After a round of mediation between Geithner and Bair, the FDIC declared that Wachovia was “systemically important” to the health of the economy, and thus could not be allowed to fail. It was the first time the FDIC had made such a determination since the passage of a 1991 law allowing the FDIC to handle large bank failures on short notice. Later that night, in an FDIC-brokered deal, Citigroup agreed to buy Wachovia’s retail banking operations in an “open bank” transfer of ownership. Læs videre “The FDIC’s open bank assistance procedures normally require the FDIC to find the cheapest way to rescue a failing bank”
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