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The preliminary court skirmishes between Wells Fargo & Co. and
Citigroup Inc. over who gets to buy Wachovia Corp. tilted back into
Wells Fargo's favor over the weekend.
On Sunday night the Appellate Division of State Supreme Court threw out
an order by Justice Charles Ramos issued late Saturday at the request
of Citigroup that extended the exclusivity agreement between Citi and
Wachovia. The order would have extended the time under
which Wachovia and Citi had to complete their deal.
Citi plans to appeal the ruling as it defends its $2.1 billion, or $1 a share, agreement to purchase Wachovia's banking assets against a deal where Wells Fargo wants to buy the entire bank for $14.8 billion, or $7 a share, in an all-stock acquisition that came our days after Citi thought its deal with Wachovia was sealed. - George White See Wells Fargo statement See Dealscape post on Citi's legal case See Dealscape post on Wachovia offer CategoriesComments Deal Video
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The legal dispute misses the main point for investors. Now, our big banks are fighting each other in a break neck race to consolidate which is being done for business survival rather than business gain. Unfortunately, the bailout will not help them much. They are suffering and when they suffer, we all hurt. Individual investors should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas preferably in Asia or parts of Europe. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com