Wells Fargo tops Paulson by $13 Billion

If the economy is so wracked with crisis that we've just gotta have the pork-ridden $810,000,000,000 economic bailout, why is Wells Fargo about to top the government-sponsored Citi Group "rescue" of Wachovia by $13 Billion -- with no government assistance?

The forced government "rescue" of Wachovia Bank (thank you, once again, Secretary Paulson and FAS 157 mark-to-marketing accounting) where Citi Group agreed, at the Treasury Department's behest, to buy "endangered" bank assets for $2.1 Billion and leave the FDIC on the hook for potential loan losses, has apparently been replaced by a totally private sector offer from Wells Fargo to purchase the identical assets for $15.4 Billion --with NO government assistance.

[yet another private-sector reaction/correction to the crisis 'only government can handle']

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