Wow: Wells Fargo Buying Wachovia For $7 a Share

No FDIC assistance!  Citi jilted.

Major-league cojones from Wells Fargo: Not only outbids Citi by $6 a share, but forgoes FDIC backstop. Wells indicates up on news! Jilted Citi down.

Also a major-league Hail Mary completion by Bob Steel (Wachovia CEO)

Wells will be raising $20 billion, mostly through stock.

Meanwhile, how did Citi screw this one up?

Release

See Also: Today’s Brass Balls Award Goes To…  Wells Fargo CEO John G. Stumpf!

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