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- Citigroup announced court order via e-mailBloomberg: Citigroup Says Court Orders Continued... (October 5, 2008)
- Order issued by New York Supreme Court Judge Charles RamosBloomberg: Citigroup Says Court Orders Continued... (October 5, 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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A New York judge temporarily stopped the purchase of Wachovia by Wells Fargo on October 4, 2008, 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)
Citigroup offered to buy the banking assets of Wachovia for $2.1 billion on September 29, 2008, and absorb over $42 billion in losses Wachovia suffered due to the global credit crisis.NYT: Citigroup Buys... (September 29, 2008) On October 3, 2008, after Wachovia tentatively agreed to Citigroup's proposal, Wells Fargo made a bid to purchase all of Wachovia for $15 billion in stock.CBS: Fight Over Wachovia Intensifies (October 3, 2008)
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Citigroup Wells Fargo 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 -
Does the NAACP have a case against Wells Fargo and HSBC for selling sub-prime loans to minorities? 2 AnswersIf it turns out that what they are claiming is true (blacks with identical credit scores and similar situations to whites getting worse loans than those white p... 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 -
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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