Another example of the relationship between Wall Street and the government:

Citigroup had struck a deal with the government to get government help
to "buy" Wachovia in the same way Chase "bought" WaMu. (Citi would only
pay 2.2 billion dollars for Wachovia).

Wells Fargo has offered a hard $15 billion dollars to buy Wachovia out
right (aka: buy shares from current shareholders) without any government
help.

Now, Citi is complaining to the government about it.


Looks to me like there is collusion between Wall Street and Washington
to buy banks at bankrupcy prices even if they are viable. Bravo to Wells
Fargo for making this obvious.


http://news.bbc.co.uk/1/hi/business/7650746.stm