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Wells Fargo, Wachovia Deal sends stocks up

October 3, 2008 by Bruce  
Filed under Economy, Featured

The Wells Fargo, Wachovia deal is helping stocks rally this morning. News that the Senate bailout bill may also make it through the House of Representatives this time is also helping the market rally. The Wells Fargo, Wachovia deal has come as a surprise as originally Citbank was rumored to be taking over Wachovia who has faced troubles as of late related to bad mortgages.

The Wells Fargo, Wachovia deal is a 15.1 billion dollar deal and will create one of the largest retail banks in the country. I’m not sure I like all these mergers. We are creating a one banking system where the largest banks have all the power and control a large amount of the money available to lend businesses .

No matter what I think the Wells Fargo, Wachovia deal seems solvent and will go through as Wells Fargo buys Wachovia.

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