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- Under deal, Citigroup would have absorbed up to $42 billion in losses and FDIC would have covered any losses above that levelCBS: Fight Over Wachovia Intensifies (October 3, 2008)
- Citigroup and Wachovia must appear in court before October 10, 2008Bloomberg: Citigroup Says Court Orders Continued... (October 5, 2008)
- Citigroup had "exclusivity agreement" with Wachovia, to expire October 6Bloomberg: Citigroup Says Court Orders Continued... (October 5, 2008)
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Citigroup, one of the world's largest financial services companies, offered to buy the banking assets of Wachovia for $2.1 billion on September 29, 2008, and absorb over $42 billion in losses the bank Wachovia suffered due to the global credit crisis.NYT: Citigroup Buys... (September 29, 2008)
In a "surprise bid," Wells Fargo agreed to purchase all of Wachovia for $15 billion in stock on October 3, 2008. A New York judge temporarily stopped the Wells Fargo-Wachovia deal the following day, pending legal proceedings. Citigroup alleges a breach of contract by Wachovia and is suing Wells Fargo for $60 billion in damages.NY Times: Citigroup Says Judge Suspends Wachovia Deal (October 4, 2008)
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Citigroup Wachovia Questions
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What is the source of Citigroup's $10 debt due in 2010? 1 AnswerThey have more than $10 bn due...if you post a question paying $5 I'll send you a list of all their debt due in 2010 globally. read more -
What was Citigroup credit card loses in 2008? 2 AnswersThere is no exact number, but Citigroup "lost $176 million in the second quarter packaging card loans into securities" read more
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Does Citigroup look debt heavy? 1 AnswerCitigroup is obviously not a healthy company right now. It does owe mountains of debt. That's clearly one of the reasons its stock price is so depressed and why... read more
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How much cash does Citigroup have? 1 AnswerAs of March 31, 2009 ( latest published numbers available ) On a consolidated basis ( all subsidiaries ) the number for currency, coin, cash and "due from banks... read more
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