It's more than a little disappointing... the WaMu merger really opened a lot of eyes as to how poorly option ARMs were doing. Wachovia was standing to survive the struggle because they had so few mortgage-backed securities and enough time to restructure their loans to minimize defaults but WaMu really fucked them over.

Good move for Citigroup, though... Wachovia was a major player in storefront banking and Citigroup simply wasn't.