Vikram Pandit lashes out in merger mess

Just when you thought that a measure of peace would prevail in the Wachovia-Wells Fargo-Citi mess, Citi CEO Vikram Pandit decides to shake things up. The Financial Times reports that in a "town hall" meeting with Citi's employees, Pandit lashed out at Robert Steel, Wachovia's CEO. Pandit says Steel told him two days before Wells's surprise offer that they had "a deal." Steel went so far as to advise Citi to start raising the $10 billion needed to fund the transaction. There's a sense that Wells may end up with most of the deposits, which would explain why Citi execs would be fuming. Citi of course has sued Wachovia and Wells for up to $60 billion. "We saved Wachovia from collapsing," Pandit reportedly told employees. "We have to be compensated for that. That is like somebody buying a $2 ticket, winning $10...and somebody says, 'I am going to come and steal it away from you for two-and-a-half bucks.'" Some have criticized Citi for actually signing some sort of agreement.

For more:
- here's the FT article

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