WASHINGTON - The chief executives of the nine largest banks in the United States trooped into a gilded conference room at the Treasury Department at 3 p.m. Monday. To their astonishment, they were each handed a one-page document that said they agreed to sell shares to the government, then Treasury Secretary Henry M. Paulson Jr. said they must sign it before they left.

Talk about BIG BROTHER… Seems the Govt knows best as seen by their great past record.

Link to the rest of the story: http://weblogs.wellsfargo.com/corplib/newsItems/viewFullItem$31784

Cliff Notes: Govt stepped in and said sale us a chunk of you stock. 4bill up to 25 billion. Some of the banks loved it. Some of them are more than a little pissed off.

fatbob309 wrote:Talk about BIG BROTHER… Seems the Govt knows best as seen by their great past record.

Link to the rest of the story: http://weblogs.wellsfargo.com/corplib/newsItems/viewFullItem$31784

Cliff Notes: Govt stepped in and said sale us a chunk of you stock. 4bill up to 25 billion. Some of the banks loved it. Some of them are more than a little pissed off.

Yep, WAPO has an article saying small banks tried to refuse it

Another good article about our mess that was written back in the spring

My guess is that Citi and Wells loved getting the 25 billion they got and people like Jamie Dimon at Chase was probably more than a little peaved since they have been in a great position to buy anything they want lately. BofA was probably even on the whole thing.

25 Billion in preferred stock with I believe no seats given up on the board for the Treasury Dept. Main basic condition was limiting executive pay with banks that Treasury has invested in and the destruction of any golden parachutes.

They can all use it, and I would imagine that most of the "9" will be buying back those shares as fast as possible over the next 18 months to get the Fed out of their way.

McCain also made some excellent references to the Home Owner Guarantee Corp. back in the 30's.

Dozzer wrote:My guess is that Citi and Wells loved getting the 25 billion they got and people like Jamie Dimon at Chase was probably more than a little peaved since they have been in a great position to buy anything they want lately. BofA was probably even on the whole thing.

WF was not happy about it. WF is doing just fine.

fatbob309 wrote:WF was not happy about it. WF is doing just fine.

Meaning that it will help offset a write down they are going to have to take by picking up Wachovia.

Personally I'm kind of happy about all of this banking merger business going on right now. Specifically because it definitely screws my old company. My two biggest accounts that I handled were Chase and Wachovia. Chase we had 100% of the business for and they were our largest customers billing about 50 million a year. Volume wise WAMU was our 2nd largest customer so now that Chase has brought them in house it will dramatically affect Chase's wholesale pricing and I would bet that Deluxe will pick up the tab on the merger costs for our part of the business since we did that with Chase/Bank One. Secondly is Wachovia which we only had about 15% of the business for, but we billed out around 20 million a year for it. Wachovia has a huge retail presence. Now that Wells owns them they I'm betting 100% of that business moves to Harland/Clarke which has 100% of the Wells business. So there will be some big changes at Deluxe as a result of these two mergers and for a company who's main revenue source "Checks" is a deeply declining market means that the decline of Deluxe has moved forward about 24 months. :lol: So F them for deciding to end my employment. :)=)

offroadaz wrote:

All I see is the dreaded red x.

Dozzer wrote:All I see is the dreaded red x.

hmm