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How did this happen?

by Kai Ryssdal
Friday, October 3, 2008 - 10:27

Didn't Citigroup have a deal to buy Wachovia?

I guess nobody told Wells Fargo.

Y'know, we had WF CEO John Stumpf on the program a couple of months ago. His company's made it through this whole mess reasonably well, and he agreed when I asked him if it had presented him some business opportunities.

I guess we should have paid closer attention.

Meanwhile, did Citigroup screw this up, or did WF just do it smarter?

About the author

Kai Ryssdal is the host and senior editor of Marketplace, public radio’s program on business and the economy. Follow Kai on Twitter @kairyssdal.
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Lothar Kneifel's picture
Lothar Kneifel - Oct 3, 2008

If Wells can buy the largest bank to fail without any taxpayer expense, why do we need a bailout - er, rescue?

Stephen P.'s picture
Stephen P. - Oct 3, 2008

Not close enough to the pulse on this, but heard that there is a rumour citi is challanging a claim to one segment of the business, and that the deal with WF will not go through. Any truth to this?

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