[NCjim]

Ping

[Slapshot68]

Um, did Citibank have it in writing? lol

[Clemenza]

OK Wachovia employees, do you prefer living in New York or San Francisco?

I long for the day when Bank of America is purchased. Don't see that happening at the moment.

[bereanway]

The Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp., but the Wells Fargo deal for Wachovia will be done without it. Shares of Wachovia and Wells rose in morning trading, while Citigroup shares fell.”

*******

Wells Fargo evidently didn't get the memo. It's only JPM, Bank of America and Citi that are supposed to be scooping up these deposits and tasty assets with federal guarantees.

[Lancey Howard]

"Citi was negotiating in good faith and nearly completed the definitive agreements required to consummate the Citi/Wachovia transaction that was announced on Monday,"

"Was negotiating"? "Nearly completed"??
LMAO!!!
Like they say, "Oral contracts aren't worth the paper they're not written on."

[MitchellC]

NC *Ping*

Please FRmail MitchellC if you want to be added to or removed from this North Carolina ping list.

[G Larry]

Public “demands” are a good indication Citi has no legal standing.
Also, a good indication Wells Fargo made a solid purchase with it’s all-stock offering.

[RSmithOpt]

Gosh, don’t ya just hate it when a free market works in spite of poor business decisions?

[Cicero]

Paulson and Pelosi are saddened.

[JohnnyZ]

Very interesting......

The Wells Fargo deal made more sense all along (for Wachovia!) but apparently WF had backed off and Wachovia was forced to go with Citi.

I'm betting this ends up with WF/Wachovia merging but paying Citi $$$.

[Candor7]

6 weeks ago Citicorp goes tits up.Shares go WAY down.

In come the Arabs to the rescue, pouring huge capital into Citicorp.

The FDIC ( socialist insurers/regulators who remained mum on the sub prime fiasco in support of affirmative action sub prime morgage lending), fashions a deal for the new Arab influenced Citicorp.

Along comes Wells Fargo, ponies up 15.1 billion as a non sub prime mortage operations bank, and rides off into the sunset with its new Wachovia bride.

The Arabs are gnashing their teeth and sweating oil declines to $94.00 per bbl.

A small poetic justice.

Which is all the justice we will likely see for a very long time indeed.

The government is a definite playah in the markets.

[OB1kNOb]

Does anyone have any idea what kind of financial shape that Regions Bank is in from all this mess? Honestly, I’m debating whether to deposit a sizeable amount of cash from Charles Schwab into my savings account, or hide it in my mattress and/or canning jars buried in the yard (tongue only slightly in cheek).

[smallbiz]

“Citi was negotiating in good faith”

Good Faith with the American taxpayer’s cash?

More proof the the big banks don’t need our money to save our economy.

[spectre]

As a shareholder of Citi, yesterday was a good day after word about the acquisition of Wachovia drove the price of C stock up.

Not so fast! Today, Citi is down.

A word to Wells Fargo. What goes around comes around. None of the financials are a safe haven these days.

sw