9.29.2008

Citigroup to buy Wachovia!

Citigroup to buy Wachovia banking operations

Excerpt:

Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation's largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.

Citigroup will absorb up to $42 billion of losses in the deal, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will grant the FDIC $12 billion in preferred stock and warrants.

1 comment:

  1. I don't envy their employees....gonna be rough!

    And while I'm glad that this limits bailouts, I'm concerned that this creates yet another entity that the government thinks is "too big to fail."

    ReplyDelete

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