Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

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Wells Fargo & Co. agreed to pay Citigroup Inc. $100 million to settle claims that the San Francisco-based bank improperly won bidding to acquire Wachovia Corp. during. Ambac Financial Group Most.

 · Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation’s largest banks, in a deal facilitated by the Federal Deposit Insurance Corp. Citigroup will absorb up to.

Citigroup takes over Wachovia in latest bailout.. the FDIC said. "A failure of Wachovia would have posed a systemic risk," Paulson said.. Citigroup will acquire the bulk of the Charlotte.

 · But jilted Citigroup Inc. is demanding Wachovia abide by the terms of the banks’ earlier deal. And backing Citigroup, the head of the FDIC this morning says the agency is standing behind the original agreement under which Citigroup would buy parts of Wachovia for $2.1 billion.

The root cause of “too big to fail' is the fact that in our financial. The market's belief that a TBTF firm is more likely to be rescued in the.. These included the rescue of AIG, the FDIC's TLGP program, the ring-fence of Citigroup's poorer.. the value of these claims is not easy to ascertain or monetize quickly.

The Federal Deposit Insurance Corp. this morning said Citigroup Inc. will acquire the banking operations of Charlotte-based Wachovia Corp. in a transaction facilitated by the FDIC.

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Banks are healthier and more profitable than they have been in. that other large banks like Citigroup and Bank of America possess.. the highest in the country after its 2008 acquisition of Wachovia that. will not be able to keep squeezing that [earnings] benefit out of it,” says SNL bank analyst Tyler Hall.

As part of all-stock deal, Citi will acquire deposits, loans from nation’s fourth largest bank. Citi also to raise $10B in stock sale, cuts dividend. There had been rampant speculation over the last three days that the Charlotte, N.C.-based Wachovia would be sold to either Citigroup or Wells Fargo ( WFC, Fortune 500 ).

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Wachovia customers will become part of the nation’s largest bank under a $2.16 billion deal announced yesterday in which Citigroup Inc. will acquire Wachovia’s banking operations. Customers of.

Citi initially agreed in September 2008, two weeks after the collapse of Lehman Brothers, to buy Wachovia for a song in a government-assisted deal. An FDIC-backed acquisition would have amounted.