Mon, 10/06/2008 - 4:21pm — herb the verb
Hey! Now wait just one damn minute, Paulson helped us steal you last week fair and square!
Early last week, Citigroup Inc. agreed to buy Wachovia's banking assets for $2.1 billion in a deal brokered by the FDIC. In a surprising twist of events, Wells Fargo announced Friday that it agreed to acquire Wachovia in a deal worth $15.1 billion at the time, or $14.8 billion based on Wells Fargo's closing price Friday of $34.56. Wells Fargo's deal did not require any government support.
It's getting to the point where you can't trust your own fix anymore, and if you can't your own fix, what have you got? Anarchy!
»
- herb the verb's blog
- Login or register to post comments
Front page
Comments
So, we could have gotten away with $685 billion, then?
Oh well. I'm sure they'll find some other good use for the money!
[ ] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.
"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi
Didn't save the link
but Wells Fargo (who I owe lots of money to, and in general think is a good place to bank) didn't need government guarantees. In addition to giving them an extensive branch network east of the Mississippi, where they don't do much business right now, the bailout package also included a lot of tax breaks for this situation - mostly being able to write off Wachovia losses against their profits.
And Wells Fargo is one of the few large banks that, unlike Citi, has actually shown a profit this year and would owe taxes.
So they just get their government support in a little different fashion.