Leadpile’s Blog

I have an update on an earlier post discussing Citigroup taking over the failed Wachovia Bank. However, there is a new twist in this situation. A announcement was now made stating Wells Fargo & Company has purchased Wachovia Bank for a $15.1 billion all stock deal! Citigroup had agreed previously to purchase Wachovia for $2.1 billion, in addition to receiving some government assistance with the transaction. According to Business Week, the shareholders and regulators are now going to have to decide the future of the bank. It appears that the Wells Fargo deal will least likely affect taxpayers, and this could be more attractive to those that will be ultimately be making the decision on the future of Wachovia Bank. We shall all see how it works out……..