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Citigroup Buys Banking Operations of Wachovia
dewitte
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9-29-2008 8:46 AM
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wachovia
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/2626d66e-52d6-4e4d-8a7a-e13b8940b2eb/33EA1EDB-DFD7-4D77-B1A2-F5225217B16D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin" href="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin"><P><A title="More information about Citigroup Incorporated" href="http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org">Citigroup</A> will acquire the banking operations of the <A title="More information about Wachovia Corp" href="http://topics.nytimes.com/top/news/business/companies/wachovia_corporation/index.html?inline=nyt-org">Wachovia Corporation</A>, the <A title="More articles about Federal Deposit Insurance Corp (FDIC)" href="http://topics.nytimes.com/top/reference/timestopics/organizations/f/federal_deposit_insurance_corp/index.html?inline=nyt-org">Federal Deposit Insurance Corporation</A> said Monday morning, the latest bank to fall victim to the mortgage market.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin"><P>The F.D.I.C. said that the agency would absorb losses from Wachovia above $42 billion and that it would receive $12 billion in preferred stock and warrants from Citigroup.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin"><P>“Wachovia did not fail,” the F.D.I.C. said, “rather it is to be acquired by <A title="More information about Citigroup Incorporated" href="http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org">Citigroup Inc</A> on an open bank basis with assistance from the F.D.I.C.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin"><P>Federal regulators had pressed for the sale on Sunday night. The sale would further concentrate Americans’ bank deposits in the hands of just three banks: <A title="More information about Bank of America Corp" href="http://topics.nytimes.com/top/news/business/companies/bank_of_america_corporation/index.html?inline=nyt-org">Bank of America</A>, <A title="More information about Morgan, J. P., Chase & Company" href="http://topics.nytimes.com/top/news/business/companies/morgan_j_p_chase_and_company/index.html?inline=nyt-org">JPMorgan Chase</A> and Citigroup, whichever bank acquired Wachovia would control more than 30 percent of the industry’s deposits. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/09/30/business/30bank.html?_r=1&hp&oref=slogin">Together, those three would be so large that they would dominate the industry, with unrivaled power to set prices for their loans and services. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/33EA1EDB-DFD7-4D77-B1A2-F5225217B16D/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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