Gracious, George, and then you read something like this today:
… Further complicating the Wells-Wachovia merger were signs that regulators were in favor of the Citigroup deal, which was announced Monday.
“The FDIC stands behind its previously announced agreement with Citigroup,” Federal Deposit Insurance Corporation Chairman Sheila Bair said in a statement, adding that it would pursue a resolution with all three companies.
Both the Federal Reserve and the Office of the Comptroller of the Currency said it was reviewing the proposed deal by Wells Fargo and the issues it raises.
Unlike the Citi deal, the Wells Fargo purchase would require no financial assistance. With the Citi transaction, the FDIC would cover any losses over $42 billion on Wachovia’s $300 billion loan portfolio. …
The market worked, and the regulators are pitching a fit. They want us under their thumbs.
