Sep29 |
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Citigroup To Buy Wachovia
When the economy is in crisis the only one way our nation’s largest financial institutions can survive is to keep buying each other up ’til it passes. In a way, banks are drunken high school kids pairing off for awkward sex (i.e., mergers and acquisitions) on a camping trip. And Citigroup has laid eyes on the quiet brunette with the reputation for putting out: It will buy Wachovia’s banking operations. Make sure to use protection, Citi! Citigroup will acquire Wachovia’s 200 locations in the Philadelphia area (the bank currently only has 23 around here). Everything else is kind of standard: A bunch of people in government whose job it is to lie to us told us that everything was okay, and praised each other for the great work in helping run our economy into the ground. Wachovia’s shares went way down in premarket trading (91 percent!), the bank was hurt my the mortgage crisis, etc. The usuals. But forget all that financial stuff. We bloggers roll in so much cash we can sit out any financial crisis the world can offer. Let’s get to the real questions: Does this mean the Wachovia Center will pick up a new name come finalization of the deal? As an upside, the possibly-named Citi Center would maybe confuse out-of-town fans (since it’s not in Center City) and leave more room for Philly sports fans. But since the old building’s being knocked down anyway, why not just go back and call the place The Spectrum? Update: Joseph DiStefano has more info about the possible change; since Wachovia isn’t being sold, just split up, it could remain the Wachovia Center. Whee! Citigroup to buy Wachovia banking operations [AP/Philly.com] |
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