Wells Fargo Now Buys Wachovia

Where is your money going to be next? Just a few days after it had been bought by Citigroup with help from the federal government, Wells Fargo has stepped in to buy the company with no help from the feds.

Wells Fargo Chairman Dick Kovacevich said the deal “provides superior value” to the Citigroup deal and that it will allow Wachovia shareholders to “have a meaningful opportunity to participate in the growth and success of a combined Wachovia-Wells Fargo that will be one of the world’s great financial services companies.”

Yes, this is probably exactly what the bigwigs said when Wachovia acquired any of the 7,000 banks they have over the years. But my meager checking account is safe! Thanks, Wells Fargo!

Update: Ha, ha, not yet, apparently!

Wells Fargo to buy Wachovia [WSJ]