Judge rules on competing Citigroup, W...

Judge rules on competing Citigroup, Wells Fargo bids for Wachovia

There are 6 comments on the LA Daily News story from Oct 5, 2008, titled Judge rules on competing Citigroup, Wells Fargo bids for Wachovia. In it, LA Daily News reports that:

The fight over control of Wachovia intensified Saturday, as a judge temporarily agreed to block the sale of the bank by Wells Fargo, Citigroup announced in a news release.

Join the discussion below, or Read more at LA Daily News.

FBI investigation please

Los Angeles, CA

#1 Oct 5, 2008
I think the FBi should seriously investigate Citigroup to see whose palms are being greased by which government official over the Wachovia acquisition. The Wells Fargo deal s clearly in the best interests of the depositors, shareholders, and taxpayers. So why isn't the best deal for all allowed to go forward? This whole scam reeks of the same corruption that got us all into this mess to begin with.
Recall Villar

Los Angeles, CA

#2 Oct 5, 2008
Why isn't anyone mentioning the fact that Warren Buffett has a big stake in Wells Fargo? And Goldman Sachs has a huge stake in Wachovia. Warren Buffet just invested $5B in Goldman Sachs.

Citigroup also had an agreement with Wachovia that Wachovia could not negotiate with ANYONE while they were negotiating.

Are you beginning to connect the dots???

CitiBank was SCREWED!
Wondering

Baltimore, MD

#3 Oct 5, 2008
Does anybody know what the tax break for Wells Fargo will be for the next few years under the new tax rule that would apply to their deal compared to the upfront taxpayer's money required for Citi's deal?
kma

Los Angeles, CA

#4 Oct 6, 2008
Recall Villar wrote:
Why isn't anyone mentioning the fact that Warren Buffett has a big stake in Wells Fargo? And Goldman Sachs has a huge stake in Wachovia. Warren Buffet just invested $5B in Goldman Sachs.
Citigroup also had an agreement with Wachovia that Wachovia could not negotiate with ANYONE while they were negotiating.
Are you beginning to connect the dots???
CitiBank was SCREWED!
Let's see whois getting screwed. Citibank insists, and gets a judge to go along with it, that it should be allowed to purchase Wachovia for 1/7 the price that Wells Fargo bid.

Hmm,$2.1M instead of $14.8M. Apparently Warren Buffett likes to throw away his money and spend 7 times as much on a bank as is needed!

Seems like Wachovia would get screwed by the Citibank deal!
Wake up

Island Lake, IL

#5 Oct 6, 2008
This is not about anyone at Citicorp, this is about the corporate greed of the CEO of Wachovia Robert Steel wanting more and more and more money, never enough for these people and willing to do whatever to get it. They are the ones that need to be investigated. Greed always creates a downfall, how can people who claim to be so intelligent be so ignorant.
The Talented Mr HR

Nottingham, MD

#6 Oct 6, 2008
Steele and the Board's $220M severance package would have voided with the Citi deal. Now that it's bought by Wells Fargo, it stays intact.

Wells walks away from a $20B deal a week ago with Wachovia, then jumps back in with a $15B deal on the eve of the $700B vote? Win-win baby.

Where was everyone else when the Fed begged for Wachovia help?

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