wichovia wont fail ---- what a deal --- FDIC only has to cover 270B.
and their 42B in losses will be covered by us as well. nice to be able to buy a company, keep its profits, and not have to pay back purchase loan.
sweet ---- where do i sign up for one of these deals
http://finance.yahoo.com/marketupdate/overview?u
Citigroup (C 20.05, -0.10) is acquiring Wachovia's (WB 0.94, -9.06) banking operation in a deal facilitated by the FDIC. The FDIC entered a loss sharing arrangement, where Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, with the FDIC absorbing losses beyond the $42 billion. Wachovia will continue to own AG Edwards and Evergreen. Wachovia did not fail, but it is widely assumed that wary depositors pulled funds out of the struggling bank following Washington Mutual's (WM 0.16) collapse, sparking Wachovia need to sell itself.
and their 42B in losses will be covered by us as well. nice to be able to buy a company, keep its profits, and not have to pay back purchase loan.
sweet ---- where do i sign up for one of these deals
http://finance.yahoo.com/marketupdate/overview?u
Citigroup (C 20.05, -0.10) is acquiring Wachovia's (WB 0.94, -9.06) banking operation in a deal facilitated by the FDIC. The FDIC entered a loss sharing arrangement, where Citi will absorb up to $42 billion of losses on a $312 billion pool of loans, with the FDIC absorbing losses beyond the $42 billion. Wachovia will continue to own AG Edwards and Evergreen. Wachovia did not fail, but it is widely assumed that wary depositors pulled funds out of the struggling bank following Washington Mutual's (WM 0.16) collapse, sparking Wachovia need to sell itself.