MW: Fed says it has yet to review Wells Fargo bid for Wachovia
By Greg Robb
WASHINGTON (MarketWatch) -- The Federal Reserve issued a cautious statement on Friday about the new bid for Wachovia from Wells Fargo. The central bank said that is has yet to review the Wells Fargo proposal "and the issues that it raises." In contrast, the Fed said that the competing Citigroup proposal to acquire Wachovia has "undergone extensive review" by regulators. "The regulators will be working with the parties to achieve an outcome that protects all Wachovia creditors, including depositors, insured and unisured, and promotes market stability," the Fed said.