Wells Fargo buyout of Wachovia blocked.

October 5, 2008 – 12:15 pm – No Comment

A New York supreme court judge has temporarily blocked the sale of Wachovia to Wells Fargo. On Saturday afternoon, Citigroup asked New York supreme court justice Charles E. Ramos to file an emergency order to block the sale of Wachovia to Wells Fargo. After three hours of each side giving their story, Justice Ramos decided to issue the injunction to block the sale until a formal hearing on Friday.

The matter was so urgent that Justice Ramos allowed them to all meet in his Connecticut home on a Saturday afternoon, the day when all state supreme court justices should be observing collegiate football day instead of hearing about a buyout…

Another part of the unfiled lawsuit brought up by Citi is they are demanding $60 billion from Wells Fargo for interfering with the process of the purchase of Wachovia. That’s just outrageous.

Citi stands to gain a lot from the purchase of Wachovia, they would be able to sell off the bad loan debt to the government and the bailout package.

Greedy Citi, Greedy…