Last week Citi gave up on its attempt to acquire a part of Wachovia. It even issued a whining statement that amounted to a dumbed boyfriend claiming he was always to good for the little tramp anyway. But on So how on Friday, Citi filed an amended complaint in New York state supreme court upping its damages demand from $60 billion to $80 billion.
The Friday’s amended complaint, which you can download here, re-statesthe tortious interference and breach of contract claims that Citi first set out after Well Fargo announced its deal. But now they’ve tacked new claims, and asked for restitution and unjust enrichment damages. That adds another $20 billion to the $20 in compensatory and $40 billion in punitive damages.
We’re reminded of a famous scene in Goodfellas. To paraphrase, “You’ve got integratation costs? F*ck you, pay me. You’ve got a statutory relief from contractual obligations? F*ck you, pay me. Hundreds of billions of new risk without a government backstop? F*ck you, pay me.”