1101:
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430:, as Herb Sandler, states that "My wife and I had a company which aggressively marketed subprime mortgages, and then bundled them as securities to sell to banks such as Wachovia. Today, our portfolio's worth almost nothing, though, at one point, it was worth close to $ 19 billion." In response to the show, the real Herb Sandler said he had been "listening to this crap for two years" and "we are being unfairly tarred."
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for years: it began to write loans at an annual interest rate of just 1%, with correspondingly low monthly payments. World
Savings previously did not allow rates so low. The steep losses generated by these Golden West/World Savings loans ended up crippling Wachovia, resulting in its eventual purchase by
397:
caused the timing of the acquisition by
Wachovia to harm that company's financial situation. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. This prompted World Savings to attract more borrowers by taking a step which the company had been resisting
302:
corporations in the 1970s led the
Sandlers to acquire World Savings in 1975. World Savings had been growing with other mergers in Colorado, so this acquisition expanded Golden West Financial out of California and 107 offices. The corporation began operating all of its savings and loans offices under
350:
In 2000, the bank was one of the highest-rated stocks in the industry. Golden West was mentioned industry-wide in a positive light, once described as "They are in a sweet spot right now in the mortgage business, and that is driving extraordinary earnings compared to other thrifts. They are the best
327:
called the company "the Nation's Best-Run S.& L." saying that "the core of their business is decidedly—some might say refreshingly—old-fashioned". As the mortgage market revived in the mid-1990s, Golden West
Financial Corporation expanded its reach to the east coast of the United States as
387:, The acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $ 32 billion in deposits and operated 123 branches. Wachovia also picked up about $ 122 billion in option adjustable rate mortgages.
306:
Lessening restrictions on savings and loans by the United States government in the early 1980s saw a rapid growth in the industry, and Golden West profited from it by careful examination of the market as it fluctuated and not over-extending its reach during the
289:
analyst, and
Herbert, a real estate attorney, would operate the company in tandem. In 1968, the Sandlers took Golden West Financial public. In 1969, Modesto Savings was acquired and became part of Golden West Savings.
416:
After the takeover was completed in 2006, some analysts said that
Wachovia purchased Golden West at the peak of the US housing boom, and that its mortgage-related problems were the ultimate factor in Wachovia's fall.
351:
ARM lender, and they have superior interest rate management". As with the late 1980s and early 1990s, Golden West continued to expand assets and lending opportunities during the market decline after a burst of
285:, through their newly created corporation, Golden West Financial. Some of the capital for the acquisition came from bank loans, with the balance coming from Marion's family money. Marion Sandler, a former
410:
While World
Savings continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was harder to verify.
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struggling savings and loan associations were put up for sale. By 1995, Golden West held $ 31 billion in assets, making it the third largest mortgage lender in the country. In 1997,
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to provide assistance for first time or low income home buyers who may not have received assistance from the private banking system. With diligence, Herbert
Sandler devised an
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332:, a nonprofit women's research group, found that Golden West Financial had one of the highest percentages of women on their board of directors within any
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system for Golden West's holdings to provide as alternative to the other options available. The system and implementation was enormously successful.
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The acquisition was announced on May 7, 2006, with a price of a little under $ 25.5 billion. The merger was completed in
October 2006.
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Wachovia CEO G. Kennedy "Ken" Thompson described Golden West as a "crown jewel". But investors did not react positively to the deal.
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announced its acquisition in 2006, Golden West
Financial had over $ 125 billion in assets and 11,600 employees.
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The Sandlers, who had run the company for forty-three years, were ready to retire and focus on philanthropy.
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The business was founded in 1929 as Golden West Savings and Loan Association, a small savings and loan in
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311:. Golden West continued to expand its portfolio, and remained marginally profitable for its investors.
766:"Wachovia To Acquire Golden West Financial, Nation's Most Admired and 2nd Largest Savings Institution"
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lampooned the Wachovia takeover of Golden West Financial during a segment on the financial bailout.
