After the FDIC brokered sale of Wachovia’s core banking assets on Monday to Citi Bank, Wells Fargo has tendered an offer to Wachovia that equates to $7.00 a share. CNBC is reporting that Citi is now considering various actions, up to and including legal action, against Wachoiva and possibly CEO Bob Steele. Citi contests that [...]
Early this morning, Wachovia and Citibank have announced that they have materially agreed to negotiate a merger agreement for Citi to acquire Wachovia’s Retail Bank, Corporate and Investment Bank, and Wealth Management business for $2.1 billion in Citi stock paid to Wachovia Corporation. The deal is contingent on a signed merger agreement as well as [...]
After an entire weekend of discussion and political maneuvering, it appears as if congress is set to vote on an approximately $700 billion package to help restructure the US Financial System and loosen up the Capital Markets in this country. The package has been modified slightly from the proposal that Henry Paulson, US Treasury Secretary, [...]
