[Peace-discuss] Rubin

[John W.]

On Mon, Sep 29, 2008 at 2:48 PM, Bob Illyes <illyes at uiuc.edu> wrote:

It is interesting that Rubin is with Citigroup. Citi is in the process of
> acquiring Wachovia for virtually nothing, a massive transfer of wealth from
> Wachovia stockholders to Citi, which will issue a dollar's worth of Citi
> stock for each share of Wachovia..... Perhaps not so oddly, Wachovia has
> been under pressure from the administration to sell. The neoliberal's
> fingerprints are much in evidence.
>
> Bob



Huh?  Do you mean one SHARE of Citibank for each SHARE of Wachovia?  Or are
shares of Wachovia worth only a dollar now?  If the latter, how did Wachovia
get so devalued?  Does it hold a lot of bad mortgages also?

A.G. Edwards was purchased only a year or so ago by Wachovia.  A.G. Edwards
appeared to be a good company with solid fundamentals.  It seems like every
time a larger company buys a sound, healthy smaller company, the smaller
company's value goes south.  Same thing happened when SBC bought Ameritech.
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