Wells Fargo & Co. offered $15 billion for Wachovia Corp., setting up a contest with Citigroup Inc. for control of the embattled North Carolina lender.
Citigroup demanded Wells Fargo abandon the takeover, claiming it breaches an exclusive deal reached earlier this week in which the New York-based lender agreed to buy Wachovia's banking operations for $2.16 billion with government help.
Citi's pissed because they got outsmarted. The feds, in an overnight coup, had Citi pick over the Wachovia bones. I'm glad that Wells Fargo offered them much more. I'm glad there's another dog in this fight! I'm glad to see that capitalism still works! Just watch what kind of judicial war this will spark.
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