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'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

By Drew Nelles, Newser Staff

Posted Oct 2, 2008 4:32 PM CDT

(Newser) – Customers made a “silent run” on Wachovia as the North Carolina bank negotiated a buyout from Citigroup last week, the Charlotte Observer reports. Wachovia execs noticed customers withdrawing money from large accounts following Washington Mutual’s failure, lowering their balances to below the federally... Read full story »

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'Silent Run' Doomed Wachovia

Panic pushed FDIC to use unprecedented authority in Citigroup merger

Citigroup • Wachovia • buyout • WaMu • bailout • mergers • financial crisis

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More Newser Stories

Dow Down 700, Hits 4-Year Low

'This is just about fear right now'

Citi Demands Wells Fargo Give Wachovia Back

Bank says new buyout violates an exclusivity agreement

Stocks Down Sharply Despite Bailout Deal

Wachovia failure sends markets downward

Pay Czar to Examine Salaries at Bailed-Out Firms

Feinberg to review compensation for top 25 executives

Citigroup to Repay $20B in TARP Loans

Will issue $17B in common stock to meet capital requirements

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