What will a WFC/WB retention package look like?
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It’s called capitalism and the best deal for the public good (in my biased opinion). With my few hundred shares of WB, I am sure to move to needle.
This must be what they seem to know that we don’t. From the meeting in Federal Court today:
[QUOTE]
The $700 billion federal bailout of the banking industry passed by Congress includes language that permits Wells Fargo to step in, Wachovia’s lawyers told U.S. District Court Judge John Koeltl today at an emergency hearing in Manhattan. Citigroup disputed that claim in court filings.
Koeltl said that it ``appears’’ Wachovia has the superior argument. He declined to make a ruling on the dispute, giving the parties until Oct. 7 to file briefs on the matter. Lawyers for both sides said they were prepared for a trial in the case.
[/quote]
Ok - Bonus points for the person that finds the provision in Friday’s bill that Wachovia is arguing.
[quote=fritz]Judgw just ruled against WFC/WB deal…Looks like it will not go through, or will tied up in courts for a long long time. Maybe should not spend the retention $$ yet.[/quote]
This is wrong. All the judge did was grant a TRO that blocks the Wells deal until a trial is held and arguments are heard. I believe this is scheduled for Friday. Then a decision will be made.
My guess is that Citi loses. And then the question is, what happens to Citi. Without all those deposits that they seem to have needed, just how strong, or weak, are they?
I’d be worried as a C shareholder, which I am not. As a WB employee and shareholder, I am just numb.
Gordon, i know how you feel. As a C shareholder and employee, i am numb, AND worried!
Thank goodness i had this terrible habit of selling any restricted stock as i received it, since i am with the company.
I can proactively deal with either outcome…its the uncertainty and waiting that is tough to wait out. At this point, next Friday feels like it will be another year away.
Well, looks like the next battle is not going to be Friday in a NY court, but Tuesday, in a Fed court…
http://biz.yahoo.com/ap/081005/wells_fargo_wachovia.html
Its looking more and more like WFC getting the WB securities is going to happen one way or another, either by taking all of WB or by giving some of the bank branches to C to get them to go away.
IMO advisors should expect some kind of rentention package to be offered. I wonder if they would consider offering a choice of cash, stock, or both.[quote=Go_Long]Its looking more and more like WFC getting the WB securities is going to happen one way or another, either by taking all of WB or by giving some of the bank branches to C to get them to go away.
IMO advisors should expect some kind of rentention package to be offered. I wonder if they would consider offering a choice of cash, stock, or both.[/quote] CASH Are you kidding?[quote=Go_Long] Its looking more and more like WFC getting the WB securities is going to happen one way or another, either by taking all of WB or by giving some of the bank branches to C to get them to go away.
IMO advisors should expect some kind of rentention package to be offered.
I wonder if they would consider offering a choice of cash, stock, or both.[/quote]
I’ll take my payment in cash and vagina. There’s a young teller at the local WF branch that I’ll take as partial trade.
Hearing may not even be a package..if one comes in it will be in Stck..they do not really care if you stay or not, they want assets and they are getting them for cheap.What are you expecting, stage coach piggy banks?
Fritz sounds like a disgruntled AGE guy…Wells does not want the brokerage assets…they want the brokers AND the brokerage footprint. Retention is an absolute must for a company in absolute turmoil like WB is…
Wells has plenty of cash to pay brokers and I think they will structure the deal like the WB/AGE deal. To say they want the assets and don't care if the brokers leave makes no sense. Who do you think the assets will follow? BAC announced some sort of package for MER today and who do you think WFC will be competing against?MER retention is not out yet, but I’m hearing rumors that it may turn out to be rather disappointing. We shall see
i think anyone dreaming about a big retention package is dreaming. The world has changed. There is no place to go! The deals are coming down.
I would be surprised if ws reps get much of anything(I am one of them). Where would the cash come from?
I heard an entire legacy AGE office moved today. I get their frustration, but TODAY? Just hump it out a little longer to see who the parent company is and if there is a retention. That plus the market action is a crap time to move.
What do you care if someone else decided to move?
For those without the nads, now is always a bad time.