Sweet Weekend Deals

Anybody investigating these sweet weekend deals the Fed & Treasury are arranging? A weekend deal supposedly gets done with Citicorp buying Wachovia for $1.5 billion. Citicorp would have to write of $42 billion in bad debt right away. Interesting the the FDIC fund has $42.5 billion it in- with no buyer for Wachovia would the FDIC have had to bail out Wachovia thereby rendering the FDIC insolvent and necessitating a bailout there?

Realize the FDIC only has enough bucks to cover a couple of failures-that why these deals are being done.

Then along comes Wells Fargo who offers $15 billion for Wachovia- ten times as much. Looks like Citicorp was getting a pretty sweet deal huh? Kinda like an insider deal. Pretty obvious average America's interests weren't being watched.....Expect more of the same in the future....