Monday, October 06, 2008

That's a lot of spilled hot coffee

So at a time when the entire financial system is starved of capital, Citigroup thinks it's a good idea to sue Wachovia and Wells Fargo for $60 billion. Even if the end result is nowhere near $60 billion, can the cost of this litigation possible be a good use of shareholders/taxpayers' money -- the latter being ultimately on the hook for all of the banking system? Instead of complaining about "frivolous" medical malpractice lawsuits, shouldn't George Bush be declaring this lawsuit a waste of everyone's money and order the suits into a room to sort out their differences?

UPDATE: The Feds talk sense into Citigroup, for now.