Wachovia Denied Nearly 1,000 Colleges Loans – But Lent $8 Million to GOP

After a failed takeover by Citigroup, the Federal Reserve approved an $11 billion merger Sunday between Wells Fargo and Wachovia Bank. But as federal officials are scrambling to save Wachovia from financial collapse, the bank has been engaging in some questionable lending: the banking giant has denied nearly 1,000 colleges much-needed loans during this financial crisis, while at the same time, lending the National Republican Congressional Committee $8-million dollars for GOP House races. Chris Kromm is the Director of the Institute for Southern Studies. FSRN spoke with him about who missed out on loans at the cost of the National Republican Congressional Committee.

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