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Wells Fargo Proceeds with Wachovia Purchase
By
Jen Chung
Published Oct 10, 2008
Modified Oct 10, 2008
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By
Jen Chung
Published Oct 10, 2008
Modified Oct 10, 2008
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After claiming it should still be allowed to purchase--with the help of the government-- Wachovia for $2 billion, Citigroup is now allowing Wells Fargo buy Wachovia for $15 billion. Wachovia issued a statement saying, "We're pleased Citigroup has abandoned its efforts to interfere with Wachovia's planned merger with Wells Fargo. We look forward to completing our merger with Wells Fargo, which we have always believed is in the best interest of shareholders, employees, creditors and retirees as well as the American taxpayers, and it imposes no risk to the FDIC fund." Of course, Citigroup is still suing for $60 billion in breach of contract damages!
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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