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Wachovia being taken over?

V

vchimpanzee

This is sad news.

As of 10 this morning, Doug Limerick on ABC News made it sound like Citicorp was only considering a takeover, and Bank of America was also thinking about it.

But that Bank of America-Wachovia merger was NEVER going to happen.

Mel Watt was part of the top story, arguing in favor of the bailout. Both banks are headquartered in his district.

I haven't listened to the radio since then. But every news web site I go to has something. I'm going to wait and read about it in the real, actual paper.

I miss the days when Paul Harvey's News and Comment at 8:30 had actual news stories that were still new, instead of the latest (In the past week, perhaps?) in science or technology or UFOs.

That and Doug were where I got my news before I saw the paper.

ABC News--IIIIIIII'm Doug Limerick!
 
Okay, now it's Wells Fargo.

Danny Fontana used to do a financial show and now has a whole radio station (which, according to Arbitron, no one listens to) .

One would think the current situation would be paradise for him.
 
What was really sad is the day First Union took over Wachovia. The original Wachovia would have never had gotten into that trouble.

Sad news for Charlotte, and Winston-Salem.
 
Over the years, I have heard that Wachovia/First Union was the capital funding source for many of the radio acquisitions and station upgrades in the 1980's/90's. More responsible banks would never have tolerated the eclectic nature of the radio business.

Is it any comfort to know that you and I have contributed to the downfall of a great banking institution?

Later....Matt
 
Matt Smith said:
Over the years, I have heard that Wachovia/First Union was the capital funding source for many of the radio acquisitions and station upgrades in the 1980's/90's. More responsible banks would never have tolerated the eclectic nature of the radio business.

Is it any comfort to know that you and I have contributed to the downfall of a great banking institution?

Later....Matt
Click to expand...

Hey don't look at me! In the '80's I worked for Cox and Jefferson Pilot. Those two were rock solid. In the '90's I worked for Keymarket, a group that certainly didn't throw money around! I wouldn't say they were cheap but they didn't spend any more than they absolutely had to for anything. Then there was Trumper who bought WEZC and made it Lite while I was there. They were better equiped but we got all of WTDR's hand me downs.

As for my salary, I'm sure it was hardly a blip on the radar. They might have been able to pay it out of petty cash. Especially during the Keymarket years.
 
First Union, long before the Wachovia days, owned Bernie Mann's Greensboro operation in receivership. They had loaned him millions to build towers, buildings, etc.
 
Can you boys give this yankee from Buffalo a little background here on the Bernie Mann days, especially as to how they relate to Wachovia, and the Keymarket era. I've done my best to dig into these issues, but it seems the best background information (as well as "Inside Baseball" dirt) comes from the posters on these boards. Thanks (y'all). -Mike
 
Radknowski, you'd probably get better information if you posted your question on the Raleigh/Greensboro board.  As I recall, one of the GM's that Bernie Mann imported (during the late 80s) came down from the Buffalo market.

From everything I've heard, Mr. Mann was quite the operator.
 
Radknowski said:
Can you boys give this yankee from Buffalo a little background here on the Bernie Mann days, especially as to how they relate to Wachovia, and the Keymarket era. I've done my best to dig into these issues, but it seems the best background information (as well as "Inside Baseball" dirt) comes from the posters on these boards. Thanks (y'all). -Mike
Click to expand...

The connection with Bernie and Wachovia came through First Union. Bernie had financed his Greensboro stations through First Union in the late 80s. Ended up in receivership with First Union ultimately taking over as owner of the stations. Not for long - they sold them to William E. Smith (former Secretary of the Treasury) who sold them to AM/FM.

Bernie continued to operate the stations until the AM/FM take over at which time his company, Mann Media ceased to exist as a radio operator.
 
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