CHARLOTTE, N.C. -- A response filed in U.S. District Court by Citigroup reveals the dire situation Wachovia was facing two weeks ago.

In the response, Citigroup said Wachovia was "on the verge of collapse," that Wachovia "would shut down within days," facing "imminent corporate death," and saying "Wachovia would've ceased to exist" if not for Citigroup.

The response also revealed Wachovia had a $5 billion "silent run" on the Friday before this started, meaning depositors were taking all their money out electronically.

Citigroup said all other companies "abandoned" Wachovia when the Charlotte bank was looking to make a deal.

Citigroup also claims the Wells Fargo deal is worse for taxpayers, because Wells Fargo will get out of paying billions in taxes due to new financial laws.

Financial experts questioned the claim. "There's merit on both sides that the taxpayers end up funding part of the cost of the bailout," UNC-Charlotte associate professor Tony Plath said. "But the absolute truth doesn't rest with either party here. It's an argument both sides will have to make in court, and we'll see which side the judge chooses to accept."

Citigroup has filed a $60 billion lawsuit for damages. The lawsuit has yet to be resolved.