Fix Wachovia woes by selling Golden West?
Is Wachovia Corp., parent of one of the big-market-share banks in Florida, rock solid or in need of federal help? The share price can't seem to decide, bumping down last week under $9 a share and now hovering under $15. Well here comes TheStreet.com's wild man and CNBC Mad Money host Jim Cramer to offer his take on Wachovia. The bad news is Wachovia needs to unload some bad debt. The good news, Cramer suggests in this video segment, is Wachovia could do it easily by selling the California savings institution it bought several years ago -- Golden West Financial, the parent of World Savings Bank -- to the federal government. That's where so many of the bad loans are, Cramer says. A week or two ago that would have sounded absurd. But in this bailout du jour world, maybe Cramer's on to something.
-- Robert Trigaux, Times Business Columnist