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

In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup’s losses above $42 billion; Wachovia’s loan portfolio was valued at $312 billion.

Wells Fargo ( WFC – Get Report) said Friday it has reached a definitive agreement to acquire. aid from the FDIC. Wachovia didn’t offer a great deal of comment on the pact with Citi, which for now.

 · NEW YORK – Citigroup reached an agreement Monday to acquire the banking operations of the Wachovia after making a daring bid that pulled the deeply troubled company from the brink of collapse.

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.

New York Fed President Timothy Geithner, Obama’s nominee for Treasury secretary, spoke with Paulson and Bernanke throughout the talks, though not with Citigroup. Wachovia shareholders are scheduled.

The Citigroup offer had come with a backstop from the FDIC, which would cover any losses on Wachovia’s $300 billion loan portfolio beyond the first $42 billion. The Wells offer does not ask for.

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The bank did not fail, the FDIC said. FDIC helps in Citigroup’s purchase of. "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 press statement. Citigroup would grant the fdic billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

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.

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 · 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.

During the savings and loan crisis, the FDIC handled the failure. Meredith Whitney, whose star has risen since her bearish call on the bank sector, and on Citigroup in particular, last year..

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