?, just enlarge the trough...that has to end.

And this debacle is of their creation. Why should we have to pay for their careless greed?

Here you go, take the time to read it:
http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html
 
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SCCutler said:
Wow.

Just, wow.

It seems to me that possession of a large amount of cash is evidence of... possession of a large amount of cash.
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+1. When I was in high school about 10 years ago (which was in the days when not everyone had cell phones, but it was transitioning to that way), the company "SmartBeep" (I think) was offering pagers at $2/month. Pretty neat, and a nifty alternative for those of us in high school for which $2/month was affordable. I was vetoed by the mothering unit.

Mom's reason: "Only drug dealers have pagers."

I'm sure that a number of doctors out there would disagree, nevermind my cousin who, while she was working for the government, was only allowed a pager at work (no 2-way communication devices allowed in those walls).

The possession of something is evidence of nothing other than you possess it, period. While I understand the implications involved with possessing certain items, making possession of those items a crime because of the implication is just wrong.
 
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