"Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," regulators said in a.
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In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations. causing big losses for the banks. The FDIC asserted Monday that Wachovia did not.
· The Aftermath. The wrangling over Wachovia didn’t end with the announced sale to Wells. In the days afterward, Citi filed suits seeking an injunction, to carve off Wachovia’s Northeastern branch network, and up to $60 billion in damages. At an employee town hall meeting a few days after Wachovia accepted Wells’ offer,
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· Citigroup will buy Wachovia’s banking operations; FDIC says Wachovia didn’t fail NEW YORK (AP) — In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
"A failure of Wachovia. As part of the deal, FDIC agreed to protect Citi against losses on $312 billion of Wachovia’s more troubled assets, including more than $100 billion of option.
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NEW YORK – Citigroup will acquire Wachovia, the nation’s fourth-largest bank, the financial giants said shortly after 8 a.m. Monday.
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Citigroup says it is prepared to resume its negotiations to buy most of Wachovia’s assets. Some parts of the bank, such as Wachovia Securities, are not part of that deal, which involves financial.
Sheila Bair, chairman of the Federal Deposit Insurance Corp (FDIC. Citi said on Monday it is seeking more than $60 billion of damages from Wells Fargo. Citi said Wachovia would have collapsed on.
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· Wells Fargo Buys Wachovia for $15.1 Billion. Citigroup has not turned a profit for three straight quarters, and lost a total of $17.4 billion during that period after writing down its assets by about $46 billion. That’s the most write-downs of any U.S. bank.
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