Tuesday, October 07, 2008

Feeling Left Out

The Wall Street Journal reported yesterday that negotiations are ongoing between big cheeses from Citigroup Bank, Wells Fargo Bank, and federal government officials on the fate of Wachovia Bank. Officials from Wachovia were left out of the talks . . . on purpose. Wachovia is just the carcass that the vultures are fighting over.

To me, this is sad in a way. Though I am not a native Tar Heel, North Carolina has been my home for about the past 15 years. In these 15 years I have witnessed a lot of change in this state. NC is no longer textiles and tobacco. With the Research Triangle Park in the "triangle", research & development, bio-technology, computer and other high-tech industries changed Raleigh. In Charlotte, it has been BIG banks that has made Charlotte into a CITY. Bank of America headquartered there. But it was Wachovia -- a true NC bank that made good and made NC standout in the world of finance and Wall Street that also headquartered in Charlotte.

Today, yankee bankers from New York City (Citigroup) and "foreigners" from California are eating it (a true NC bank--Wachovia) up like scraps from a pig-pickin'. Left out. Dead. Like a member of the family that did good but has now passed on. What will the rest of the family do now? What will the closest of kin in Charlotte do?

North Carolina pride has suffered a blow.


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