Corrupt curiosity Citi, Wells Fargo and Wachovia

Point 1)
Citigroup and Wells Fargo were locked in a bidding war on Sunday over a possible emergency takeover of the Wachovia Corporation, people involved in the talks said.

Point 2)
The government, led by the Federal Reserve and Treasury Department, has been involved in the talks as well, these people said. But so far, the government is resisting pressure to help bidders by guaranteeing a part of Wachovia’s assets the way it did for Bear Stearns when it was sold to JPMorgan Chase in March.

Point 3)
Either way, Citigroup and Wells Fargo are unlikely to bid more than a few dollars a share for Wachovia, substantially less than the $10 at which its shares were trading Friday.
Source:-http://www.nytimes.com/2008/09/29/business/29bank.html?ref=business

Question:- Both Citibank and Wells Fargo must have connections to trigger a panic regarding Wachovia prospects; they may even have access to Credit rating agencies, and will Citi&Fargo, use these to drive down Wachovia shares? And we also know that FBI is investigating the banks http://news.bbc.co.uk/2/hi/business/7632790.stm , and by now we are well aware of wall-street's credibility :-)

Just a corrupt curiosity....

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