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Wachovia bank cuts off colleges from short term loans

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posted on Oct, 9 2008 @ 07:49 PM

Wachovia bank has frozen the accounts of nearly 1,000 colleges, leaving institutions unable to access billions of dollars they depend on for salaries, campus construction, and debt payments.

As of last Friday, the Common Fund for Short Term Investments managed approximately $9.3-billion in assets for 900 colleges and roughly 100 private schools.

Minnesota’s private colleges are worried as well. On Monday, the state’s independent-college association sent a letter to its Congressional delegation, warning that some colleges would be unable to make their payroll obligations this week.

900 colleges and private schools may not be able to meet thier payroll. They did change it from 10 to 26% but who knows. I completely agree there is going to be a bank freeze soon but what we do not relize is that it is going to affect large institutions such as these colleges first because that is going to give these corporations more bang for thier buck! With the citibank-Wachovia deal looking like it is not going to go through, I wonder what impact this will have on the college accounts! If I was any of you attending these schools I would be leary of paying you tution too early as there may very well be no classes this spring!

Small businesses and larger individual accounts will be next!

Here is a question while your money is protected by the FDIC does that mean if the bank puts a limit on what you can withdraw? Can you just ask the FDIC for it? Also exctally how long does it take the FDIC to pay you back?

posted on Oct, 9 2008 @ 08:14 PM
I say we speed up a few nuclear molecules in the LHC (Large Hedron Collider?) / CERN and fire them out the other end of 17 miles of cannon tube!

Why and at whom? Because of the money situation, and the nuclear molecules should be fired at the CEO's of all teh banks in teh world.

Gee, eye am so we-todd-it tew cum ^ wit a plan lyke dis..

posted on Oct, 10 2008 @ 08:12 AM
reply to post by runetang

I feel that if our governement believes torture is fine for what it calls terrorists then we need to water board these suit wearing sons of b%^&$!

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