Bank Heist in North Carolina?

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

Oct. 6 (Bloomberg) -- Citigroup Inc. and Wells Fargo & Co., prodded by U.S. regulators, may divide up Wachovia Corp. to end a takeover battle that's disrupting a federal rescue of the ailing North Carolina bank, the Wall Street Journal reported.

Officials from the Federal Reserve and Treasury are involved in the talks while executives of Charlotte, North Carolina-based Wachovia have been excluded, the Journal reported, citing people familiar with the situation. Citigroup would get Wachovia's branches in the northeast and mid-Atlantic regions and Wells Fargo may take the Southeast and California, the newspaper reported. The asset-management and brokerage units would go to Wells Fargo.

Citigroup, the biggest U.S. bank by assets, is bidding for Wachovia while trying to rebuild after $61 billion of losses tied to the collapse of mortgage markets. The bank wants to buy parts of Wachovia for about $2.16 billion, while Wells Fargo is bidding about $15 billion for the whole company. Wachovia said Wells Fargo's bid is better for investors, workers and taxpayers because, unlike Citigroup, it doesn't rely on government aid.

...more at the link

Which deal do you think is better for Wachovia stock holders and employees?

Which deal do you think is best for North Carolina?

Which deal do you think is best for US Taxpayers?

Which deal is likely to be pushed for by the government that gave us Iraqnam, the Broken VA system, Katrina, (toxic Katrina trailers), our high present day unemployment, and the Wall Street Bailout to name a few?

In 2006, former Wachovia CEO Ken Thompson led Wachovia to purchase the toxic Golden West for $24 billion. Thompson was paid multi million bonuses and since has been replaced by CEO Steel, recruited from the Treasury department in July to rebuild the lender's credibility with investors,