Citigroup to buy Wachovia banking operations
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2008-09-29 — yahoo.com
Though the FDIC is insisting that Wachovia did not fail, equity holders will certainly disagree as Wachovia (WB) shares are down 90%+ in pre-market trading -- in other words, they've been wiped out.
If that's not failure, well, what is?
See also John Hempton's comments at Bronte Capital. He thinks the FDIC did this seizure a lot more reasonably than WaMu.
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