The Vulcan bank meld
Kevin Connor has found something rather interesting with respect to the Wells Fargo-Wachovia merger: Donald Rice, who was Wells Fargo’s chairman until 2007, sits on the board of a company called Vulcan Materials. Also on the Vulcan board are Donald James and John Baker, who sat on the Wachovia board.
When Wachovia was incorporated into Wells Fargo, a dozen of its directors found themselves with no seat on the new board. But Donald James and John Baker — the men who had sat with Rice on the board of Vulcan — were whisked over painlessly to the Wells Fargo board.
The data can be interpreted a few different ways, but it strongly suggests that the Vulcan Three were at the center of this deal — that Rice, James, and Baker played key behind-the-scenes roles in the Wells-Wachovia merger.
There’s no smoking gun here, of course. But it’s certainly an intriguing hypothesis.