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Wachovia Dumps Citigroup, Merges with Wells Fargo

Some points to think about: 1. Could Citi be the one in dire straits and the FDIC be looking out for their best interest instead of the best interests of the consumers and the taxpayers in the whole scheme of things? 2. Wells didn't sign an agreement not to pursue Wachovia. 3. One could argue that the language in the exclusivitiy agreement centered around barring Wachovia from entering into NEGOTIATIONS with anyone else-- didn't see any negotiations taking place... appears that Wells simply came knocking on the door with a definitive agreement in hand- no negotiations necessary. 4. Now that the "bail out" plan has been signed into law, Citi doesn't appear to be much better off because of it- this gives the appearance that Citi NEEDS Wachovia more than Wachovia ever needed Citi.

So I have to wonder when Citi's true financials will leak out, their stock drops to below $1 per share, and the "post bail out" version of Wachovia swoops in to "rescue" them.

I think the past week alone is proof enough that anything can happen, don't you?