October 2, 2008

FDIC moved when Wachovia faced a 'silent' run on deposits

The big worry for regulators as depositors began moving their money out of Wachovia on Friday was that other banks wouldn't provide the necessary short-term funding when Wachovia opened for business Monday. That's when the FDIC stepped in and forced a deal for Wachovia to be bought by Citigroup.

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