It probably comes as no big surprise that Wells Fargo (WFC), one of the largest banking concerns in the US, well diversified in financial products across deposits, lending, credit cards, sales finance, and a smart mortgage originator, announced Friday that they had made a deal to purchase the entire Wachovia package for $15.4 Billion. The surprise comes with the fact it was five days late. The deal undercuts CitiGroup’s (C) announced purchased of part of the Wachovia (WB) operation, and does what CitiGroup could not do: completes the deal without Federal Funding.

I was shocked when I heard, since Wells had originally participated in negotiations last weekend along with CitiGroup. Wells evidently was able to use the week, in which a contract had not yet been signed, to perform additional due diligence, and came up with an offer Thursday evening.

Our US Senators have approved a version of the $700 Billion Bail-out Bill that provides some new features:

New tax breaks for businesses
Raising the FDIC deposit insurance limit from $100,000 to $250,000

Normally, I am all about tax breaks for businesses.  I think that is one of the best ways to stimulate growth.
And without a doubt, raising [...]