Feeding Frenzy! Wachovia is nothing but a piece of meat...

According to the WSJ, Wells Fargo and Citi Group have struck up an agreement to tear apart Wachovia and divide the spoils among themselves. It seems very similar to two starved dog's thrown one AAA sirloin steak. This will probably have a negative impact on WB shares on Monday but with the markets where they are, who knows. 

My original position were to hold call options on WB as this institution was perceived to go back up by March. The assets being torn apart will most likely change my play on Wachovia. We shall see tomorrow morning.