It means Wachovia failed and Wells Fargo scooped it up at a fire sale. What bothers me more is how the Treasury Department is now force-brokering sales of failing banks to slightly stronger banks using TARP money (the taxpayer $700 billion bailout money). Doing that conceals from the public how many banks are failing and how dire the situation is, right when what we need is more transparency and more accountability, not less.
We are so screwed. God, when will they put someone in charge of this who isn't there just to loot what's left of the carcass?
For now, Wells Fargo is in the black. Tomorrow may be different. We are in the times where vultures scavenge, and if what they ingest means that our investments have a life of regurgitation and offal, then that's the law of the jungle.
My investments are with an independent Wachovia broker, whom I trust with my life. Now she's a Wells Fargo broker. But she's really not anyone's broker, except mine. Smart, savvy, her interests are for her clients. She will go where her clients are safe. For now, it's Wells. Tomorrow, it could be another bank house, or herself.
In all of this turmoil, I haven't lost a dime. In fact, I've gained. My financial advisor follows her knowledge of the market and passes that knowledge onto her clients. I wish there were more like her.
It doesn't matter what big financial institution dives down under...what matters is what you have in your pocket.