Possible takeover of Wachovia
 

Here we go again...........

http://news.yahoo.com/s/nm/20080928/ts_nm/us_wachovia :warning

I hope not!

Well it sure don't look good:disgust

Already done
http://www.iht.com/articles/2008/09/...ess/29citi.php

Citigroup will absorb up to $42 billion of losses on Wachovia's $312 billion pool of loans — but the Federal Deposit Insurance Corporation will absorb losses beyond that. In return, the banking giant has given the FDIC $12 billion in preferred stock and warrants as compensation.

So now every american owns Citi.

Bank of America, JPMorgan Chase and Citigroup would control more than 30 percent of the industry's deposits.

Bofa and Chase, are not owned by the FEDs.

so what happens to the stock now? and the options on wachovia stock?

If you are in investor, sell it now, hopefully you will get something for them. But if you sit on it, you won't get anything from Citi.

Then look at the positive, you now have something to deduct from your taxes.

and the boat continues to sink. .....

omg this sucks big time!

Actually i hold some puts. But the whachovia stock is not being traded (volume 0) WTF? And my puts show fridays closing values...