Citi Gets Judge to Suspend Wachovia Deal

"This interim success by Citigroup, of getting a judge to step into Wells Fargo's effort to break up a deal that Citi had struck to acquire Wachovia, is surprising, to say the least. Most observers thought that the bank had slim grounds for recourse (the FDIC has broad authority regarding the disposition of failed and about-to-fail institutions; the language in the agreement with Wachovia forbidding them to shop Citi's offer was not as iron-clad as it might have been)."