Wachovia / Citigroup / Wells Fargo: Chris Whalen hangs up on an argumentative Alexis Glick

International Risk Analytics' Chris Whalen was being interviewed by Fox Business over Wells Fargo trumping Citigroup's deal to buy the banking operations of Wachovia, and Citi's response.  They were in a heated discussion, with Alexis Glick arguing that Citigroup claims it had an exclusive contract to buy Wachovia's banking operations and that Citi was already providing Wachovia with liquidity.  Whalen argued that basically the FDIC can do whatever they want - that if a Wells Fargo deal is in the best interests of the FDIC, that any exclusivity contract essentially doesn't matter if the FDIC doesn't want to play ball -- that the they can intervene and put the Wachovia subsidiaries into receivership.  He argued that by law the FDIC's authority is absolute and that there is no appeal.  Any lawsuit would be against the Wachovia parent, which essentially wouldn't have any assets.  Ms. Glick kept arguing and interrupting.  Then *CLICK*  and Whalen was gone.