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Wachovia, National City tumble on bailout, WaMu

Wachovia Corp and National City shares tumbled as talks on the $700 billion bailout stalled and regulators seized Washington Mutual
Investors fear a collapse of bailout talks could prolong the freeze in parts of the credit markets and worsen losses on bank balance sheets from troubled mortgages and other loans.

“You’re talking about the largest failure in banking history, so there is going to be a negative reaction, right?” said William Smith, president of Smith Asset Management in New York. “What you’re going to see is the strong stronger and the weak are going to die off.”

Wachovia shares closed down $3.70, or 27 percent, at $10.

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