Understandably Citigroup is beyond pissed that Wells Fargo was able to swoop in and steal their Wachovia buyout deal. But it turns out Citi may have gotten an exclusivity deal signed in writing that would have forbidden the Wells Fargo swoop.
If this thing is legit they will have quite the lawsuit on their hands.
Don’t get too excited yet, because the copy that’s been floating around looks a bit strange. Fox Business was the first to post a pdf of the contract.
Here’s an excerpt image from the first paragraph:
What’s with all the scratch outs and handwritten mark-ins with a Sharpie? Was this deal really so hasty that they needed to throw this stuff together in such a crappy way?
Another interesting note, check out the signature page after the jump:
If that’s actually Bob Steel, the CEO of Wachovia’s signature on this page, then Citi is totally in the right and Wachovia/Wells Fargo are screwed. However, the signature also looks like it might have been signed by "Michael Jordan" so he should watch the F out too! Either way, save this thing!
Clusterstock is asking, ‘is it possible someone someone from Wachovia ‘accidentally’ faxed over to Citi a signed copy official copy of the agreement?’. Any while that seems like probably the stupidest thing they could have done if they indeed were also negotiating with Wells Fargo, nothing really surprises me these days.