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On March 27, 2008, Wachovia borrowed a not disclosed $3.5 billion from the Federal Reserve’s Term Auction Facility (TAF) with an undisclosed Federal Reserve credit line worth $53.652 Billion.
Former Wachovia CEO Robert Steel, with the help of former Goldman Sachs colleauge Peter Weinberg, misled Wachovia's board of directors to sell Wachovia to Wells Fargo for a $50 million commission of which Goldman Sachs recieved half of, without telling Wachovia shareholders of massive Federal Reserve credit lines, with the help of key Bush and Obama administration personel.
Wells Fargo CEO John Stumpf knew and went along with the merger, signing false SEC certifications and court filings in the process.
On 6/30/2008, Wachovia's outstanding Federal Reserve provided Term Auction Facility borrowings totaled $10 billion, representing a material 29.82% of the company's market capitalization.
Wachovia Corporation's June 30, 2008 form 10-Q certified by Robert Steel did not disclose the type, terms, interest charges, dates, collateral, values or amounts of financial assistance provided by the Fed.
On July 22, 2008, Mr. Steel personally purchased 1,000,000 shares of Wachovia’s stock as the company’s undisclosed Federal Reserve Term Auction Facility (TAF) borrowing reached $12.5 billion, representing a material 34.85% of the company's market capitalization.
Wachovia CEO Robert Steel falsely certified Wachovia's Quarterly Report as of September 30, 2008, as the $12.5 billion borrowed by Wachovia on 9/30/2008 represented a material 165.43% of the companies market capitalization;
"I, Robert K. Steel, certify that: I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2008 of Wachovia Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report."
On October 31, 2008, the Federal Reserve was aware Wachovia and Wells Fargo CEO's Robert Steel and John Stumpf lied in a merger related SEC filing.
Wachovia's stock price on date of first TAF loan: 3/27/2008 - Last Trade: 27.07
Wachovia price on date of completed merger with Wells: 12/31/2008 - Last Trade: 5.54
As of January 31, 2008, there were 1,981,983,990 Wachovia shares outstanding.
27.07 - 5.54 = 21.53 x 1,981,983,990 = $42,672,115,304.70 Wachovia market capitalization lost between the first undisclosed TAF loan and Wells Fargo merger.
They lied, and Wachovia's stock holders lost more than $42 billion
as John Stumpf and Robert Steel walked with millions
After paying Peter Weinberg's Perella Weinberg Partners $25 million and Weinberg and Steels' former employer Goldman Sachs $25 million to advise Wachovia on the merger with Wells Fargo, Steel became CEO of Perella Weinberg Partners in 2014.
Robert Steel earned some of the money he allocated to Perella Weinberg Partners as Wachovia's CEO, after he sold Wachovia to Wells Fargo for substantially less than it was worth with the help of his former Goldman Sachs colleagues without being prosecuted by the Obama Administration's Justice Department and without any other mainstream news outlet reporting the story.