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Wachovia and A.G. Edwards

What a difference a year can make. Thats about how long it has been since Wachovia bought St. Louis-based A.G. Edwards. According to this article, it looks like Wachovia just sold off its banking operations to Citigroup. Apparently the brokerage is not part of the deal, but one has to wonder what kind of affect this could have on St. Louis and the 4,800 jobs currently employed through joint Wachovia/A.G. Edwards operations.

One thing I don’t get is how all these huge companies seem to be so blindsided by the current status of the economy. If they had their eyes open, knowing what they knoe, they had to expect this. Perhaps that is why Wachovia bought A.G. Edwards in the first place. Maybe they saw the way the wind was blowing and decided to shift gears. What we have is either a brilliant strategy or stupidity. Care to take a pick?

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Matt Kastner

Matt Kastner is an Investment Real Estate Consultant at St. Louis Real Estate Society in St. Louis, Missouri. He is also develops properties on the side through Threshold Properties. When he isn’t representing investors in the purchase or sale of multifamily properties, rehabs, foreclosures and other income producing properties, he is often taking on rehab projects himself. He lives in South St. Louis and has been in the real estate business since 2004.

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