Friday, October 15, 2010

Did you lose money in Wachovia Stock? Thank Richard Burr

Originally posted in April 2009:

Wachovia was a home state bank. That bank grew up in our state. It expanded, reached beyond our state's boundaries, and grew into a national powerhouse. It brought prestige and clout to North Carolina. And in being a home state bank, it's stock was held far and wide by many in North Carolina. Wonder how many Billions of dollars of wealth in our state got wiped out by Wachovia's failure? This article says $100 Billion went up in smoke in total. A big chunk of that was likely wealth destroyed in our state.

But among all the wealth destruction, six very lucky Wachovia executives walked away with $100 Million of your wealth. They hit the golden parachute jackpot while shareholders in North Carolina suffered Billions in losses. How could that be? Who is there to put a stop to this theft that happens time and again in corporate America?

I didn't own any Wachovia stock. I was fortunate and saw the writing on the wall. But I've heard so many stories about elderly parents of friends who had Wachovia stock. These people came to rely on the steady stream of dividends from this safe and conservative company. And when they lost their wealth, it blew a big hole in many of their retirement plans.

It pained me greatly to hear these stories. So I was furious that these six Wachovia executives could enrich themselves at the expense of the elderly North Carolina shareholders who lost massive amounts of their retirement money.

Who do you turn to in situations like this? Well, I wrote my state's US Senator, Senator Richard Burr. His response?

NOTHING.

I heard nothing. He did nothing. Senator Richard Burr sat on his sorry tail and allowed 6 Wachovia executives to pocket $100 Million for failure. I haven't looked, but it's not going to surprise me in the least if they're all Republicans. And even if they aren't, why Senator Burr would allow this to happen speaks volumes about what a pitiful failure this man has been as our elected representative in Washington DC.

We need fairness in our system. In situations like this, Washington is the only place we can turn in order to right a wrong. This was wrong. But Washington did nothing. Senator Burr did nothing.

I'm not going to do nothing. I'm one North Carolina Republican who's determined to punish this sorry Republican Senator and send him packing in the next election. Join me. Let's do something about our sorry Senator. Let's throw him out the door.

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