Citigroup bought Wachovia Corp.'s banking operations after they were seized by the federal government last week. Like Washington Mutual, delinquencies and defaulted mortgages have caused devastating losses for many banks nationwide. The FDIC reassured that Wachovia did not fail -- and that all customers and their assets are protected. Federal Reserve Chairman Ben Bernanke stated that he supports the "timely actions" taken by the FDIC "which demonstrate our government's unwavering commitment to financial and economic stability."

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