Judge Blocks Wachovia Sale To Wells Fargo

Citigroup Claims It Had Exclusivity Agreement To Buy Troubled Bank

(AP)  The fight over control of Wachovia has intensified now that a New York judge has temporarily agreed to block the sale of the bank to Wells Fargo.

A Wachovia spokeswoman says the company feels the deal with Wells Fargo was not just proper and valid, but also "in the best interest of shareholders, employees and the American taxpayers."

On Monday, Citigroup announced a deal brokered with the help of the federal government to buy Wachovia's banking operations for more than $2 billion dollars. By Friday, Wells Fargo said it was buying Wachovia for almost $15 billion dollars.

Wachovia says Citigroup is free to make a better deal. Citigroup says it already has an exclusivity agreement that bars Wachovia from talking with other potential buyers.

The government says it stands behind its previously announced agreement with Citigroup.

[yeatsmom]

I have one overwhelming question: Why does the federal government have an agreement with Citicorp to buy Wachovia? What happened to the "free enterprise" the Republican dunderheads talk about while dismantling it in the very same breath? I don''t think we are one step away from totalitarianism; I think *** Cheney and his puppet have succeeded. They can declare war without benefit of Congressional approval, they can tell the courts they don''t care to testify when that option is not open to other Americans, and now they can decide who controls not only our tax money but any pittance we might have left after they''ve finished lining their own pockets. If anyone can possibly vote Republicans into office after this, they are even dumber than the Cheney Cadre believes us to be.

[txlakeside]

corporate welfare at its best.

[shanev137]

This isn''t shocking. What else would you expect from the bunch of lowlife criminals controlling our government?

[brianbwb-2009]

A slightly related story not in the US news, but all over Asia, papers show that JP Morgan caused Lehman to go belly up.

The lies about the so-called "crisis" are starting to appear, scant hours after the government agreed to give 700 billion to these crooks.

[sjc_1]

You would expect a NY judge to rule for a NY bank, even on the merits. The Wells deal is better for shareholders and tax payers and the FDIC has the final say anyway. Without them, Citibank has no deal and it will never get off the ground.

[beehive21-2009]

A famous man, said its just paper.The money making machine is going at medium speed.Gold was once 32.00/ oz. The USA has created a business system that allows the world to function at a pleasant business speed .I remember when the World had little commerce, the US was to rich for the rest of the World,so we brought them up to buy ,sale and trade with everyone world wide.In the sixties we could see a beer can under the fender of a Honda 125 cc motorcycle and joked about it,the Japanese,Chinese,Russians,Euros,have come along way since then.
We have become a world wide ,since the internet and should try to trade with everyone world wide, the economy will prosper for all,everyone shall be happy,marry,have children and go to work building homes and vehicles for them.
The future appears bright, for all.

[notarobot1]

Thanks Yeatsmom for all the nice titles you have called people like me.

[coqui00623]

And the beat goes on .... the rich get richer and the poor get poorer ... what an irony that Wall St, after years of mismanagement, deal-makings should suddenly become in peril of collapse on the eve of presidential elections... what a coincidence... are we to believe that Wall Street is not cashing in their political chips with Bush''s Bailout. How pathetic that both presidential candidates are trying to convince that Nation that this is the way to go. It was repeatedly said that running the country WASNOT like running a business.... apparently neither is running a business!

[hypnotoad72]

The future appears bright, for all.

Posted by beehive21
---

I hope so, and I will instill some faith into my soul. I''m fatigued of the negativity, and blind fear DOES DO what even blind chance might not. Still, what''s wrong with stability? Let''s hope the bailout works, come long term. I was somewhat for it; anything short term and then fix any underlying problems to prevent this happening again. Like the Constitution, the global economy is a "living document" of sorts.

[nextgenman]

Yeah, why have a private sale when the sleazebags like Bush and Paulson and McCain can urge tax payer dollars be used for it so their rich buddies can continue to play monopoly with our lives.

[nextgenman]

I hope so, and I will instill some faith into my soul. I''''m fatigued of the negativity, and blind fear DOES DO what even blind chance might not. Still, what''''s wrong with stability? Let''''s hope the bailout works, come long term. I was somewhat for it; anything short term and then fix any underlying problems to prevent this happening again. Like the Constitution, the global economy is a "living document" of sorts.

Posted by hypnotoad72 at 07:54 PM : Oct 05, 2008
-------

Of course you were for it. You''re a Socialist Republican. Now you''re trying to apologize and justify being a Socialist.

HAHAHAHAHA!

[dennisam01]

Yeah isn''t this great a judge agrees with Citicorp to give it Wacovia for pennies on the dollar and taxpayer help instead of Wells Fargo''s offer for NO TAXPAYER help and more for the shareholders so some peoples saving don''t all go down and in Citicorps pockets there''s one for Keiths worst person in the World file !!!!