Will Wachovia's Flood of Money End Up Financing Shays?

Teetering on the edge of failure, Wachovia manages to scrape up 8 million bucks to give to the RNCC:

Wachovia Corp., a once-thriving financial giant now teetering on the brink of collapse, confirmed today that it was extending an $8 million loan to the cash-strapped National Republican Congressional Committee for last-minute activites to support GOP House candidates.

Wachovia's decision to lend money to the NRCC -- itself reeling from a damaging financial scandal earlier this year -- is sure to draw charges of favoritism, as Wachovia denies credit and freezes assets for thousands of other customers.

Allegations of favoritism are especially delicate for Wachovia, given the company's disproportionate support of Republican campaigns and organizations.

Should be interesting to watch which campaigns the RNCC dumps money into over the next little while...

Considering how the Republicans are about to get the beating of their political lives in November, and putting aside the ethics and morality of Wall Street and the GOP, would you consider this to be a good investment by Wachovia? And people wonder how the economy could have tanked so badly with all of that conservative deregulation stuff coupled with the GOP/'lobbyists revolving door on K Street in an incestuous marriage of money and Republican politics.

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