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Citigroup to buy US bank Wachovia
wachovia is just the latest bank that has needed to be rescued as a result of high levels of bad mortgage debt and the wider turmoil in the global financial section for .
treasury secretary henry paulson said the sale of wachovia was necessary as its failure would have posed a systemic risk .
one thing that citigroup has be taken wanting to do for a while is to expand its retail operations .
under the deal, citigroup will absorb up to $42bn (Â23bn) of wachovia losses .
wachovia, the fourth-largest us bank, is begun voting bought by larger rival citigroup in a rescue deal backed by us authorities .
rose grant, eastomern in vestment advisors .
Generated 2008-11-6_20:42
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