Wachovia to buy Golden West Bank

http://channels.netscape.com/pf/story.jsp?idq=/ff/story/0001/20060508/1004397276.htm&sc=1333&photoid=20060417NYET706

"SAN FRANCISCO (AP) - Wachovia Corp., the nation's fourth largest bank, is muscling into the West with a $25.5 billion deal to buy Golden West Financial Corp., a mom-and-pop shop that blossomed into a prized savings and loan."

"With the takeover, Charlotte, N.C.-based Wachovia would pick up a 285-branch network spanning 10 states that would fill a void in the company's operations. Golden West earned $1.5 billion last year, primarily from making the adjustable rate mortgage loans that have been its bread and butter for decades.

Oakland, Calif.-based Golden West operates its branches as World Savings Bank - a brand that began to take shape 43 years ago when the husband-and-wife team of Herbert and Marion Sandler paid $4 million for a San Francisco Bay area savings and loan with just $34 million in assets and 25 employees."

Sadly, another consolidation has happened.

monopolies. One of the first acts of any Democratic administration will have to the enforcement of antimonopoly laws in this country.

Competition, my ass.