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.
.
.
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
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.
.
.
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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