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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