Last week, Citibank offered a paltry $2.16 billion for Wachovia bank, a former giant. This offer relied upon government aid, i.e taxpayer money. The deal would likely include massive layoffs in North Carolina and crush stock holders who would get almost nothing for their stock.
Then comes Wells Fargo, a stronger bank with mostly a west coast presence, offering $15 Billion for Wachovia.
The Wells Fargo offer would mean that Charlotte NC could be the east coast office of
But the Federal Reserve and Treasury will have none of that!
Citigroup, Wells May Carve Up Wachovia in Compromise, WSJ Says
By David Mildenberg and Patricia Hurtado