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On Wall Street "Wedded Bliss" on Wachovia, A.G. Edwards Merger
Jul 12 07
On Wall Street Magazine "Wedded Bliss" Discusses Wachovia, A.G. Edwards Merger. The piece says, "Horrified, they [AGE brokers] read ... Thompson told analysts ... that one way he plans to raise their production would be to move their clients' cash out of A.G. Edwards' money-market funds and into lower-interest-rate Wachovia bank accounts. But ... what Thompson really said was that Wachovia plans to shift A.G. Edwards' money-market clients from a third-party provider, OppenheimerFunds, into money-market funds from Wachovia-owned Evergreen Investments. At the time of the call, A.G. Edwards' Centennial money-market funds paid up to 4.79% ... the cash-sweep account at Wachovia paid 1% or less.
