Stop the FDIC from stealing Wachovia and giving it to Citi

As a bondholder who got burned by the actions of the FDIC when it scooped in and took the assets of Washington Mutual on behalf of JP Morgan Chase, I urge all readers of this blog to watch closely its action with Wachovia bank. Now that Wells Fargo bank has presented a superior bid for Wachovia, it seems that the back handed deal that the FDIC set for selling Wachovia to Citi Group is coming unhinged. If you are a stockholder of Wachovia bank, I would encourage you to contact your U.S. representative and senator to remind them of the FDIC’s action with regard to Washington Mutual Bank. The FDIC and Citi Group claims they have an exclusive agreement with Wachovia. Well, so did I with Washington Mutual Bank (as a bondholder who expected some assets in bankruptcy).

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