Politics_3_Citigroup’s Purchase of Wachovia Banking
Title: “Citigroup Buys Banking Operations of Wachovia”
New York Times
Article Link
As you may or may not know, the Abu Dhabi Investment Authority, a sovereign wealth fund owned by the world’s fifth-largest oil exporter, in December bought a 4.9 percent stake in Citigroup.
Citigroup will acquire Wachovia’s banking sector.
This is a continuing trend of the 3 giant banks
that are gobbling up smaller ones in the USA.
Bank of America, Citigroup, and JPMorgan Chase.
Further, America’s bank deposits are controlled by these three giants.
Surely, Abu-Dhabi’s $7.5bn cash infusion played a role in this purchase.
Oil money is helping this country try to bounce back from these hard financial times.