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Wachovia To Buy Prudential Securities


machinehead

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"Wachovia Corp., the fourth-largest U.S. bank, agreed to acquire Prudential Financial Inc.'s retail brokerage business to almost double its roster of stockbrokers, people familiar with the negotiations said."

 

"Prudential Securities has lost almost $300 million during the past two years."

 

Buy High, Sell Low

 

The idiocy of banks -- the dumbest money on the planet -- buying borkers has been repeatedly documented here at Capitalstool. Doc has dwelt at length on the follies of Fleet Enema's specialist operation, for instance.

 

But do the banks ever learn? NO-O-O-O-O. They think stock borking is glamorous or something. They think people coming in to get their passbook stamped are gonna hang around in the lobby to punt on a couple of hundred shares of Cisco. Yeah, right!

 

It took Pru two years to lose $300 million. I'll bet Wachovia can accomplish that feat in only one. Charge!

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'got to thinkin' in the middle of today's "rally"...what are these fools buying? With options, I know what I'm buying: a contract on a wager. What do I get when I buy

a stock? Income? Hardly. Paper? Never seen any, just a number on a CRT. Ownership of a company? Not when Microsoft can clone a few hundred billion shares of itself when Bill Gates blows his nose. I have more of an ownership claim to the bankrupt Social Security system that I do MSFT.

 

Wall Street is a field of wet dreams. Chasing illusory acronyms, trying to line them up like cherries on a slot machine. I seriously wonder why I even find it interesting anymore..investing ala Buffet is interesting. These days, it's more like predicting the weather.

 

I intend to exit the arena quite soon, buy a few hundred ounces of gold and a truckload of silver bars and all the duct tape I can get my hands on.

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