Citigroup Lays Out Wachovia Claims

New York Times:

The financial giant, Citigroup, on Monday finally filed its complaint against rivals banks Wachovia and Wells Fargo, laying out the claims underlying its efforts over the weekend to block the merger of the two financial companies.

In the complaint, filed in New York Supreme Court, Citigroup seeks a total of $60 billion in damages from the two companies and their directors, who are also named as defendants.

In a sense, the complaint is a formality because legal skirmishing has raged all weekend. Citigroup obtained an order from a New York state judge on Saturday evening that could have blocked the progress of the merger of Wachovia and Wells Fargo; that order was overruled on Sunday night by a New York appellate judge.

Read the whole story: New York Times

Comments

[Maschine]

LOL.....this is great theatre.

Go Wells, do the deal. Lets see if they have the balls to kill it and try and explain it away. What asshlllles are working for the government. And they ge a full pension and all benefits.....they should be fired and fined.

[mudbones]

Wells Fargo wants to buy Wachovia outright, Citi wants goverment help and backing. FDIC favors the Citi agreement, what's wrong with this picture?

[KillTheMessenger]

Except, they didn't. They gave the deal to Wells Fargo AFTER they gave it to Citigroup. Nice little mess. Which is one more reason why you don't want government trying to play business. They don't know how it's done. Government is best when it supplies social services. It sucks even at that, but not quite as much.

[dadw5boys]

Wachpova tried to hold out the insurance arm and investment arm from the Citi deal.

Wachoiva Executives wanted to keep the suscessful part of the company for themselves.

[KillTheMessenger]

I never thought Citigroup could ever look as whiny and theatrical as they do. This is a no-brainer. Up your offer or get out of the way.