SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : The Residential Real Estate Crash Index
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: Think4Yourself who wrote (117920)4/22/2008 4:35:57 PM
From: ChanceIsRead Replies (2) of 306849
 
RE: Wachovia - Golden West

Several thoughts:

1) Wachovia was roundly criticized for that move. They did buy at the top.

2) I believe the Sandlers (Marge and Herb?) were the owners/sellers. Golden West was hailed as one of the best and most conservative. I can't speak fo that, but they were in the business for about five decades - Sandlers near 80 years of age?? Point is, if Golden West was a good one and Wachovia is gagging on it, what about the bad ones??? Downey for instance. (Sold puts against that one at $55!! Grrrrr. Somebody here used to call them levitating lenders.)

3) The Sandlers were criticized for "selling at the top" knowing that rates were going up, and Wachovia was going to get screwed. (Ridiculous - the Sandlers were ancient - shrewd but ancient) Herb told this joke about interest rates worth remembering - in response to the accusation that they were bailing because rates were about to rise:

Einstein died and went to heaven. He was concerned that he not have some company with which to share his intellect. He runs into one guy - says - What's your IQ? Guy says - 180. Einstein says - Great, we can discuss particle physics. Einstein runs into another guy - says - Whats your IQ? Guy says - 150. Einstein says - Great, we can discuss classical music. Einstein runs into a third guy - says - What's your IQ. Guy says - 80. Einstein says - Tell me, which way are interest rates going?

4) Have a good friend who found a small, local bank here in Washington, DC. I asked him while walking past a Wachovia branch on our way to lunch if he thought Wachovia's move WRT Golden West prudent. He was not familiar with it. However he did express great admiration for Wachovia as being diversified and having great risk management. I will have to give him a call - hope he is OK. He does mostly local small loans so he should be fine - knows his customers intimately.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2025 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News