Logo on a Wachovia Bank branch September 29, 2008 in New York. US authorities said Monday they had facilitated a takeover of Wachovia's banking operations by Citigroup Inc. in a deal that gives the government a stake in one of the nation's biggest banks. The Federal Deposit Insurance Corp.(FDIC) made the announcement that further reshapes the troubled US banking sector saddled with heavy losses from the bursting of the real estate bubble. "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the government agency said. AFP PHOTO/DON EMMERT
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