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Without question, the deal was far sweeter for both Wachovia shareholders and taxpayers. For the first time in recent memory, free markets triumphed, whoo-hoo!
Good news, right? In a perfect world, yes, but our markets are more like something between a soap opera and a science-fiction novel, so you know this story gets better.
Free markets, meet free courts On Saturday, a group of Citigroup lawyers visited a New York judge at his house, persuading him to temporarily block the pending Wells Fargo transaction because Citi had an 'exclusivity agreement' that prevented Wachovia from striking a deal with anyone else.
Then last night, the jesters kicked it into high gear, with that ruling being overturned by a New York State appellate court. Not surprisingly, Citigroup says it intends to appeal the ruling and around and around we go.
What should irk you -- the taxpayer -- is that Wells Fargo's offer didn't include any government backstop, as Citi's offer did. From that standpoint alone, you'd think Wells Fargo's offer would have been ushered in by regulators, yet it was (at least temporarily) shot down by the courts. Perhaps bailouts have become so commonplace that no one knows how to handle a deal without one.
All of this just for Wachovia? Why Citi and Wells Fargo are fighting so viciously isn't much of a surprise; Citigroup's drooling over Wachovia's $400 billion deposit base, which it can use as a cheap source of funding in lieu of short-term debt markets that have practically disintegrated

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