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."
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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