the Wachovia debacle
FDIC steps in with Wachovia. Arranges for "purchase" by Citi on excellent terms, with FDIC as a backstop.
Then Wells Fargo comes through with an offer an order of magnitude better for Wachovia stock holders, Wachovia accepts.
Now Citi objects and says the Wells Fargo deal is a breach of contract.
AND WE ARE TO BELIEVE THAT THIS FIRE SALE BY THE GOVT. WAS NECESSARY, AS THERE WAS NO PRIVATE ENTITY WILLING TO STEP IN?
It's interesting how in two weeks, capitalism has been abandoned.
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