Reply #12: That is the very reason that I am terrified that Sheila Bair is still the Chair at FDIC

[PBS Poll-435]

Citi's deal was a pathetic grab at deposits while leaving the rest of Wachovia on the auction block. (With taxpayer money needed to even get that deal done!)

Wells took a look at the books of Wachovia, fashioned a plan to absorb the whole company, while preserving some value in Wachovia's stock, and Chairwoman Bair initially said she was going to go with Citi's proposal (which, again, needed taxpayer $$$ to even get the deal approved) and ignore Wells' deal.

If Citi had taken Wachovia, or even a piece of it, then we would be looking at a 3rd bailout for Citi (just to keep operating.)