Last week Citibank made a federally-assisted $2 billion offer for Wachovia's banking assets only, then on Friday Wells Fargo countered with $15 billion of its own money for all of Wachovia. The battle is playing out in state and now federal court filings (Associated Press and Washington Post). Seems as if mighty Citibank made kind of a low-ball offer and the government jumped too soon...now the government may try to cut the cake, giving each a piece to speed the deal and get all the lawyers out of court where they appear to be depleting Wachovia's value further in legal fees.