transaction that both companies wanted and believed was mutually beneficial -- Wachovia was already in the hot seat with the FDIC for their mismanaged loan portfolio, and it was either a merger w/ Wells Fargo, or and FDIC overseen merger / perchase agreement with Citi.
Not to mention that Wells / Wachovia is now on the hook for ~$160MM in fines, etc. due to their neglegence in detecting a money laundering ring that was running funds through their institution for/by the Mexican drug cartel.