Jon Stewart's guest last nite: Yet another reaon why we are in so much economic trouble

[truedelphi]

20. Interesting term. I like it.

And it should be pointed out that several years ago (early 2010?) the Business Pages of most newspapers were mentioning how the new big bubble was readily available for any one of us who had the grit and determination to flip banks!

Of course, in an effort to present this democratically, the business news articles always neglected mentioning that a person needed some clout or some large sums of moeny to achieve the banks to be flipped.

However Wells Fargo apparently did follow their advice - they went out and bought Wachovia. By arranging the Wachovian accounting books to represent the proper amount of losses, by applying for various TARP funds avaialble, and also through using a few other accounting efforts, WF managed to not pay an actual single penny of its own money for the acquisition. (Perhaps they had to pay some money up front, but it was all rebated back to them.)

Nifty line of work, if you can get it.

PS Several people I knew - including me - had our student loans managed by Wachovia. And early on, we were referring to that bank as Watch Over Ya."