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Arizona, California, Colorado, Florida, Illinois, Kansas, Nevada, New Jersey, New York, and Texas
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In 2006, they agreed to acquisition of Golden West Financial and its thrift, World Savings, by
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969:"Human Rights Watch gets $ 15 million offer / Pledge comes from bankers in Oakland"
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Golden West Savings and Loan Association was purchased in 1963 for $ 4 million by
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Agosta, Veronica (November 5, 2001). "Thrifts' Decline Sparks Value Debate".
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830:"Golden West co-founder Herb Sandler dies at 87, leaving complicated legacy"
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In 2006, Golden West Financial was named the "Most Admired Company" in the
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265:. Golden West Financial's subsidiary, World Savings, was established in
249:
association in the United States, operating branches under the name of
513:
Ehrbar, A.F. (June 29, 1981). "The Mysteriously Profitable S&L".
196:
27:
One of the largest U.S. Savings and Loan associations (1929-2006)
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1027:
953:
231:
857:
Moss, Michael; Fabrikant, Geraldine (December 24, 2008).
632:"Women Hold 10.6% of Fortune 500 Board Seats, Study Says"
75:
Golden West Savings and Loan Association (founded 1929)
563:"Golden West Club Savers get all this (advertisement)"
339:
At the same time, the United States government set up
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Marion and Herbert Sandler continued to serve as co-
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944:"Anne Hathaway: 10/04/08: Bailout Press Conference"
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859:"Once Trusted Mortgage Pioneers, Now Scrutinized"
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78:World Savings and Loan Association (founded 1912)
806:(Press release). October 2, 2006. Archived from
676:"Fortune: America's Most Admired Companies 2006"
916:"Wachovia-Golden West: Another Deal From Hell?"
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8:
774:(Press release). May 7, 2006. Archived from
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1021:"Golden West Financial Corporation History"
739:"Court fight for ailing Wachovia escalates"
533:Stevenson, Richard W. (September 9, 1990).
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599:"Golden West May Merge With World Savings"
448:
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29:
952:. Season 34. Episode 4. October 4, 2008.
707:"Wachovia acquires Golden West Financial"
222:Atlas Securities; World Savings and Loan
798:"WACHOVIA COMPLETES GOLDEN WEST MERGER"
535:"Inside the Nation's Best-Run S.&L"
438:
1600:Companies based in Oakland, California
1580:American companies established in 1929
1575:Defunct companies based in California
732:
730:
7:
1610:2006 disestablishments in California
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1479:Wells Fargo Tower (Colorado Springs)
1439:Wells Fargo Center (Salt Lake City)
967:Ross, Andrew S. (October 7, 2008).
489:"Golden West Financial Corporation"
1570:Defunct banks of the United States
1282:First National Bank (Philadelphia)
887:"Wachovia pays $ 25bn for 'jewel'"
25:
1605:1929 establishments in California
1505:Wells Fargo cross-selling scandal
1469:Wells Fargo Center (Philadelphia)
1429:Wells Fargo Center (Portland, OR)
1414:Wells Fargo Center (Jacksonville)
1242:Bowles Hollowell Conner & Co.
336:company, with 5 women and 4 men.
18:Golden West Financial Corporation
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1529:
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1424:Wells Fargo Center (Minneapolis)
1419:Wells Fargo Center (Los Angeles)
1099:
913:Moore, Heidi N. (July 8, 2008).
885:Litterick, David (May 9, 2006).
630:Bryant, Adam (October 1, 1997).
597:Perry, Gerald (August 3, 1975).
1434:Wells Fargo Center (Sacramento)
737:Lepro, Sara (October 6, 2008).
420:The October 4, 2008 episode of
1474:Wells Fargo Tower (Birmingham)
1189:Wells Fargo Insurance Services
454:"10-K filings for Golden West"
1:
1595:2006 mergers and acquisitions
1212:ABD Insurance & Financial
294:Growth in the 1970s and 1980s
1590:Banks disestablished in 2006
1444:Wells Fargo Center (Seattle)
1373:Allspring Global Investments
298:The expanding popularity of
1464:Wells Fargo Plaza (Phoenix)
1459:Wells Fargo Plaza (Houston)
1454:Wells Fargo Plaza (El Paso)
1409:Wells Fargo Center (Denver)
974:The San Francisco Chronicle
118:; 18 years ago
91:; 61 years ago
1626:
1388:Tillie the All-Time Teller
1307:Garden State National Bank
108:Herbert and Marion Sandler
1585:Banks established in 1929
1513:
1272:First Commerce Bancshares
1186:Wells Fargo Home Mortgage
1097:
1065:
1013:Archived official website
1322:Halsey, Stuart & Co.
