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...Other notable examples include LTCM, HBOS, Lehman Brothers, AIG and Wachovia....
...Citibank, Bank of America, Wachovia and Washington Mutual all failed in 2008 (three were bailed out and one was seized and sold) because managers fatally misunderstood mortgage risk....
...The authors claim this triggered deposit flight from Wachovia but offer no evidence it could otherwise have stayed out of trouble....
...Interest-only mortgages accounted for 77 per cent of the loans backing $16.5bn of new commercial mortgage-backed securities in the US during the first quarter, according to data provider Trepp, up from 68...
...In 2008 Goldman declined to buy Wachovia, which had a portfolio of mortgages with flexible repayment terms....
...“When she speaks, people listen,” says Mary Jo White, the former Securities and Exchange Commission chair, who assisted the board on its selection....
...It was one of the driving forces behind Wells’ acquisition of Wachovia just after the collapse of Lehman Brothers....
...Wells’ move is a mark of its determination to build its New York-based securities business, which has steadily grown since the merger with Wachovia in 2008....
...Wells Fargo Advisors, which serves regular folks, used to be Wachovia Securities but was re-branded after the smaller bank was acquired during the crisis. Wells Fargo Securities is an investment bank....
...Think of pure investment banks Bear and Lehman, or the government-supported entities Fannie and Freddie, or the banks Washington Mutual and Wachovia or AIG or the growth of the shadow banking system....
...In the years after Wells bought Wachovia in early 2009 in a deal that transformed the size of its investment bank, much of the growth was a result of hiring....
...Wells Fargo bought Wachovia. And Mr Gorman’s investment bank bought Smith Barney from Citi, giving him 16,400 brokers fanned out across the country....
...Wells Fargo had swallowed Wachovia, JPMorgan had been given both Bear Stearns and Washington Mutual....
...Unlike most other litigation stemming from the mortgage crisis, the MBS – sold to investors led by Wachovia, the bank since acquired by Wells Fargo, and the Federal Home Loan Bank of San Francisco – contained...
...They are BNY Mellon, BB&T, Sovereign, now part of Santander, Wells Fargo, Wachovia. and WaMu, which settled in bankruptcy court....
...Other suits against Barclays, Credit Suisse, Goldman Sachs, JPMorgan, Royal Bank of Scotland, UBS and Wachovia are still pending....
...The buyers of the MBS were the Federal Home Loan Bank of San Francisco and Wachovia, since acquired by Wells Fargo. Neither has sued BofA over the MBS in five years since they bought them....
...However, much of this growth was driven by acquisitions, such as the 2008 purchase of Wachovia, which brought the latter’s $175bn Evergreen book of business into the fold, although Mr Niedermeyer says WFAM...
...JPMorgan Chase is in advanced settlement talks with the Securities and Exchange Commission over allegations of misconduct in the handling of mortgage-backed securities, according to people familiar with...
...Other suits against Barclays, Credit Suisse, Goldman Sachs, JPMorgan, Royal Bank of Scotland, UBS and Wachovia are still pending.”...
...Since the financial crisis, many US banks, such as Wachovia and Citigroup, have run afoul of laundering rules. Regulators investigate. Hearings are held. Headlines are generated....
...Wells Fargo and Wachovia are/were mega banky, right? Why, yes they are!...
...In court filings, Wachovia “accepted and acknowledged responsibility” for money laundering violations....
...But he adds: “There’s a lot of focus on the security that goes with it....
...The Securities and Exchange Commission was rebuked for its failures, in particular those related to Bernard Madoff....
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