Wells Fargo to Buy Wachovia in $15.1 Billion Deal

"The announcement comes only four days after Citigroup agreed to buy Wachovia’s banking operations for about $1 a share, at the government’s behest and with a guarantee to absorb most of the losses on Wachovia’s massive loan portfolio. That deal, which Wachovia now appears to be spurning, would have left the Charlotte bank with only its securities and retail brokerage businesses."