Monday, September 29, 2008
Just some news updates for anyone who has a bank account with Wachovia!
The Federal Deposit Insurance Corp. has just been involved in the new buyout of Wachovia by Citigroup. In response of the on going financial crisis, Citigroup bailed out Wachovia and bought it for $2.16 billion!
As stated in the recent article by the Washington Post, Citigroup is now one in three of the major banks that control "almost a third of the nation's deposit!" The other two are Bank of America, and JP Morgan Chase.
The cause of Wachovia's downfall was the money lost in mortgage loans.
This is the second bank buyout since Washington Mutual was sold for 1.9 billion to JP Morgan Chase.
To watch a video on this bank buyout crisis from Bloomberg click here!
(Jacky)
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