Friday, April 03, 2009

Kay's Seven Deadly Challenges #6: "Greed"


"Waiting for a Makeover"
Raleigh, NC - October 2008 (Click to embiggen)

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Greed, is the one sin I knew from the beginning I could represent in a photograph. (Well, that and lust. Lust is pretty easy.) We've seen so many examples of it lately that it's hard not to see opportunities everywhere. But around here, this example was one of the most noteworthy. Actually, it's more noteworthy 165 miles from here in Charlotte where Wachovia has its headquarters.

It seems that one of the naughty-naughties perpetrated by this financial giant was selling a whole bunch of something called "auction rate securities" and then ceasing the auctions. Which left investors with no way to sell their shares, bonds, what have you. Basically Wachovia sold something like $8.5 billion worth of these instruments and then left investors holding the bag. Which may account for why they're now a wholly owned subsidiary of Wells Fargo.

But there's a little bit of justice here. Wachovia has been ordered to buy back all those securities and pay a half-million dollar fine for good measure. Somehow I doubt that the half-mil is going to hurt their feelings very much, but having to buy back all those assets might. But what do I know? Could this have been the plan all along?

What goes around, as they say...

It's this kind of thing that gave the bank the name "Walk-All-Over-Ya" when I was young.Violence UnSilenced


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8 comments:

Kay said...

Very nice!

I like how in the photo it is HUGE and intimidating... but really? just a building where people did greedy things...

:)

Jimmy P said...

When I go to a different bank than my own to withdraw money and it costs me $3, that is greedy.

SandyCarlson said...

I'll be down with a sack of pebbles to put some of these windows out.

There are probably levels of calculation at work here that we'll never know all about.

Have we already forgot about the AIG bonuses? I think these jerks count on our short memories.

Thanks for the remidner.

Pouty Lips said...

I think it's Congress that counts on our short memories. Congress knew about those contractual AIG bonuses all along and then feigned surprise.

Shadow said...

very good take on greed, well done!

Raven said...

This whole bank thing reflects levels and levels of greed as well as disregard for the law and right and wrong. Never heard the "walk all over you" for Wachovia. Clever. Neat photo.

ROSIDAH said...

A perfect match for the theme "greed"!

Lil Bit said...

LOL, so appropriate for greed.

... and I like the way you captured it ... almost looks like it's falling down or the Leaning Tower of Wachovia. lol