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Citibank Buys WachoviaTop Story: Citibank Buys Wachovia

The FDIC and Citibank have agreed to purchase Wachovia. The bank acquisition will allow Citigroup to takeover Wachovia's depository institutions and assume its debt. The US government also has a stake in the deal.

The bank's troubles began after mortgage-related losses. The bank agreement was taken in with Federal Reserve and Treasury Secretary Henry Paulson. The deal also gives the US government a stake. Wachovia depositors will be fully protected and no cost to the Deposit Insurance Fund is expected.


July 4, 2009