CitiBank Takes Over Wachovia Assets

http://money.cnn.com/2008/09/29/news/companies/wachovia_citigroup/index.htm?postversion=2008092916

My Response: I would have to say " The big dogs are taking over". CitiBank, one of the fourth biggest banks, has bought out Wachovia's assets for $2.2 billion. This gives CitiBank total control over Wahcovia's deposit network, but also handing over Wachovia's debt of 53 billion which lead them to their downfall. I hope Citi Bank has carefully organized a way to avoid the same turmoil that Wachovia has undergone.