
The government said Monday that Citigroup will acquire the banking operations of Wachovia in a deal facilitated by the Federal Deposit Insurance Corp.
The FDIC says Wachovia didn't fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund.
The sale of Wachovia Corp. comes just days after the government's seizure of Seattle-based Washington Mutual Inc. — the largest bank failure in U.S. history....
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Better to sell than be foreclosed on.
Many more of these government greased deals and there will be trust issues in the industry with so few players left all being government supported.
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