Saturday, October 4, 2008

The Free Economy Works, Eff Off Government Help


A sign that the capitalism works just fine without Government intervention is Wachovia telling the Government backed Citi buyout to sit the f*uck down. We are going with Wells Fargo, thank you very much. What is Citigroup going to do? Cry? No: sue. bastards.

Our economy is going to get much much worse now we handed the keys to the castle to should-be-in-jail Secretary of Treasury Paulson.

"Beyond the bailout, news out of the banking sector sparked a stock rally early in the day. Wachovia had agreed to sell itself to Wells Fargo in a $15.4 billion takeover, scrapping a federally backed deal with Dow component Citigroup. Wachovia shares surged 58.8% and Wells Fargo slipped 1.7% while Citi was down 18.4%, the weakest performance of any Dow component.
Citigroup, in a statement, said Wells Fargo's conduct constituted a "breach" of Citi's earlier agreement with Wachovia. The Federal Deposit Insurance Corp. said it stands behind the Citigroup-Wachovia transaction.
Despite Citi's protestations, Friday's deal was cheered by investors precisely because it was worked out without federal backing, a promising sign for investors hoping to see the broader market function on its own."

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