Report: Wachovia-Citi-Wells Talks Hit Snag
The Wall Street Journal is reporting that the messy three-way talks between Wachovia, Citigroup and Wells Fargo are stalling over several issues.
The three parties agreed to stop suing each other until tomorrow over the deal, which began when it looked like Citi would buy Wachovia, only for Wachovia to turn around and sign a merger agreement with Wells.
Now, the talks are focused on how to split up Wachovia between Citi and Wells.
Meanwhile, on Wall Street, we told you it was too early to start singing "Happy Days Are Here Again."
Like a desperate candidate in an election, the Dow has gone negative. As of about 10:58 a.m., the Dow is down about 85 points.
Shares of GM are getting hammered. They're down about 15 percent.
The S&P 500 is down slightly, but the Nasdaq is still up.
-- Frank Ahrens
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