Citi, Wells Fargo Find More Wachovia Worries

This is not encouraging:

The discussions, which began Sunday, have been snagged over the intricacies of carving up the Charlotte, N.C., bank, ranging from deposits to loans to securities. After burrowing deeper into Wachovia's books, Citigroup and Wells Fargo have been surprised by the concentration of assets they regard as low-quality, these people said.

As a result, both banks are worried that buying even part of Wachovia could saddle them with steeper losses than previously expected. [Emph. added]

Great. Just what we all need. . .

Comments

[Ishortyou:]

all its needed from Wachovia is to sell its bad loans under the government program for an interest to clean its book of business from toxins, in this way politicians can exploit their government rescue plan for the next elections.

2008 Oct 10 07:46 AM

[rsmith7202:]

Dude were you sleeping or something? The deal is done go back to journalism school.

2008 Oct 10 07:53 AM

[rsmith7202:]

Were you sleeping or something? Put down the crackberry and go back to journalism school the deal is done. A day late and a dollar short.

2008 Oct 10 07:54 AM