As concern spread on Friday that more banks might run into trouble even with a US$700 billion rescue for the financial system, Wachovia, one of those hardest hit by the housing crisis, became the latest to reach for a lifeline. Wachovia has a US$120 billion portfolio of mortgages loaded with adjustable interest-rate loans that allow borrowers to skip part of their monthly payments, much of which it inherited from its ill-timed acquisition of Golden West, the big California lender, in 2006.[Wachovia becomes latest US bank to seek lifeline , Taipei Times, September 27, 2008]However, just three months ago the bank donated a rather substantial sum to the reconquistas: Wachovia to fund Latino group La Raza, [San Francisco Business Times, June 12, 2008]
The Wachovia Foundation will provide $16.25 million to help economic development in Latino communities in the United States. The foundation has formed a partnership with the National Council of La Raza. The bank will provide $5 million in grants over five years for counseling in homeownership and community-development efforts. Wachovia also will provide $1.25 million over five years to sponsor La Raza events and a $10 million loan to fund growth for Raza Development Fund's lending activities. "Wachovia's investment in NCLR will allow us to expand the successful programs we have developed with our nearly 300 community-based affiliates who every day strengthen America by promoting the advancement of Latino communities," says Janet Murguia, president and chief executive of NCLR.The folks at La Raza noted in a June 11 press release that Wachovia generosity was part of a larger pattern of funding Mexico's gradual invasion.
Last year, The Wachovia Foundation joined with the MacArthur Foundation to create a $47 million award program for community development. The first recipient of the $5.5 million "Wachovia NEXT Award for Opportunity Finance"was the Latino Community Credit Union based in Durham, N.C. [...] In addition, Wachovia:The Wachovia Foundation is a private foundation that is funded annually by Wachovia Corporation.
- Is the only major financial institution to offer statements in Spanish for all of its deposit accounts.
- Has nearly 800 designated Hispanic financial centers throughout the U.S. capable of delivering a full in-language customer experience, including bilingual Spanish-speaking employees, bilingual merchandising and financial product information in Spanish.
- Offers Spanish-language personal assistance seven days a week through a multilingual call centers and at hundreds of bilingual ATMs.
- Offers a Spanish-language Web site, www.wachovia.com/espanol, which allows customers to open new accounts, locate the nearest financial center or ATM and look up information in Spanish.
On the subject of world-class financial mismanagement, this video of a House hearing from 2004 shows Barney Frank and pals behaving badly regarding oversight.