Saturday, October 4, 2008

Why Wells Fargo resumed its hot pursuit of Wachovia

I wondered what propelled the Wells Fargo counter-deal to acquire Wachovia Corp., but this Washington Post story explains why. The tax law change described in the story apparently will cost the federal government more than it might have paid in providing a safety net for Citigroup in its earlier move to buy the Charlotte-based banking giant after Wells Fargo seemed to have dropped out of the bidding -- which the Wall Street Journal's story today says wasn't the case, after all.

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