Downfalls
Wachovia celebrates not failing by selling out to Citigroup
Scrambling Wachovia has finally found a sap willing to buy them in Citigroup. Citigroup has agreed to swallow the $42 billion in losses from Wachovia’s loan portfolio; the FDIC has agreed to cover any further losses. The FDIC insisted, however, that Wachovia had not failed. Great job, guys!
Further coverage:
- Yahoo Finance: Citigroup to buy Wachovia banking operations
- The Guardian: Wachovia agrees to Citigroup takeover
- The Wall St. Journal: Citigroup to Acquire Wachovia Assets
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(naked capitalism, 10/26/08)
5. October 2008 at 10:56 pm :
[...] taken the reins in the sale of Wachovia to either Wells Fargo or Citigroup. Citi initially had a preliminary deal to buy Wachovia, but Wells Fargo punked them by announcing that it had reached an agreement to buy Wachovia without [...]