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.
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