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Exposed !! 100% (dishonest) Irresponsibility
scrooze247
Posts: 226 Forumite
Hello all,
HOW TO RUIN THE WORLD
You all have a pretty good idea how this financial crisis started,but probably none of you realise just how shocking the level of (dishonest) irresponsibility has actually been in The USA.....
I receive "inside track information" for investment purposes....this is what I have received today.....MID BLOWING !!!!......GOODBYE BUSH AND GOOD RIDDANCE !!!! The worst President in the History of The USA in every sense.
"In October 2006 Wachovia paid $24bn for a company called Golden West. This company was a pioneer in something that is actually quite frightening. They were called pay-option adjustable-rate mortgages and they demonstrate perfectly just how ridiculous the debt situation has got in the US.
These mortgages allowed borrowers to opt for a low monthly payment. An attractive option certainly. The only problem was that borrowers could opt for a mortgage payment so low that it did not cover the interest on the loan.
So, each month the loan balance actually went up instead of down.
That means the company was giving out loans that they KNEW would never, ever be paid back. It is utterly astonishing that business was ever set up, never mind that the board of one of America’s banks thought it was a solid business proposition.
The Golden West debacle caused $18.7bn of the write down, with other bad loans making up the rest. This means the company posted a staggering loss per share of $11.18 compared with an 85 cent profit in the same period last year. Analyst had expected a profit of 2 cents a share.
The interesting thing is that Wachovia is being taken over by Wells Fargo. They have agreed to pay $15.1bn for the bank.
This means that this earnings statement is potentially the last ever from Wachovia. The Wells Fargo board must have put pressure on Wachovia to confess everything before the balance sheets were merged. This is why the loss was so massive."
HOW TO RUIN THE WORLD
You all have a pretty good idea how this financial crisis started,but probably none of you realise just how shocking the level of (dishonest) irresponsibility has actually been in The USA.....
I receive "inside track information" for investment purposes....this is what I have received today.....MID BLOWING !!!!......GOODBYE BUSH AND GOOD RIDDANCE !!!! The worst President in the History of The USA in every sense.
"In October 2006 Wachovia paid $24bn for a company called Golden West. This company was a pioneer in something that is actually quite frightening. They were called pay-option adjustable-rate mortgages and they demonstrate perfectly just how ridiculous the debt situation has got in the US.
These mortgages allowed borrowers to opt for a low monthly payment. An attractive option certainly. The only problem was that borrowers could opt for a mortgage payment so low that it did not cover the interest on the loan.
So, each month the loan balance actually went up instead of down.
That means the company was giving out loans that they KNEW would never, ever be paid back. It is utterly astonishing that business was ever set up, never mind that the board of one of America’s banks thought it was a solid business proposition.
The Golden West debacle caused $18.7bn of the write down, with other bad loans making up the rest. This means the company posted a staggering loss per share of $11.18 compared with an 85 cent profit in the same period last year. Analyst had expected a profit of 2 cents a share.
The interesting thing is that Wachovia is being taken over by Wells Fargo. They have agreed to pay $15.1bn for the bank.
This means that this earnings statement is potentially the last ever from Wachovia. The Wells Fargo board must have put pressure on Wachovia to confess everything before the balance sheets were merged. This is why the loss was so massive."
0
Comments
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I receive "inside track information"
More likely...............you receive subliminal messages when you are watching kiddy !!!!!! on your PC in a darkened room !!!!'In nature, there are neither rewards nor punishments - there are Consequences.'0
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