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After claiming it should still be allowed to purchase--with the help of the government-- Wachovia for $2 billion, Citigroup is now allowing Wells Fargo buy Wachovia for $15 billion. Wachovia issued a statement saying, "We're pleased Citigroup has abandoned its efforts to interfere with Wachovia's planned merger with Wells Fargo. We look forward to completing our merger with Wells Fargo, which we have always believed is in the best interest of shareholders, employees, creditors and retirees as well as the American taxpayers, and it imposes no risk to the FDIC fund." Of course, Citigroup is still suing for $60 billion in breach of contract damages!
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Looks like Wells Fargo will be opening branches in the Northeast.
FUCK CITIGROUP...a lawsuit for $60 billion...becuase now you can't get WFB for $2 billion but at a far larger expense to taxpayers...FUCK CITIBANK...GROUP...All of it...
so when WFB opens in NYC I can flee WAMU...I mean CHASE...maybe I should just do the shoebox thing...
I was going to pay 30 billion with the help of the government. 2 billion for the purchase and 28 billion in my pocket. I just didn't jump on it quick enough. Maybe next time.
Snoopy, there will be many more opportunities...
It’s not quite that simple. Wells walked away from Wac on that Friday and Citi was forced into this acquisition by the FDIC. The FDIC is strapped for cash given all the smaller regional banks around the country that are about to fail and depositors need the insurance to quell further bank runs. So through a shotgun marriage on Sun Citi inked an exclusivity agreement to buy Wac at $1 share and government financing of the toxic assets on Wac’s books. There is cause for the lawsuit as Citi started providing credit to Wac on Mon to keep the lights on. Had Citi not stepped up Wac would have simply failed and gone under with the shareholders getting $0. Citi is due something, not $60 bln, but something. And technically one of the main reason Wells came back is because of a change in tax law that Tues or Wed which will end up taking more money away from the tax payer then the Citi deal as there is now more favorable treatment in bank to bank mergers.
http://money.cnn.com/news/newsfeeds/articles/djf500/200810062000DOWJONESDJONLINE000725_FORTUNE5.htm