Nearly 1 Trillion Now - 4 Billion To Go; Battered Wachovia Shops for Buyers

Wachovia is in a new round of talks with potential buyers, reports the Wall Street Journal, courting Citigroup, Wells Fargo, and Spain's Banco Santander to help guard it from the financial market crisis. While the bank says it's not in immediate danger, shares at Wachovia, which holds a $120 billion mortgage portfolio, dropped 27% yesterday on the news of Washington Mutual's failure.

Kenichi Ohmae estimates that US$ 5 trillion will be required to clear the dollar crisis - and get the US back on rails. Wachovia will take that cost US$ 1 trillion. 4 billion more to go.

And who will pay this bill?

Comrade Hu Jin Tao, Taro San, Mr.Medvedev and Shri Manubhai are waiting in line - to handover the cash to Dubya.

Announcement

The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.

	Citigroup to buy Wachovia banking operations	Associated Press	Sun Sep 28	0
	Reports: Wachovia in talks with potential buyers	Associated Press	Fri Sep 26	0
	Citigroup Buys Wachovia	msnbc.com	Mon Sep 29	2