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What started out to be a bad day ended up to be a terrible one for the markets as investors abandoned stocks, especially in the financial sector because of continued credit fears and rising oil prices. Despite all the gloom and doom, J.P. Morgan Chase & Co. reportedly is looking to take advantage of the worsening credit conditions by possibly making an offer for struggling Wachovia Corp., according to CNBC. The rumor did nothing to boost the markets as the Dow freefell 220.4, or 1.83%, to 11,842.69, and the Nasdaq dropped 55.97, or 2.27%, to 2406.09. The Dow finish was the first time it fell below 12,000 in three months.
Shares of J.P. Morgan Chase [JPM] fell 79 cents, or 2.04%, to $37.86 while Wachovia [WB] slipped 34 cents, or 1.91%, to $17.43 on the possible union. The union may be a better fit for J.P. Morgan, but one hurdle CNBC points out is that a combination would put the New York bank above the Federal deposit cap of 10%. So, either J.P. Morgan divests a few of its banking units or it pays its lobbyists to work with lawmakers to increase its Federal deposit caps. The story was reported as an exclusive by CNBC, but various media reports including Dealscape suggested a union a couple of months ago. Earlier on Friday, CNBC reported another exclusive that J.P. Morgan was interested in another southern bank, Sun Trust Banks Inc. - Gerald Magpily CategoriesComments
From: a@yahoo.com,
whoever knows about the buyout intent would be very high up. Would they want CNBC to know if they intend buy WB? Of course not. There are two problems with this rumour. 1. insider info 2. intent is wrong Bottom line, someone made big bucks due to CNBC. Nice CNBC. I will remember that you are part of the scam.
Posted on:
June 20, 2008 10:47 PM
From: Me,
Poop Stinks, and so does this deal. Pray for New York Wachovia Bankers.
Posted on:
June 27, 2008 4:49 PM
From: Dan Cagley,
I was a banker for JPMorgan for several years and left to go to Wachovia because of the Chase approach to integrity , proffessionalism , and customer service. JPMorgan Chase knows none of the above. Their approach to business is pathetic and they have very little to no integrity when it comes to handling peoples money. I was there first hand to see it. They back stab their own employess ,even the top performers to the point that I take the time to write this. Too many times to count I have seen families that I created strong bonds and friendships with get ripped off because Chase has 0 customer service. Of course they smile when your bringing the $500k to deposit into the brokerage account or draining all of your equity for a home equity loan. Once your done they dont want to know you. A few of us bankers put people before money!!!!!!! The biggest shame would be that the #1 bank for integrity , proffessionalism , and customer service be aquired by the worst in every category, that being JPMorgan Chase.
Posted on:
July 9, 2008 1:08 AM
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haha. suckered. Someone wanted CNBC to boost the price and get quick bucks.