Wachovia's fall: What they're saying
09/30/2008 12:00 AM
09/30/2008 6:33 AM
“This is part of the gigantic ebb and flow of this area. We've lost textiles, we've lost a lot in furniture. But we've gained ground in distribution, we've gained ground in motorsports, we've gained ground in research and development. Now in financial services, we've lost some ground, and it's not something we like. But I personally am glad that at least we're still in business.”
H.A. “Humpy” Wheeler
Former Lowe's Motor Speedway president
“A fantastic deal for Citigroup, not so fantastic for Wachovia. They literally gave the company away. But because of the conditions, they essentially had no bargaining power. It's so sad because Wachovia was this perfectly normal bank for all these years.”
Analyst at The Motley Fool
“This has nothing to do with Charlotte. It has to do with worldwide economic conditions. It's not a good day. We can all say that. (But) as far as casting a shadow or a black eye toward the region, I don't even think about it.”
Memphis, Tenn.-based site selection consultant
“Yes, the news concerns us because you never know what the new regime will bring.”
Development director for Habitat for Humanity of Charlotte, which has received more than $1 million from the bank since 1989.
“Many members like me come from districts that are rural and made up of small towns; we tend to think we are far removed from the ripple effects of a crisis like this. But when we get up on a Monday morning and find right in our yard that Wachovia has been acquired at the instigation of the FDIC, we know that the crisis can reach us all sooner or later unless we act now and act decisively.”
Rep. John Spratt
Democrat from York County, S.C.
“We are grateful for the role that Wachovia and its predecessor First Union have played in the growth and development of Charlotte into a great American city. Our thoughts and concerns are with all Wachovia stakeholders who now face an uncertain future. We will all work together to make the case to the leadership of Citigroup to retain every job that is currently in Charlotte and to encourage them to increase their investment in our community.”
Joint statement from Mayor Pat McCrory,
commissioners chair Jennifer Roberts and
Chamber CEO Bob Morgan.
“When Charlotteans invest in a place like Wachovia, you're kind of investing in a small piece of Charlotte. … To think that a bank like Wachovia could even come close to failure was just outlandish.”
Charlotte native and
law school student
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