Friday, October 3, 2008

The Failure of Wachovia, Courtesy of Soros and Friends

Wachovia Bank, a major institution, has seen its stock plummet and its continued viability called into question, as the nation's financial crisis muddles forward. [Update: Citigroup agreed to purchase Wachovia's banking operations in a deal facilitated by the FDIC.] Footnote to update: It seems that this deal is up in the air after Wells Fargo made an offer to buy without government help, but of course Citigroup needs government help plus Wachovia’s dollars to keep them afloat as well as to keep investor confidence. Being a customer of Wachovia I don’t want my money in Citigroups hands.

Largely ignored in this crisis is the key role played by Herbert and Marion Sandler, founders of Golden West Financial (GDW), one of the largest savings and loans in the nation. Wachovia purchased GDW for $24 billion dollars in 2006. This was one of the worst merger and acquisition deals of all time for the buyer, and remarkably excellent timing on the part of the seller. In essence, Wachovia bought a financial time bomb ticking away, one that exploded this year, bringing down yet another former financial titan and further wrecking Wall Street.

How did this transpire and who are the Sandlers? Read here and find out and see the Soros connection that I have been talking about now for over a year and the October Surprise (September Surprise it turned out to be) to get Obama elected. Soros, the Sandlers Peter Lewis of Progressive Insurance, Steven Bing are the names behind the 527’s that have pumped millions if not more into Obama’s campaign just as they pumped 78 million dollars in the failed election of John Kerry.

Many think the connections that I have been making to Soros, Obama and the financial crisis and the election is a bit far fetched. Over the months I have provided information to help you make the connection. I believe there are too many red flags to just ignore this dangerous connection.

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