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.

In an interview on CNBC television today, Warren Buffett disclosed that he wants to pursue buying some of AIG’s units.  This could reduce the impact of the AIG bailout on taxpayers since Berkshire Hathaway can help shore up some of the weaknesses in AIG as those units are integrated into Buffett’s empire.  According to Reuters:
Buffett said he [...]