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 $$$.
“I’m betting this ends up with WF/Wachovia merging but paying Citi $$$. “
Was thinking the same thing today when the news was discussed, but there is an odd angle of the credibility of the varied federal entities involved being impacted, since they were involved with the WB./C deal.
I bet the next time the fdic sets up any liability-purchase of a troubled bank, the purchaser is going to insist on it being signed and notarized in blood by all involved.