WB was bought for $1 ..... is there any reason this should be trading above $1?? Haven't we seen this before with BSC, FRE, FNM .... Is it all just short covering?
Wachovia Corp. sold Wachovia Bank to Citi for $2.1 billion in Citi Stock. Wachovia Corp. still holds Wachovia Securities + AG Edwards. The impression is they dumped the bad debt with the bank onto Citi, so the stock is trying to adjust to the now smaller company.