One sad thing is that some of the biggest institutional shareholders are Vanguard, Dodge and Cox and Fidelity. All respected and conservative investment houses that surely do their due diligence.

If these institutions can get burned (misled, conned, etc.) by the published financial statements of such companies, we are all screwed.

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Jennifer
90 350sdl

"Fundamentals are strong" tho....

__________________
Sharing my partner's 2012 Forte 5dr SX til I find my next 123 or 126..
-
Do I miss being a service advisor ???

Q: How can you tell your banker is lieing?

A: His lips are moving.

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1985 380SE Blue/Blue - 230,000 miles
2012 Subaru Forester 5-speed
2005 Toyota Sienna
2004 Chrysler Sebring convertible
1999 Toyota Tacoma

Did I miss something? Is Wachovia biting the dust, too? Damn! I'm going to have to start watching the news again .

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" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

It did not bite the dust. Citibank just got permission, and is, buying it.

Whoever said that should be castrated.

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Jennifer
90 350sdl

when the stock goes from $50 to $1. it bit the dust.

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Jennifer
90 350sdl

No need to mince words here, Jen. Just say what you think.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

I guess it is human nature to always say "that won't happen to me" when bad things happen to other people.

I for one am guilty of this when i saw that when Lehman folded, 30% of the stock was owned by the employees. That's a big percentage considering that Lehman only had about 30,000 employees.

Wachovia was 5% of my portfolio (ira and regular) so it sucks. Also, the amount I lost was equal to about a month's worth of take home pay. I always felt that WB had enough cash to ride it out.

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Jennifer
90 350sdl

Yeah, the pain is particularly poignant when it's YOUR money that is circling the drain.

I had a savings account at Wachovia when I was a kid. There were just in NC back then, I think. It's sad to see institutions you grew up with disappear whether you have a financial stake in them or not.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

Last I heard, Citi & Wells Fargo were bidding... Guess my sister was right about this one too. Maybe I should start listening to her..

__________________
Sharing my partner's 2012 Forte 5dr SX til I find my next 123 or 126..
-
Do I miss being a service advisor ???

Oh, ok, I thought you were making reference to a pending bankruptcy or bailout scenario. I should use more literal terms

Maybe she should start an investment newsletter. That appears to be a pretty lucrative preofession.

__________________
" We have nothing to fear but the main stream media itself . . . ."- Adapted from Franklin D Roosevelt for the 21st century

OBK #55

1998 Lincoln Continental - Sold
Max 1984 300TD 285,000 miles - Sold
The Dee8gonator 1987 560SEC 196,000 miles - Sold
Orgasmatron - 2006 CLS500 90,000 miles
2002 C320 Wagon 122,000 miles
2016 AMG GTS 12,000 miles

I wouldn't say 'misled' but 'conned?' - yes, strong armed, jaw boned by the government? - absolutely! see CRA of 1995
Wachovia was a minimal participant in the sub prime lending fiasco (just to stay legal with the Community Reinvestment Act of 1995). So, I'm not worried they'll go under for exercising a sort of reverse LBO. Remember Wachovia is more of the "old fashioned, old money" type. JP Morgan and their affiliates (Chase, Chemical, Bear Sterns, Bank One and WaMu) will suffer more, earlier.

__________________
1987 300D (230,000 mi on a #14 head-watching the temp gauge and keeping the ghost in the machine)
Raleigh NC - Home of deep fried sushi!

It's $10.00 actually, but still, ytd is not good. In "the big picture" - about the same place as in early 1991.

__________________
1987 300D (230,000 mi on a #14 head-watching the temp gauge and keeping the ghost in the machine)
Raleigh NC - Home of deep fried sushi!