Wells Fargo Co Takes Over Wachovia $12.2 BILLION

The Federal Reserves Board of Governors unanimously approved Wells Fargo & Co $12.2 billion USD takeover of Wachovia Corp. After the 5 day waiting period to complete the acquisition , Wells Fargo will then have the largest U.S. bank branch network.

Like JPMorgan Chase Co which acquired Washington Mutual in September , Wells Fargo Co took advantage of loan losses and a depressed stock price to buy Wachovia and extend their reach nationally.

The stock market is merely the sideshow in this circus , it’s the banking system that’s got to get put back together and fast.

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