I had the misfortune of watching my wife break down into nearly uncontrollable tears this morning as I told her the news. Yes she worked for Wachovia when you merged. But it wasn't a merger. Those on the inside know full well it was a takeover. You had nearly ruined First Union's reputation in the market place with your tactics but you were still bigger. So it was really a takeover. You took the Wachovia name because of its stellar reputation. You basically forced out the long time Wachovia people who found your tactics and management style too much to swallow. But what is it that they say about a wolf in sheep's clothing? Month after month the older employees left due to extreme displeasure as you changed the culture to intimidation and pressure.....and as you chiseled away at their seniority advantages.
Unfortunately, my wife stayed. She entertained the idea many times of leaving due to her misery index, but she found it very hard to walk away from 25+ years and the advantages of vacation accruals, medical compensation, and pension accruals. Her savings and investment plan had been a stellar performer. Even after warning her against it, I didn't realize until this morning that she had significant exposure to your stock in it. Many people just don't understand the market and how it works. You can tell them but you can't force them to do certain things. They are taught to always believe and many do. She isn't even close to having everything tied up with your stock but that didn't help this morning as she broke down. You ruined it for her and for many others. Things may work out fine in the long run.
But the bottom line is this. You ruined First Union with your tactics, then you took over Wachovia and ruined it with your tactics. Like I said....Way to go First Union pigs!
Way to go you First Union Pigs
Started by
Iblayz
, Sep 29 2008 08:44 AM
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