Word: wachovia
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Dates: during 2000-2009
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...haven't even felt it. Why, you may be asking yourself, does everyone think there's such a big a problem when you're still being offered credit cards in the mail and 0% financing at the car dealership? Maybe you used to bank with Washington Mutual or Wachovia and overnight you've become a Chase or Wells Fargo customer, but if your money's still there, why does the rest matter...
...clearly defined that authorities take them over, merge them out of existence or shut them down - whereas it had to make things up as it went along with investment banks Bear Stearns and Lehman Brothers and insurer AIG. That's why the demise of giant banks Washington Mutual and Wachovia, arranged over the past week by the FDIC, occurred in a far more orderly fashion than the non-bank meltdowns...
...orderly isn't the same as cheap. To get Citigroup to absorb Wachovia, the FDIC agreed to share the risk on a $312 billion portfolio of loans (Citi has to eat the first $42 billion in potential losses; anything above that hits the FDIC fund...
...Also, the fact that every big FDIC deal so far in this crisis has been different - IndyMac was allowed to fail, with only insured deposits safe; WaMu was seized, but all depositors were protected; and Wachovia was sold in a deal that protected both depositors and owners of the company's bonds but left shareholders with very little - has left investors guessing about the fate of the rest of the banking world. Hardest hit in today's market sell-off were regional banks like Sovereign Bancorp and National City, perhaps because they seem too small to get special FDIC treatment...
...desegregation relatively early, concluding that turmoil was bad for business. And local banks exploited North Carolina's liberal acquisition laws to build the conglomerates that now dominate headlines. Today Charlotte's nine FORTUNE 500 companies help run the city, not only by writing checks--Bank of America and Wachovia have pledged $15 million apiece to build new cultural centers--but also by helping to write plans. "We're a pro-business city like none I've ever seen," says Center City Partners head Michael Smith. "It's true about Southern hospitality, but there's a real hunger here...