Wells Fargo upended Citibank's acquisition of Wachovia with an offer of $15.4 billion, which vastly exceeds Citibank's offer of $2.16 billion.  WSJ has excellent coverage which you can read here: http://online.wsj.com/article/SB122303190029501925.html?mod=testMod

Word is that Citibank is threatening to sue both Wells Fargo and Wachovia for breach of confidentiality, which was a component of the original Citibank offer.

So let's see if we have this straight....FDIC Chairman Blair brokers the Citibank/Wachovia deal at firesale prices, which includes taxpayer backing of Wachovia assets. Then Wells Fargo comes in with a wholly private offer that includes no taxpayer risk. Then Citibank threatens to sue Wells Fargo and Wachovia???

In an environment where the global economy is teetering it strikes me that if the private market is willing to work this out, without ever more taxpayer backing required, it should be given the chance to do so. Chairman Blair, who has done a great job in her role addressing this crisis thus far, should publically say just that.