Breaking News: Citi to Acquire Wachovia
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
email this article
- bookmark it
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!
Related articles...
» WaMu Trial Deposits Posted, Account Active» Breaking News: Washington Mutual to be Acquired by JPMorgan Chase (Update1)
» $15,000 Homebuyer Tax Credit Dropped from Stimulus Package
» Banks and Fraud: Bank of America Better Than Expected?
» Citi Dividend Platinum Select Card Conversions?
» Weekly Roundup – Broken Xbox Edition
» Citi to Remove Automatic Travel Insurance
» Credit Card Reward Progress
Was this article useful? Please sign up to receive our content via e-mail:
Great deals...
Readers’ choice...
Recent articles...
- Effect of Foreclosure, Short Sale, and Bankruptcy on Your Credit Score
- DIY Garage Kayak Racks: Fast, Frugal, and Effective
- Lending Club $25 Bonus Reminder
- Coupons are a Waste?
- How to Save Money on Pet Care
- Best HSA Custodian?
- Considering a High Deductible Health Plan
- Pay Back the Homebuyer Tax Credit?
- How to Find a Good Deal
- How Much Does Your Debt Cost?
Recent comments...
- Valerie V.: Good information. A short sale vs. foreclosure involves more than just the credit...
- Jennifer: Hi, I used ”Credit Solution” to settle my debt and avoid bankruptcy. They managed...
- Merry: I have two questions. I have been making an extra regular mortgage payment in...
- iris bobi: I went to contract 4-2009 and going to close on my house either December...
- Tim Rosen: Pros and Cons: Pros: a.) A systematic discipline to save/invest on a regular basis, for a...
- Matt Jabs: @Tim: Thanks, I hope this article helps get even one person on the...
- Tim Rosen: Excellent Matt! A very practical, real-world plan that I believe anyone can "flesh out"....
- Jerry Robertson: Your article has great information about the large companies going out of business, but...
Most talked about...
- Dave Ramsey is Bad at Math
- $8,000 Homebuyer Tax Credit
- Dish Network Customer Service SUCKS
- How to Claim the First-Time Homebuyer Tax Credit
- $15,000 Homebuyer Tax Credit
- Reduced Credit Limits? Share Your Experience
- Would the "Fair Tax" Gut the Economy?
- Tax Stimulus Rebate Payments to Start Early
- Pay Off Mortgage Early? Or Invest?
- The Best Online Savings Accounts (Updated!)
- Life's Too Short to Drink Cheap Beer
- $7500 First Time Homebuyer Tax Credit
Stumble It!
Digg It!
Tip It!
del.ico.us
Facebook
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.
Comment by Donna — Sep 29th 2008 @ 1:38 pm