No Taxpayer Money

The Washington Post reported this morning that Wells Fargo and Wachovia have worked out a merger instead of the government brokered deal with Citigroup (Hat tip: Leslie Carbone).

Wachovia said it will snub Citigroup and jump into the arms of Wells Fargo instead, seeking to upend a government-arranged rescue of the troubled bank in favor of a more traditional merger, Wells Fargo announced this morning.

The reaction from federal regulators was chaotic, suggesting the announcement had surprised them.

So even though it appears good businesses can still work out deals without government interference, the House just passed the $700 Billion bailout anyway. This is a historic vote where the government becomes directly involved with the Wall Street and other businesses.