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The Citigroup deal: On Monday, Citigroup Inc. announced an "agreement in principle" to acquire Wachovia Corporation's banking business, the bulk of the company, for $2.16 billion in stock. The Federal Deposit Insurance Corp. agreed to absorb any mortgage-related losses that exceeded $42 billion.
The Wells Fargo deal: On Friday, Wells Fargo & Co. agreed to buy all of Wachovia for $15.1 billion in stock, or $7 a share, without federal assistance.
The fallout
• Citigroup said Wachovia violated an exclusivity agreement and accused Wells Fargo of "tortuous interference."
• Wells Fargo Chairman Richard Kovacevich said "we think that this deal is solid," and added that "we are not aware of any merger deal that has been consummated."
• The FDIC said it stands behind its agreement with Citigroup.
• Citigroup could sue to try to stop the new deal -- or it could sweeten its bid.
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Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
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