Citigroup says Wells Fargo can't buy Wachovia

What is not being addressed is whether there was any prescribed break-up fee amount in the agreement with Citi. This is very common to avoid having to go to court to assess/argue damages.

In the wake of what's happened to, IndyMac, WAMU and Wachovia, there should be a full investigation of the FDIC to determine who's being protected. If there was a bail-out pending, especially in advance of its latter two moves, why did the FDIC unload these major lenders for little or no value to shareholders, investors, etc.? Were they "failed" or did they push them over the edge so they could not be acquired in a reasonable fashion. I am a stockholder and I'm very angry at this situation, and I'm sure many others are also. Let's determine the motives.

Hi Nick you are right I lost $10,000 in early premarket trading of wachovia, monday morning between 7am and 8 am i wached my shares fall 99% to 094 cents and i could do nothing about it extended hours only opens for regular traders at 8 am and i had already lost all my position by 8 am when i could begin to trade. steele screwed the shareholders, and that is not fair, he went on Cramer before he screwed us and said he would protect the very people that stuck with him, and he dumped on us, i think it stinks!!!!!

the one point that is being missed here is that citi agreed to take about 42 billion of bad debt with no cost to the tax payers and then pass along what was left in bad debt to the bailout deal. wells fargo apparently found about 72 billion in bad debt which almost assuredly will be passed on to the bailout. ,thus with citi the taxpayers get only about 30 billion in bad debt versus wells fargos estimate of 72 billion. these numbers are approximate. the outcome of this will be most interesting. just about 4 weeks ago wachovia was named as one of only about 6 "fortress banks" in the u.s by one financial commentator. how times change.

Now, the big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Sadly, the bailout will not help them much. They are hurting and when they hurt, we all suffer. Everyone should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.

Best,
Frank Miller
http://www.theoffshorebankaccount.com

if citigroup wins i will pull my money out asp and i know alot of other people will

the bailout package as passed allows $250 billion to be immediately made available to financial institutions with bad debt so that they can get it off their books. well the $72 billion in bad debt that wells fargo claims to have found on wachovia's books will tale up almost 29 percent of that $250 billion. the citigroup deal is much better for the tax payer as it will only look for about 30 billion from the bailout fund or about 12 percent of the total. from this very important angle the citigroup deal looks like a no brainer as the fund gets to have more funds available for other banks and the tax payer gets hit for a much smaller amount of money(42 billion). citigroup also has prior approval from the government. let us all see how this deal finally ends up getting done.