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The NY Times reports that Citigroup says it "persuaded a New York judge to temporarily block Wells Fargo from acquiring Wachovia." Wells Fargo's $15 billion deal was announced on Friday, surprising Citigroup which had worked with the feds to acquired Wachovia for $2.2 billion. Citigroup says their agreement prohibited Wachovia from any other discussions until after October 6 but Wachovia spokesperson said its Wells deal is "proper, valid and is in the best interest of shareholders, employees and the American taxpayers. Under that agreement, Citigroup is always free to make a superior offer to Wachovia." Wells' chairman further emphasized, "The taxpayer doesn't pay a penny." Oh, and the TImes's source said, "Citigroup was seeking $60 billion in damages from Wells Fargo for interfering with the initial transaction."
Citigroup Fights Wells Fargo Takeover of Wachovia
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A friend told me of police abuse of a homeless person this morning on the 1 at 168 st. Apparently,
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What is Citigroup's defense? "We were going to fleece Wachovia and contribute to the worsening of the economy by profiting from their misfortune, but then this Wells Fargo steps in and stops us"?
I think it's time for Obama/Biden to tell Citigroup to back off. Citigroup is sore because they didn't buy Wachovia for a song, but if they had, it would have cost us, the taxpayers, money in the long run. So their disappointment, though understandable from a selfish point of view, should be abated by the beneficial aspects of their loss.
The Wells Fargo deal calls for no taxpayer money, which is most definitely not true for Citicorp's.
I really hope the judicial system puts the kibosh on the Citicorp deal.
I'm in favor of wells because they are a really snobby bank that probably wouldn't even take the riff raff in. That's why I'd be first in line.
Well has better business practices than the other large regional banks. Wells demonstrates a lot of discretion when it came to lending. They only would lend their own money and not use slimy mortgage brokers. That's why they cam out of the credit mess in great shape. I mean it's a no-brainer. Wells should get Wachovia. They're buying Wachovia in its entirety using their own money. Citi wants to buy bits and pieces and get government assistance. Citi is showing how desperate they are buy delivering a ransom note to Wells.
Vikram Pandit got his ass whupped by Wells Fargo and now he's just this stupid crybaby: "Wah! They took my Wachovia!" Shut up, loser.
This crisis is a lesson showing us how interconnected all the worlds finances and “we” are. Any solution needs to be a global agreement. Our greed, self interest and egoistic attitudes are the cause of the crisis and the only cure is to change these internal attitudes.
Michael Laitman expands on the financial crisis and offers some fascinating insight in this blog item :-
http://www.laitman.com/2008/10/the-financial-crisis-an-analysis