Wednesday October 6, 2010 | Banktown

October 4, 2010 at 11:14 am | Posted in Coming Up | 4 Comments

Charlotte was front and center during the financial crisis in the fall of 2008. The drama that unfolded with the sale of Wachovia and Bank of America’s acquisition of Merrill Lynch threatened to destroy Charlotte’s identity as a “Banktown”. Charlotte Observer reporter Rick Rothacker had a front row seat as he covered the events of that fall, and now he’s written a new book that chronicles the story in great detail. We’ll talk with Mr. Rothacker about “Banktown.”

Guest
Rick Rothacker
– Reporter, Charlotte Observer and Author of Banktown

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  1. We were part of a corporate relocation the summer of 2008; about 160 employees + their families came from Portland, Oregon to the Charlotte/Ft. Mill area.

    Due to the economy, my husband’s employer was unable to keep financial incentives as agreed upon before we relocated. Also, due to financial strain, his employer has not completed the relocation; many employees and facilities remain on the West coast causing more business related travel of the relocated employees.

    We were promised monetary compensation and less travel and as frustrating as it may be, we cannot hold my husband’s employer responsible for these decisions; the timing was poor.

  2. Charlotte grew as it was once a great place to raise your family. We had low crime, great schools, reasonable taxes and the companies found plenty of talent.

    Then we began a push for toys and pleasure zones. Now we are just pale copies of other failed cities.

    The major banks failed here as they had to start paying for talent to live in the right neighborhoods, have their employees children attend private schools and it hit where the did not need it to, the bottom line.

  3. Wachovia would not have been sold to Wells Fargo if they wouldn’t have absorbed billions in toxic mortgages in California and other Western states when they bought the sub-prime mortgage company Golden West. Golden West was riddled with a bunch of dishonest rip-off artists who were trying to offload their toxic assets to the highest paying suckers (even ‘Saturday Night Live’ did a skit about it). That was a very bad deal and it led directly to Wachovia’s fire-sale. Even worse, Wachovia wasn’t in as bad shape as many other banks, yet the other banks were not forced in to being sold.

    The massive consolidation and centralization of banking in the USA continues apace and is a very bad sign for the economy, as monopolization means price fixing, price gouging, and much reduced competition. As the saying goes: “Too much capitalism does not mean too many capitalists, but too few capitalists.” (G. K. Chesterton)

    Since Wachovia is no longer an NC based company, North Carolinians should close their accounts with the bank and reopen them with an NC headquartered bank.

  4. […] This post was mentioned on Twitter by Charlotte Talks, Charlotte Talks. Charlotte Talks said: Wednesday: Rick Rothacker, author of "Banktown: The Rise and Struggles of Charlotte’s Big Banks" on the 2008 bank… http://fb.me/BDUtNT7E […]


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