Wells Fargo posted earnings that were in line with the estimates. But not everyone is convinced it has put the worst woes behind it. It all boils down the Wachovia deal. It seemed like a stunning coup when Wells Fargo wrestled Wachovia away from Citigroup last year. But now you've got to wonder if it was such a good thing. People still regularly hail Wells Fargo as a prime example of a bank that has held up relatively well during the crisis. But will Wachovia come back to haunt it? That's an open question that Fortune explores.

The $12.5 billion acquisition "has provoked serious and legitimate doubts as to whether Wells needs even more capital on top of the TARP money it received." The big issue, of course, is how sick Wachovia is. Wells' CEO Dick Kovacevich certainly doesn't think more capital will be needed. He's angry that he was forced to take the TARP funds in the first place, complaining that he was given one hour to make a decision.  

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