14th Bank Failure Citi acquires Wachovia
 

It's official Citi acquire Wachovia.

Damn......

FDIC took it over, and gave it to Citi. This seams to be the way, going forward.

Wachovia won't be the last, and now it seams that the $700 Billion Bailout won't be enough.

well if Citi has the capital, better than a bail out? or am I mistaken?

Citi was bailed out by Abu Dhabi recently weren't they?

It's a bail out! You now own Citi Stock, and you didn't have to buy it like I did.

Citigroup will absorb up to $42 billion of losses on Wachovia's $312 billion pool of loans ? but the Federal Deposit Insurance Corporation will absorb losses beyond that. In return, the banking giant has given the FDIC $12 billion in preferred stock and warrants as compensation.

So now every american owns Citi.

Bank of America, JPMorgan Chase and Citigroup would control more than 30 percent of the industry's deposits.

Bofa and Chase, are not owned by the FEDs.

"The Abu Dhabi Investment Authority is now the single largest shareholder in Citigroup."

Jesus, seems like Wachovia came out of nowhere for us here in the Valley, and now they got taken over?

There was one that popped up on Riverside Dr. Like just 2 or 3 years ago. Never even heard of them until then.

The shell game continues...soon there will only be three super hugh banks.

Way to pick up banks for nothing and screw the stockholders:thumbsup

They can't make business loans to companies and people with good credit but they can buy up failed banks:helpme

What's wrong with that picture:error

They have alot of stores, similar to Wamu. The also did a lot of acquisitions to get as big as they are of regional banks.