Friday, September 26, 2008

Is Wachovia Next?

Wachovia has entered into talks with Citi to discuss a merger. Apparently, they want a head start should the bailout package fall through. Wachovia’s stock fell about 38 percent by Friday afternoon on fears that its acquisition of Golden West Financial would drag the company down as it faced mounting foreclosure rates.

This comes on the heels of the WaMu failure last night. Glad I don't own any bank stocks.

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