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Wachovia’s 8 million Loan to the Republican Party: Blackmail Money?

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kpete Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-11-08 09:25 PM
Original message
Wachovia’s 8 million Loan to the Republican Party: Blackmail Money?
Edited on Sat Oct-11-08 09:26 PM by kpete
Wachovia’s 8 million Loan to the Republican Party: Blackmail Money?
By: Ian Welsh Saturday October 11, 2008 7:15 pm

So, Ari's outraged at Wachovia lending the RNC 8 million dollars to the NRCC.
http://www.politico.com/blogs/scorecard/1008/GOP_Opens_Credit_Markets.html Not unreasonable. But here's my take. The FDIC arranges a takeover of parts of Wachovia by Citigroup, for $1/share and some FDIC money. They plan to chop the company up. Then Wells Fargo makes an offer for Wachovia at $7/share, or 15 billion and plans to keep substantially the entire company, and want no FDIC money.

The FDIC objects and starts trying to stop the Wachovia/Wells Fargo deal even though it's a better deal for taxpayers, for the employees and for the shareholders. Citigroup goes to court and tries to stop the deal.

Eventually Citi and the FDIC give up and let the merger go ahead. Right after that Wachovia loans 8 million to the NRCC.

Coincidence?

http://firedoglake.com/2008/10/11/wachovias-8-million-loan-to-the-republican-party-blackmail-money/
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BrainStorm Donating Member (922 posts) Send PM | Profile | Ignore Sat Oct-11-08 09:31 PM
Response to Original message
1. THAT's interesting.
But I can't imagine that Citigroup just plays dead here.
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Lord Helmet Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-11-08 10:18 PM
Response to Original message
2. haven't heard a damn thing about Wachovia's 75 member Mediterranean cruise
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lonestarnot Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-11-08 10:31 PM
Response to Reply #2
3. I've heard
we've been had from every direction.
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Mind_your_head Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-11-08 10:45 PM
Response to Reply #3
5. I think you've heard 'rightly'., we're cooked and done! n/t
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Mind_your_head Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Oct-11-08 10:33 PM
Response to Original message
4. 'Money for nuthin' and your chicks for free'
We were warned!
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