Ping!
love it!
FR Keyword: moneylist
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There’s only one reason why Citigroup would be fighting to get Wachovia, and that is because they see the “value” of Wachovia as something that is beneficial to them.
Well, so does Wells Fargo, and they are willing to *pay* with their *own money* a drastically higher price than Citigroup is going to pay — and *without* any “guarantees” by the Fed.
Citigroup simply wants to make a killing at the expense of the American taxpayer and use the Fed to “guarantee” its “killling”.
There is a lot more value to Wachovia than a “fire sale” would indicate — and indeed a fire sale that was *forced* on Wachovia, by the Fed, in the first place.
They had better let the Wells Fargo deal go through since it’s totally with their own money and own funds and at a *lot higher price* than what Citigroup wants to do. (In fact, once could say that Citigroup wants to *steal it* — using the Fed for “cover”).
Grewat the deal will go through without costing the taxpayer a large fortune!
Wells all the way to Fargo if you ask me.
Damned if I see a compelling reason to forbid the private sector to arrange this deal, rather than the taxpayer being involved.
What could that first NY judge have been thinking?
silly me.
thanks Tiger for all the pings....interesting scenario coming to a head. Looking at crude futures now.
Like a couple of jackals fighting over the carcass. Things are getting really ugly.