Last week, the FDIC seized struggling Wachovia bank and supposedly sold it's assets to Citigroup. Now, word is out that Wachovia is trying to sell instead to banking giant Wells Fargo for $15.1B in stocks. Citigroup is crying protest, saying that the FDIC deal was final and there is no room for negotiations. However, the FDIC is studying both Citigroup's $12.1B deal (where the FDIC would help absorb some of Wachovia's $42B losses) and the Wells Fargo deal (which would have no government intervention). The FDIC said they still stand by their earlier deal with Citigroup, but want to study Wells Fargo's proposal "to pursue a resolution that serves the public interest".

Read about it here

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Wells Fargo = "teh Bane of the banking world"...

Wachovia sale blocked by judge

BRICK!

This just keeps getting better. Citigroup is now suing Wachovia AND Wells Fargo for $60 Billion!

maybe a little 3-way would smooth everything over.

Wachovia could up Citigroup. Oh wait, they already did that...

At this point, it's all sour grapes