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

October 9, 2008; 10:58 AM ET  | Category:  business
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Oil is down and should keep going, so OPEC is mulling or something. The thing about price fixing is that something else always breaks. It's basic gravity and the paperwork can be overwarming. It's looking like a long cold winter again. Don't worry about the big banks, there are lots of little banks who are glad to give and take what money you have.

Posted by: Anonymous | October 9, 2008 12:15 PM

I want to thank Americans for voting in Mr. George Bushes for Presidency!! He has done more to you country than I could have ever dreamed!!

Yes, Americans. Even if my religion, Praise be to Allah, allowed me to smoke marijuana or consume liqours, could I have dreamed up the ways he destroys your country.

May the peace of Allah and his Prophet Mohammed, be upon Mr. George Bushes!!

Posted by: Osama Bin Laden | October 9, 2008 1:08 PM

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