To cut to the chase, it is all about capitalization now. Does Wachovia have enough capital to ride out the current storm or does all the speculation about the bank’s future become a self-fulfilling prophecy?
No doubt Bob Steel would prefer to firewall all his dreck and sell it off to his former buddies at Treasury just as soon as the ink is dry on any “bailout” plan. But that may not happen fast enough in an environment where a few hours can determine your fate.
