Anybody here that thinks Citi is the only one who is going to go to court to stop this is kidding themselves. There are going to be massive shareholder lawsuits by Citi chareholders who lost billions . The fact that there was an exclusivity contract (yes I said contract) that precluded them seeking other deals , but they took massive amounts from Citi to keep running during the week. Any judge is going to look at that and tell Wachovia You signed this deal fully in full faith because you allowed Citi to begin takeover operations. Second all you need to do is follow the money right back to Bob Steel and see how much he lost on the first deal in his own stock and option position and what he gained by this fraud he pulled . Yes I said fraud. Now I don't have any stock in Citi , I play option spreads so I don't get hurt either way but if you look at the billions gained by the Wachovia shareholders is more than offset by the losses of the Citi shareholders who bought in good faith because they believed the deal was going to be honored as agreed. Either Steel was still talking to WB when Wachovia signed the contract or he reopened them afterward. if he was involved before the fact and remained so , he is guilty of a fraud and if he reopened them he is in breech of contract .
Well, considering that the bail out failed on Monday....However, they did get an initial bump.
Listen, we can argue facts or guesses all day long on what will happen. As for me and my opinion, I think that Citi should just let it go and re-focus their efforts on saving their bank or face the same consequences they were handing to WB just a few days ago.
Sorry (C)harlie...it's over.
Find out where the next FDIC auction ("assistance") is and buy someone else.
I losst big 5 digits feom Monday to Friday on C. Can someone tell me how to file a suit against. Fuck FDIC for taking so long to say they will not allow WF to buy WB, fuck WB and WFC for being totally dishonst!
Great, Wachovia should give C $2B in cash for C to takeover itself bank operation, so they do not get any lawsuits.
But anyway, as soon as I am allowed to short, I will short C as much as I can, so please keep the price high before that.
Are you nuts!! WFC is offering to merge WB not obliterate it like the FDIC/FED/Citi proposal stands to do so.
WFC proposal is the American way- capitalism
the way markets are supposed to work.
FED/FDIC/Citi proposal is the welfare American way
what you are saying is punish wfc/wb for merging WB.
Has it ever,ever occur to you that WFC/WB were already intalks prior to the welfare walkin. Possibly, WFC got forcefully pushed aside by the Fed/Fdic/Citi sweatshop group, huh?