They made them an offer they couldn't refuse.

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Saturday October 04, 2008 · 10:30 AM PDT

2008/10/04 · 10:30

This from Yahoo Business: "A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $14.8 billion for the struggling bank, while Citigroup and federal regulators insisted that Citi's earlier and lower-priced takeover offer go forward." link

You would think that a market solution to a banking crisis would be preferable to a government intervention and a forced takeover but the FDIC thinks that Wachovia is worth 13 billion dollars LESS than Wells Fargo. I thought we were all about "free markets" here in the grand ol' USA, apparently not, when Citi and the goon squad over at the FDIC makes an offer, YOU CAN'T REFUSE!

The "bailout" money appears to be a bank takeover fund for Hank to prop up his favorite people on Wall street while the FDIC eviscerates the competition. When your a bank in "competition" with Hank Paulson's Treasury and the FDIC how long do you stay in business?

Wells Fargo's days are numbered, for interfering with "the family" and showing to the whole world how the game is being played, embarrassing the masters of the Ponzi scheme. I wonder if it's too late to get my money out of there?

Also, if this is "regulation", I'm in favor of deregulation. How much of the taxpayers money is going to support the Citi/Wachovia raid (in the form of FDIC deposit insurance)? How much did the investors and shareholders of Wachovia lose by this "deal" versus the market solution proposed by Wells? Why wasn't this "deal" shopped around or "auctioned" like Hank has been talking about with the bailout money?

I have an answer to the last question, because Citi was being aided by the FDIC in it's takeover of Wachovia, free markets be damned. George, Hank and Ben caused the panic, loading up their arsenal with $700,000,000,000 while leaning on the shakier financial establishments so they could snap them up for pennies on the dollar.

One last question I have, which bank/business will they capriciously annihilate come Monday? I think maybe Wells Fargo.

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