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Citi Examines Its Carrots and Sticks

By law, the FDIC is required to accept the best deal for the taxpayer. WB shareholders have to approve either deal. The deals were apples and oranges, so the door is open for Citi to counter for WB in its entirety. The WFC offer is a severe discount on the remaining stub of WB that was not in the Citi deal. Let the bidding begin.