Trouble in Paradise

In the wake of today’s announcement that Wells Fargo is buying Wachovia, it seems that Citibank is in quite a tizzy. Citi had entered into an agreement to buy portions of Wachovia, and they’re pretty pissed off that Wachovia backed out at the last minute, apparently to take the better deal with WFC. In fact, they’re even threatening legal action, stating a “Breach of Exclusivity Agreement”. Not sure if there is anything truly actionable here, or if they’ll really move forward with a lawsuit, but honestly Citibank is kind of looking like a brat who didn’t get their way, demanding that the two firms terminate their merger immediately. And to boot, the FDIC is backing them. Anybody who says the world of finance is boring is off their rocker. There’s more drama here than on the Lifetime network.