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Wall Street Breakfast: Must-Know Newsby SA Editor Rachael Granby- Bank trio becomes duo. Wells Fargo (WFC) will become the largest U.S. bank by branches with its bid for Wachovia (WB), after Citigroup (C) withdrew from compromise negotiations late yesterday on concerns about the quality of some of Wachovia's assets. Wells Fargo, with a bid valued at $11.4B, expects the purchase to be completed by the end of the year, and denies it will have to absorb assets shakier than originally thought.
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The Case for Closed-End Funds
I have been long and have "averaged down" since I have made good with this mgr before. What happens here is that the assets making up the NAV decline and the discount widens to push the price of FF down more.
In the end, it is not the discount, is it? It is the track of the sset class.
The Case for Closed-End Funds