Breaking News: Citi to Acquire Wachovia
Tip It!Another day, another bank takeover… This time it’s Citigroup, Inc. (C) acquiring the banking assets of Wachovia Corp. (WB) for $2.1 billion in stock. They are also assuming $53 billion in Wachovia debt.
Once again, the FDIC orchestrated this takeover (with help from the Treasury Department and the Federal Reserve). In this case, however, the FDIC may wind up on the hook for losses in connection with Wachovia’s mortgage portfolio. As was the case with the WaMu takeover, the transition should be seamless for bank customers.
Source: WSJ.com
Published on September 29th, 2008 - One Comment
Filed under: Banking, Economy
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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September 29th, 2008 at 1:38 pm
Well, here we go.. Wachovia is down SIXTY PERCENT this morning premarket.
The Treasury claimed there would be 3 million job losses “in weeks†but they intend to wait 2 weeks or perhaps more before they start making purchases. How odd.
All of the G7 nations have told us where to stick this bill, with Canada being the latest to make an announcement yesterday afternoon.
Supporters of this bill are being gamed AND THE MARKET FIGURED IT OUT ALREADY. IT IS TANKING – NOT STABILIZING.
We are planning to squander $700 billion of taxpayer money we will need for ordinary Americans (people like us) in the coming months. Too bad for us.