Citigroup Buying Wachovia with Federal Aid

September 29, 2008 9:39:21 AM PDT
The FDIC said Citigroup is buying Wachovia banking operations with federal aid. In the deal, Citigroup will inherit Wachovia's debt, which is estimated to be close to $42-billion dollars.

Wachovia had been suffering from mounting mortgage losses following its acquisition of "Golden West Financial Corporation"

FDIC officials said Monday's buyout will not interrupt services for Wachovia customers. There are several Wachovia locations across the valley.


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