In New York Appeals Court, Wachovia Corp. has
succeeded in over-turning the emergency order by Justice Charles Ramos
issued yesterday in New York State Supreme Court which gave
Citigroup Inc. the sole legal authority to negotiate
with the bank. Citi announced last Monday they'd be buying some of
Wachovia's assets. Wachovia said a deal made later with Wells Fargo on
Friday to purchase the entirety of their assets is still legitimate.

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Mortgage giants Fannie Mae and Freddie
Mac could possibly sell some bad assets to the U.S. Treasury,
according to a media report. James Lockhart, director of the Federal
Housing Finance Agency (FHFA) which now oversees the two companies, gave
a television interview to C-SPAN.

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After days of deliberation, the House of Representatives voted
in favour of the Emergency Economic Stabilization Act of 2008 on
Friday in a vote of 263 to 171, allowing the deployment of up to $700
billion to purchase illiquid assets from financial entities.

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"Citi has substantial legal rights regarding Wachovia and this
transaction `Wachovia's agreement to a transaction with Wells Fargo is in
clear breach of an exclusivity agreement between Citi and Wachovia,'"
Citigroup officials said in a statement.

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