Wells Fargo will buy rival bank Wachovia – U.S. business- msnbc.com
NEW YORK – In an abrupt change, Wachovia said Friday it agreed to be acquired by Wells Fargo & Co. in a $15.1 billion all-stock deal that trumps Citigroup’s plan to acquire Wachovia’s banking operations and avoids government assistance.
The Citigroup deal would have been done with the help of the Federal Deposit Insurance Corp., but the Wachovia deal will be done without it.
via Wells Fargo will buy rival bank Wachovia – U.S. business- msnbc.com.
Wow, this is interesting. I didn’t know they could change their mind after agreeing to be bought by Citigroup.
I think it’s a good thing that the FDIC isn’t going to be part of it. The FDIC has it’s hands full enough.
Tom
But-But-But, I thought the credit markets were locked up? We even need bailout money for wooden arrows and Hollywood! Now they tell us that an $18 billion deal can go down without federal assistance! You mean that quaint old Capitalism with private money still exists?