One who intends to leave others better off for his having existed.

11/10/14

Securities Fraud and Perjury via the Wells Fargo Wachovia Merger

Wachovia was was the fourth-largest bank holding company in the United States before its acquisition by Wells Fargo on December 31, 2008.

In negotiations and litigation before, during and after the closing of the merger deal, both Wachovia and Wells Fargo failed to disclose massive credit lines with the Federal Reserve via the Term Auction Facility, which could have affected the merger's negotiated terms.

On December 22, 2008, Wachovia borrowed $10 billion at 0.528% from the Federal Reserve for 17 days with $76.280 billion in Unencumbered Collateral representing an undisclosed credit line with the Fed, none of which was disclosed to Wachovia's shareholders or the public before and after the merger with Wells Fargo. (Loan maturity - January 8, 2009, after the merger)

On February 26, 2008, Wells Fargo borrowed $10 billion at 0.42% from the Federal Reserve for 84 days with $56.796 billion  in Unencumbered Collateral representing an undisclosed credit line with the Fed, none of which was disclosed to Wells Fargo's shareholders or the public before and after the merger with Wachovia. (Loan maturity - February 26, 2009, after the merger)

http://www.federalreserve.gov/newsevents/reform_taf.htm

Some Wachovia shareholders initiated litigation within which Wachovia and Wells Fargo didn't disclose the Federal Reserve Term Auction Facility credit lines.

I believe the North Carolina Business Court, where shareholder initiated merger related proceedings  took place, was misled by Wells Fargo and Wachovia.
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Previously;

$WFC CEO Stumpf and Chair Kovacevich Securities Fraud and Insider Trading 

http://hartzman.blogspot.com/2014/09/wells-fargo-ceo-john-stumpf-and.html


Wachovia CEO Robert Steel's Securities Fraud and Insider Trading 

http://hartzman.blogspot.com/2014/05/new-perella-weinberg-ceo-robert-steels.html

JPM CEO Jamie Dimon Securities Fraud and Insider Trading 

http://hartzman.blogspot.com/2014/09/happy-labor-day-jpm-ceo-jamie-dimon.html

Citibank CEO Vikram Pandit Securities Fraud and Insider Trading 


http://hartzman.blogspot.com/2014/09/citibank-ceo-vikram-pandit-securities.html   

For the 400,000 plus Wells Fargo clients being lied to on their "Envision" retirement plans 


http://hartzman.blogspot.com/2013/01/envision.html

BB&T CEO Kelly King and CFO Daryl Bible Securities Fraud 

http://hartzman.blogspot.com/2014/09/bb-ceo-kelly-king-and-cfo-daryl-bible.html

Bank of America Insider Trading and Securities Fraud

http://hartzman.blogspot.com/2014/09/bank-of-america-insider-trading-and.html


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