Quote:
Originally Posted by Steve_A
Hi ctophil,
DOW closed down 878.27 ! 8.51%
Citigroup went down 12.98%
Bank of America CP got hammered, down 26.23%
JP MORGAN CHASE CO down 10.64%
By the way, the Citi story with Wells Fargo smells. Citi offered $2 a share. Wells offered $6 dolars a share - a huge difference for what was described as a failed bank. Then Citi wants to fight over the attempted sale. Tere must be more than meets the eye here. Right?
Best regards,
Steve
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Citi was buying it thinking the Government was just going to take the sunk part of the company... Right after that is when they decided to let banks take bad debt off the books without setting money aside to cover it.
That's when Wells stepped in and offered the higher price without government assistance.