With the announcement of Dow Chemical’s agreement to buy Rohm and Haas, Wachovia will realize about 1.1 billion more dollars in book value. Wachovia owns 57 million shares of Rohm and Haas, which was worth 3 bil, and with a 65% rise today gained about 1 bil for wachovia. JP morgan also made pretty about 300 mil on the raise. So why has there been a huge sell off in wachovia today? Its down 7%, i’m not a trader, but an unknown inflow of 1 billion dollars overnight without a smiling Arab from Abu Dahbi seems to me to be a pretty good thing.