Wachovia Begins Early Deal Talks with Citigroup

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Wachovia has begun preliminary talks with Citigroup about a potential merger, people briefed on the matter said Friday afternoon.

Feelers have also been extended between Wachovia and Wells Fargo and Spain’s Banco Santander, these people said.

These talks are early, however, and no deal may emerge from them. But it appears that Wachovia is seeking out potential alternatives should the financial rescue package being debated in Washington is not quickly passed, or fails to provide enough help.

http://dealbook.blogs.nytimes.com/2008/09/...i/index.html?hp

[Reba 2]

maybe its time to start stashing cash in the freezer.

[Deliverance08 0]

done with USCIS.

[Mr. Big Dog 10,747]

Citi Acquires Wachovia

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Part of their debt is being nationalized too... the risk to be assumed by you, the taxpayer....

The Government will take a stake in Citigroup in exchange for It guaranteeing a large portion of the distressed Wachovia assets linked to housing.

Citigroup will assume up to $42 billion (£23.25 billion) of losses from a pool of $312 billion of loans held by Wachovia; the FDIC will absorb losses beyond that and take a stake in Citigroup for the guarantee.

http://business.timesonline.co.uk/tol/busi...icle4846729.ece