Wachovia Bank

[Daniel Rezac]

Citigroup Inc. agreed to acquire Wachovia Corp.'s banking operations on Monday for $2.1 billion in stock and will assume another $53 billion in Wachovia debt. Federal banking regulators pushed the deal by agreeing to share a portion of future losses that Wachovia's failing mortgage portfolio could generate.
 
Citi's purchase of the fabled Charlotte bank marks another deal orchestrated by the federal government, this time by the Federal Deposit Insurance Corporation, and one in which the agency could be on the hook for loan losses.
 
"The FDIC has agreed to provide loss protection in connection with approximately $312 billion of mortgage-related and other Wachovia assets," Citigroup said in a statement.
 
FULL ARTICLE:  http://earthchangesmedia.com/secure/3247.326/article-9162522958.php

[CircuitMan]

It appears to me the larger banks are swallowing up the smaller banks, similar to the mergers/buyout of oil companies in the 80's. Reduces competition...

Dan the CircuitMan

 

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Daniel Rezac wrote:

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