Wachovia has since been rescued by Wells Fargo. Wells Fargo is trying hard to pay back TARP funds they accepted to rescue Wachovia.
Why would they have to be working hard to repay it if they didn't need it in the first place??? Shouldn't this TARP money still be readily accessible to return???
And Wells Fargo did not get TARP money for buying Wachovia.
The Wells Fargo agreement calls for the complete merger of Wells Fargo and Wachovia with no federal assistance. Wells Fargo said it will acquire all of Wachovia's businesses, including its debt in a "stock for stock" transaction. As part of the deal, Wells Fargo, which is based in San Francisco, would gain control of all outstanding shares of Wachovia's common stock. Wachovia is based in Charlotte, N.C.