1277:First Interstate Bancorp
395:subprime mortgage crisis
345:adjustable-rate mortgage
303:the name World Savings.
1327:National Bank of Alaska
1287:First Pennsylvania Bank
922:The Wall Street Journal
561:Golden West Financial.
309:savings and loan crisis
245:was the second-largest
1500:History of Wells Fargo
1404:One Wells Fargo Center
1217:Atlantic National Bank
1192:Wells Fargo Securities
368:magazine. By the time
100:in Oakland, California
1337:Prudential Securities
1317:Golden West Financial
1312:Georgia Railroad Bank
1302:Florida National Bank
1262:Evergreen Investments
1257:Crocker National Bank
1237:Bank of North America
1207:Abbot-Downing Company
1200:Historical components
1183:Wells Fargo Financial
461:Golden West Financial
362:services business by
273:Golden West Financial
243:Golden West Financial
31:Golden West Financial
1252:CoreStates Financial
1176:Wells Fargo Advisors
1161:Suzanne M. Vautrinot
803:Wachovia Corporation
771:Wachovia Corporation
376:Takeover by Wachovia
134:acquired by Wachovia
1357:Wachovia Securities
949:Saturday Night Live
892:The Daily Telegraph
423:Saturday Night Live
315:The 1990s and 2000s
263:Oakland, California
208:Number of employees
164:Number of locations
153:Oakland, California
32:
1484:Duke Energy Center
1140:Theodore F. Craver
1110:Board of directors
1023:. FundingUniverse.
997:. October 7, 2008.
864:The New York Times
810:on August 26, 2007
637:The New York Times
540:The New York Times
325:The New York Times
267:Madera, California
251:World Savings Bank
63:Financial services
1557:
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1449:Wells Fargo Place
1366:Former components
1232:Bank of Baltimore
1158:Ronald L. Sargent
994:Los Angeles Times
778:on August 8, 2007
744:The Seattle Times
519:. pp. 94–99.
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16:(Redirected from
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1143:Wayne M. Hewett
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607:. pp. B–10
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202:$ 124.6 billion
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838:. June 5, 2019
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715:. May 8, 2006
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664:. p. 23.
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571:. pp. A3
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1247:Century Bank
1130:Steven Black
992:
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928:December 25,
926:. Retrieved
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890:
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833:
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218:Subsidiaries
197:Total assets
149:Headquarters
69:Predecessors
36:Company type
1548:Wikiversity
1297:First Union
1086:Henry Wells
1059:Wells Fargo
617:Google News
581:Google News
400:Wells Fargo
353:refinancing
341:Freddie Mac
334:Fortune 500
287:Wall Street
269:, in 1912.
174:Area served
1564:Categories
1347:SouthTrust
1126:(chairman)
899:2010-08-16
842:January 9,
750:October 7,
687:2007-07-18
185:Net income
168:283 (2005)
54:: GDW
1397:Buildings
1378:H.D. Vest
1169:Divisions
681:CNN Money
643:April 27,
611:April 27,
575:April 27,
546:April 27,
498:April 22,
467:April 22,
402:in 2008.
139:Successor
46:Traded as
1524:Category
1352:Wachovia
1079:Founders
895:. London
814:July 18,
782:July 18,
719:July 18,
370:Wachovia
360:mortgage
330:Catalyst
143:Wachovia
59:Industry
1536:Commons
1493:History
1332:Norwest
1070:History
516:Fortune
365:Fortune
257:History
227:Website
121: (
113:Defunct
105:Founder
94: (
86:Founded
463:, 2005
39:Public
1120:(CEO)
457:(PDF)
434:Notes
212:11604
930:2008
872:2008
844:2020
816:2007
784:2007
752:2008
721:2007
645:2010
613:2010
577:2010
548:2010
500:2010
469:2010
393:The
321:CEOs
281:and
234:.com
131:Fate
123:2006
116:2006
96:1963
89:1963
52:NYSE
954:NBC
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