Rumor around the block: Wachovia may buyout MBNA

[LynneSin]

I work in the industry - but heard this may be in the works. MBNA took a big hit last quarter financially

[Double T]

1. No More MBNA.......We Can Only Hope!!!!!

[Pab Sungenis]

3. Don't get your hopes up.

As someone who has been suing them for the last two years, I can tell you that Wachovia is pure evil.

Even MBNA is merely one of Satan's little wizards compared with Wachovia.

[Eloriel]

4. I'd sure be interested in more details --

no more than you're willing to share, but surely you could share some general info re Wachovia??

[Pab Sungenis]

7. I can't say much about the case right now....

...because it's still going on. But one achievement, which came about quite by accident, is that you can argue, citing "DeMarco-Andrews and Sungenis vs. Wachovia and Cassaci," that enviornmental impact can be considered "irreparable harm" when seeking an injunction. :)

But for one big argument, research "Knisley v. First Union." Wonderful example of what happens when one bank buys out another then buys out another. Wachovia (then known as First Union) bought out a bank, which bought out a bank, which had bought out a lender. A couple's debt to that lender had been discharged under bankuptcy. Once First Union took over, they noticed that this couple (years later) had their bank accounts with them, and seized them in "payment" of the debt.

[wakeme2008]

2. The two slimeball companies

deserve each other.

Wachovia has not paid one cent of Federal tax in years do to the way they are set up.....

[the other one]

5. Would this lead to layoffs?

Is there "synergy" for the two companies, or would Wachovia be, in effect, buying MBNA's credit card portfolio and dumping the redundant employees? I live in Delaware, and I know many people who would be affected. Probably the whole state, as MBNA has moved past duPont to become the state's largest employer.

[LynneSin]

6. I know how you feel

I'm also in Delaware and if an MBNA/Wachovia merger happens that AND MBNA lays off a ton of their employees here in the state, it could mean a real glutton of qualified employees out there in the field. Makes me nervous. But one would think that Wachovia would want to keep things set up in Delaware because of our favorable tax laws.

Let's keep our fingers crossed