Well, at least the Panthers won

Although that doesn't seem to matter much today, on Black Monday. More later.

Update: After spending much of the morning trying to parse the coverage of the Wachovia sale, I actually gave a little fist pump when I read this sliver of possible good news, on Felix Salmon's "Market Movers" blog on Portfolio.com:

If I have this right, Citigroup might have bought Wachovia, but in effect, as part of the same deal, Wachovia has taken over Citibank. Which means that the two largest retail banks in America are both based in Charlotte, North Carolina.

Update: Both our papers have some excellent coverage on the Web, but the Charlotte Business Journal gets the prize for "most incendiary quotes." This is the kind of stuff you usually only see in the comments section, from folks with keyboard courage:

Nancy Bush, an analyst with NAB Research, says she believes Wachovia came under government pressure because the company could no longer access the debt markets and was turning to the Federal Reserve “excessively” for funding needs.

“History is going to remember this bank as one of the dumbest banks ever,” she says. “Between Ed Crutchfield and Ken Thompson, they just couldn’t get it right. They had a great franchise and a great product set and loyal customers, and they still couldn’t get it right. It’s very tragic.”

and this:

Townsend calls it a sad outcome for the company and says history will remember former CEO Thompson, ousted in June, as “the fellow that bet the bank and broke it” with the acquisition of Golden West. “If Shakespeare were alive, he could write a play about it,” Townsend says.

Ouch. In other, barely noticed news today, Creative Loafing's parent company filed for Chapter 11 bankruptcy protection today. Company managment says it is pursuing a web-intensive strategy, but otherwise it will be business as usual. That's a little hard to swallow. Meanwhile, the Rhino Times ceased print publication last week, and, come November, the Observer's weekly Eye will transmogrify to a glossy mag. (By the way, please don't read any gloating into any of that. I've always been of the mind that the more strong editorial voices in Charlotte, the better off we all are."

Update: At least Time magazine loves us. Gotta love early deadlines. 

 

 

 

Categories: The Buzz, Trade & Tryon, Trade & Tryon > Business