We just read on the wall stree journal that the crisis crisis is not in the shores of Wachovia, a major US bank. Wells Fargo (which is an old casualty of the real estate crisis of the eighties seem to have learned the lessons and is now considering taking other rivals and expanding) is eyeing Wachovia.

Excepts from the Wall Street Journal article:

Wachovia Corp., which catapulted to the top of the U.S. banking industry with relentless acquisitions of weaker rivals, was in advanced discussions Sunday night to sell itself to Wells Fargo & Co., according to people familiar with the situation.

Wachovia was also holding talks with Citigroup Inc., but by late evening Wells Fargo appeared to be the preferred bidder. Details of the proposed transaction weren't immediately clear, and the discussions could fall apart at the last moment.

The Wachovia developments came the same day that Congress and the Bush administration reached agreement on a $700 billion banking-rescue package.


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