Bloomberg News: "Wachovia dropped to $8.90 at 6:12 p.m. today from its $10 close during regular New York Stock Exchange trading after the New York Times reported that New York-based Citigroup was in early talks to buy the Charlotte, North Carolina-based bank. The Wall Street Journal said bids may come from San Francisco-based Wells Fargo and Spain's Santander.
"Takeovers can wipe out bank shareholders if they occur after regulators seize the company."
Wachovia's stock a year ago was over $50.
From what we saw from their Convention Center and Hotel project bond guarantees, there is little surprise about the bank's likely demise.