hunter

Wachovia Sale to Wells Fargo Is a Better Deal for the U.S. Banking System

After all this wrangling between the two banks attempting to buy wachovia the wachovia share holders will ultimately decide. The FDIC had no business bulldozing Wachovia into a deal with Citi. Wachovia is not in jeopardy and now with the rescue package passed and relaxation of mark to market accounting rules Wachovia should remain independent. Remaining independent may be the best thing for Wachovia shareholders and the banking public. If the 4th largest bank is no longer competition will lessen and the consumer will be hurt with higher fees ect. Wachovia shareholders are not getting a good deal either from Citi or Wells Fargo. Wachovia has a lot of underlying good businesses. Their retail bank is among the best and most profitable among its peers. Wachovia should be getting no less than 30 billion to sell. With Citi's troubles Wells Fargo needs to step to the plate with a better offer an offer that will resolve the issue once and for all.