Wachovia Rumors Flying
Rumors and smacktalk about Wachovia are flying today after the Charlotte bank announced it had hired Goldman Sachs (which was already helping in the CEO search) to analyze its loan portfolio:
NYTimes Dealbook blog. The comments on this are the best part, like this one:
"I won’t beat too hard on Wachovia today except to say that it is a serious disaster made up of a fairly conventional commercial bank with an overlay of an on- and off-balance sheet series of agreements, handshakes and special deals many of which had no thinking-through or clarity and/or documented understanding other than you would expect from two guys sitting on the back porch with a bottle of Jack Daniels and a bag of money."
So THAT's what New Yorkers think of us.