Here's the picture:
Wachovia, a large "plum" financial institution in trouble.
Merger with a healthier institution required by FDIC.
FDIC arranges a $2.1 billion purchase by Citi Bank.
Wells Fargo offers $14.8 billion, which is favored by Wachovia stockholders and would not cost the taxpayers anything.
FDIC objects and files an injunction against the $14.8 billion deal. Further background is explained here.
This is a snapshot of the FDIC in bed with Citi Bank, ya' think?
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