Reply #13: Now that just pisses me off [View All]

[PBS Poll-435]

Like WaMu, Wachovia was intended to fail. Wachovia was forced into a really bad deal because of deliberate actions of the Fed and the FDIC. The overnight window was locked and there was no way that Wachovia was getting out alive.

From my OP 10/5/2008 http://journals.democraticunderground.com/PBS%20Poll-435/22

It was clear from documents filed in federal court Sunday that Wachovia was in considerable trouble when it agreed to the deal. Wachovia disclosed that it agreed to the deal "with the understanding that a seizure of its banking assets later that day by the Federal Deposit Insurance Corp. would occur" unless it accepted Citigroup's proposal.
Read more at: http://www.chicagotribune.com/news/nationworld/chi-wachoviaoct06,0,1677807.story

Edited to add link to my OP