Saturday, October 4, 2008

Let's Talk About Banks.

Seattle-based Washington Mutual failed and was bought by JP-Morgan-Chase Bank, which was originally the Chase Manhattan Corporation but renamed itself when they aquried JP Morgan. Years ago they bought BankOne, which originally was called The National Bank of Columbus. And then just a few months ago, they also bought Bear Stearns, the fith largest investment bank in the country.

Merril Lynch, which many years ago aquired White Weld & Co., was bought by Bank of America, which was originally Bank of Italy, then BankAmerica Corp and now Bank of America. Wachovia, a merge of First Union Bank, The Money Store and CoreStates Financial Corp, was all set to be sold to Citigroup, which was a merge of Citicorp and Travelers Group, but in a surprise move, Wells Fargo, which earlier purchased Norwest Corporation, picked up Wachovia for the cheap price of $15 billion.


It's almost like trading snacks at the lunch table! "I'll give you half my ham sandwhich for your zebra cake!"
"No! Raise me your string cheese!"
"Only if you throw in your juicey-juice!"