[Q] - On Friday, with its stock plunging 27 percent, Wachovia experienced a “silent run” on deposits, but the bigger worry for regulators was that other banks wouldn't provide the Charlotte bank with necessary short-term funding when it opened for business Monday, sources familiar with the situation told the Observer...
“When Wachovia opened Monday it would not have had a source of liquidity,” a source familiar with the situation said. “It really could not have opened under those circumstances. That's why (the FDIC) put together the assistance package.” - http://www.charlotteobserver.com/business/story/226799.html Bank 'holiday": [Q] - Wachovia Bank has limited the access of nearly 1,000 colleges to $9.3 billion the bank has held for them in a short-term investment fund, raising worries on some campuses about meeting payrolls and other obligations... On Monday, Wachovia announced that it would resign its role as trustee of the fund, and would limit access to the fund to 10 percent of each college’s account value. - http://www.nytimes.com/2008/10/02/education/02college.html?_r=3&ref=us&oref=slogin&oref=slogin&oref=slogin --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
