Wachovia

Does the new CEO, Robert Steel, of Wachovia Corp. know what he is doing?  A couple months ago he bought one million shares of Wachovia stock at $16.00 per share for a cost of $16 million dollars.  First, I don't understand how an average rich person can finance a sixteen million dollar purchase of stock.

Does Wachovia's Board know what it's doing?  Last weekend board members voted to sell the bank to Citigroup for $1.00 per share of common stock.  This past Friday the board apparently changed its mind and accepted a $7.00 per share offer for the bank by Wells Fargo.  It appears as if they voted while in panic last weekend.

It had been reported that Wachovia was discussing a merger with both Citigroup and Wells Fargo in the weeks leading up to weekend where the board of directors practically gave away the company to Citigroup at some predicted cost to the taxpayers.

I don't understand all I know about what is going on.

Have a good week!