Big Al45

Did Crony Capitalism Lead to Wachovia's $54B Bailout?

Its all good. The Citi/FDIC deal is dead.

WFC will mark down Wachovia's toxic crap and sell it to the taxpayers after the ballout is approved today. Saint Warren wouldn't have let WFC buy WB unless he knew that Congress would approve the deal.

As far as favoritism goes, that the way Wall Street has always worked (along with nepotism and family contacts.) Who knows - maybe Sheila Bair (or UMASS) was holding Wachovia bonds.