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?
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