The Top 10 Everything of 2008

10. Wells Wins!

When Citigroup, one of the world's largest financial institutions, went to buy the banking operations Wachovia in late September, the deal was presented as a way to rescue Wachovia. It was. But federal regulators were also extending a pre-emptive lifeline to Citi by agreeing to absorb billions of dollars in potential losses tied to souring loans. Days later, Wells Fargo rode in with a counteroffer that didn't require a government guarantee. Eventually, Wells won the prize in a deal that was better for Wachovia and for taxpayers — at least in the short term. Citi didn't stop teetering and eventually received a bailout all its own — a $27 billion capital injection and guarantee on $306 billion in assets.

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