Today, Monday September 29, 2008, Citigroup announces the acquisition of Wachovia. Purchasing all of the shares for $1.00 each for the banking operations, while Wachovia is able to retain its asset management and brokerage operations. This buyout means that the three largest financial companies (Bank of America, J.P. Morgan Chase, and Citigroup) will hold almost a third of the nation's deposits.
Although this is not my subject for the current events assignment, nor is it a global social problem, I thought, considering the connection UNCG has with Wachovia, that this buyout will affect most of us in the class. I use Wachovia for my student accounts and I know a large number of my peers do as well. Knowing that one of the largest banks in the world just bought out my bank because Wachovia was about to fold, I'm not sure what to think about my financial situation.
This is yet another sign that America's "invincible" economy is beginning to crumble.
The original article can be found at: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092900760.html?nav=rss_email/components. I'm sure most, if not all, large news companies will be reporting on this today.
Related News: http://www.washingtonpost.com/wp-dyn/content/article/2008/09/29/AR2008092900271.html?hpid=topnews
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