Citi To Wachovia & Wells: Pay For All Our Writedowns!

Citigroup is suing Wells Fargo and its takeover target Wachovia for the unbelievable sum of $60 billion, In a complaint filed today in state court in New York, Citi asked for $20 billion in compensatory damages on $40 billion in punitive damages, Bloomberg reports.

How did they arrive at a $60 billion total? Well, that’s just about as much as Citi has written down in mortgage market losses since the start of this mess. In short, Citi is trying to shift all its credit market losses to Wells Fargo.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.