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Wachovia Corp. and National City Corp. slumped after negotiations on the government's financial bailout stalled and Washington Mutual Inc. was seized by regulators and sold to JPMorgan Chase & Co.
Wachovia dropped $3.84, or 28 percent, to $9.86 at 1:20 p.m. in New York Stock Exchange composite trading, and Cleveland-based National City fell 40 percent, leading banks lower. National City and Charlotte, North Carolina-based Wachovia have plunged more than 80 percent in the past 12 months.