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