video transcript

One of the best investments remained. Took us four hours to do work. Was on my Blackberry. Eating breakfast the Brooklyn diner. From my building and restore went across the just to read the Wall Street Journal -- -- Reuters headlines he's. When across saying it. That Citigroup to acquire the Wachovia banking subsidiaries for two dollars and Citigroup's stock stock was halted. This is kind of an interest and transaction because you're buying -- subsidiaries for Citigroup's stock. For -- interest in what happens to the holding company and back -- that you know I went upstairs the office. And -- cracked open the ten K and another member of the team it require. You know I worked on it and what was interesting is. The thousand page ten K Wachovia Corp. the 900 pages on the but thanks to -- There's no fewer than a hundred pages on the holding company. And by buying the banking subsidiary of city was leaving holding company which had. Cash. Known Wachovia securities IAG Edwards paid 67 billion for six months before. Evergreen asset management. And they are taking a 27 billion dollar loss on the sale was sitting here. And it can also had a liability called non cumulative perpetual preferred stock which you've ever wanna have a liability your life this is the single greatest liabilities Hannity. It's former equity we never have to pay a dividend and we don't pay them and accumulate in the worst cases they get a couple directors the board and -- -- each meaning. And you have this very expensive but this could be our our Berkshire half and in the day we figured the asked you know and four hours from his term -- -- -- worth at least eleven to fourteen dollars. Cash tax refund that you need to carry about twenty billion dollar. Loss recover cash taxes have been paid -- this cash vehicle it Wachovia securities wishes of you know good wealth management business. You don't AG Edwards another interest them ask that you these are businesses you know well. And other stock opened after it was halted -- dollar for which it looked -- you know eleven to fourteen dollars for. But 42% of the volume for the next four days. That was acquired by and wells came in and put in the topping bid of seven dollars and Wells -- stock which wasn't actually topping it. But the -- or revealed that our government assistance.