We've spoken this week with Wachovia shareholders such as those below about the company's abrupt fall, and we want to hear from you, too.
Do your shares in the company stretch back generations? Or did you buy Wachovia stock recently, confident the company would recover? Are you a current or former employee, and if so, has your retirement plan taken a hit? What do you think of the company's deal with Citigroup, and what questions do you have about it? Let us know: Your stories help constitute the story of the bank.
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Robert MacRae, 43, of Charlotte, owns a consulting company and also worked in IT and retirement services at Wachovia for six years. He owns about 500 shares of the company and said he'd encourage other shareholders to vote down the deal, which he believes was forced and is helping Citi at the expense of Wachovia. “I'm hoping some of the bigger shareholders will feel the same way,” he said. “Wachovia should have been given a chance to make it on its own.”
Kathleen Britton, a Charlotte financial services consultant, owns about 200 shares of Wachovia and is concerned about whether the deal is fair to shareholders. Still, she'd like more information. “Knowing what I know today, I'd vote no,” she said. “But I don't know enough to make that vote.”
Christopher Anzalone, 30, of Charlotte, a production planner for a paper manufacturer, says he thinks he's lost about $15,000 on Wachovia. He is opposed to the deal, saying he's lost so much already, he's willing to risk losing more. Saying no also keeps alive the possibility the entire company could survive and rebound, he said, especially if the federal bailout would enable it to unload its bad debts. “I understand Citi will try to buy something as cheaply as they can, but find (the offer) unbelievable for the amount of assets they're going to be taking on board.”
- Jen Aronoff