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Wells Fargo says it is acquiring Wachovia for $15.1 billion,

Posted on 10/3/08 at 6:53 am
Posted by Will Cover
St. Louis, MO
Member since Mar 2007
38546 posts
Posted on 10/3/08 at 6:53 am
Breaking news on CNN.

Edited to add:

quote:

BREAKING NEWS
Citi demands Wells Fargo terminate deal with Wachovia, claims it is 'clear breach of exclusivity agreement.'
per CNN Money
This post was edited on 10/3/08 at 9:34 am
Posted by MileHigh
Most likely a mile high
Member since Jan 2004
7920 posts
Posted on 10/3/08 at 8:12 am to
frick me!
Posted by Putty
Member since Oct 2003
25486 posts
Posted on 10/3/08 at 8:23 am to
have synthetic short of WB?
Posted by MileHigh
Most likely a mile high
Member since Jan 2004
7920 posts
Posted on 10/3/08 at 8:24 am to
quote:

have synthetic short of WB?

no puts.

I made bank on them, but this is the difference between 200% gain, and 400% gain.
Posted by Tiger JJ
Member since Aug 2010
545 posts
Posted on 10/3/08 at 8:30 am to
quote:

no puts.


That's a synthetic short.
Posted by MileHigh
Most likely a mile high
Member since Jan 2004
7920 posts
Posted on 10/3/08 at 8:33 am to
quote:


That's a synthetic short.


quote:

Remember I work in fast food. I am borderline incompetent at life, and especially anything involving higher brain functions. Plus I am almost always high.
Posted by Tiger JJ
Member since Aug 2010
545 posts
Posted on 10/3/08 at 8:36 am to
Right right. And thus the dabbling in financial derivatives.
Posted by MileHigh
Most likely a mile high
Member since Jan 2004
7920 posts
Posted on 10/3/08 at 8:38 am to
quote:

And thus the dabbling in financial derivatives.

I only trade based on your or the Col's advice.

Posted by Chicken
Jackassistan
Member since Aug 2003
22010 posts
Posted on 10/3/08 at 9:33 am to
quote:

BREAKING NEWS
Citi demands Wells Fargo terminate deal with Wachovia, claims it is 'clear breach of exclusivity agreement.'
Per CNN Money
This post was edited on 10/3/08 at 9:34 am
Posted by Putty
Member since Oct 2003
25486 posts
Posted on 10/3/08 at 9:39 am to
let the retrading begin
Posted by MileHigh
Most likely a mile high
Member since Jan 2004
7920 posts
Posted on 10/3/08 at 9:41 am to
LINK

fed may block this, which is crap.
Posted by morgcl
nor east fl
Member since Dec 2007
926 posts
Posted on 10/3/08 at 9:43 am to
i just sold wb 1000 wb @7.01 they can fight this s**t out in court but i will put the 7k to work somewhere else and take my 3.5k loss.
Posted by sabbertooth
A Distant Planet
Member since Sep 2006
5276 posts
Posted on 10/3/08 at 2:03 pm to
quote:

Citi demands Wells Fargo terminate deal with Wachovia, claims it is 'clear breach of exclusivity agreement.'


Wow this is really getting strange. I guess Citi thinks they are getting a deal.
Posted by poboydressedplease
Member since Jul 2008
9174 posts
Posted on 10/3/08 at 2:57 pm to
I hate citi they had my last mortgage they can suck it.
Posted by SDwhodat
Member since Apr 2007
2547 posts
Posted on 10/4/08 at 3:41 pm to
The reason Wells Fargo is acquiring Wachovia for such a big price tax stems almost solely from the notice (Notice 2008-83) the IRS issued ON TUESDAY with respect to changes in the code.

The tax savings that WF will get due to the change is well above what it is having to pay for Wachovia.
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