Five years ago today, investors were taking the stock market on a wild ride as they digested news of the unfolding crisis. Also, reports emerged that Wachovia was in talks with Morgan Stanley about a merger.
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Miss you, Wachovia.
In due diligence, Morgan Stanley uncovered $74B in bad debt writeoffs at Wachovia, which would have wiped out all WB capital.
And Morgan said no thanks.
If TARP had come out two weeks sooner Wachovia would have never gone under... If it had come out later or not at all who knows how many more banks would have gone under - Citi was on the verge already and BOA was going to get hammered by Countrywide's bad loans.
All you TARP haters should understand that money is the blood of an economy and without TARP the blood would have never started flowing again and we would be seeing 25+% unemployment right now. TARP was for 700 Billion dollars - and all but 5 Billion was paid back. Other bailouts like AIG and GM were simular to TARP but not actually part of it.
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