Archive for September, 2008
Wachovia was the last bank to not fail according to the FDIC. Of course, Wachovia’s banking operations are being sold to Citigroup, wihch isn’t usually signs of success. While this deal sounds great to anyone that owned stock option PUTS in Wachovia, it’s not really a stellar thing for the United States economy.
The problem is that Citigroup will absorb a $42 billion loss from Wachovia’s $312 billion loan portfolio, with the FDIC covering any remaining losses. This means that you, me, and the non-illegal immigrants (who don’t pay taxes) are going to be paying for losses for a not-failed bank. Continue Reading »
62 year old singer Bette Midler has announced she will quit touring in an effort to save the planet. Her tour requires 14 trucks and she claims that is wasting too much gas. Instead she will do shows in Vegas that every member of the audience not living in Las Vegas will have to drive across the country to see.
Continue Reading »