I was reading this article yesterday in the New York Times about Wachovia’s third quarter loss of $23.9 billion.
The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepared to be taken over by Wells Fargo.
The bank took an $18.7 billion charge to write down the value of good will and wrote off $6.6 billion in credit losses tied largely to its disastrous purchase of Golden West Financial in 2006. And the red ink is unlikely to end soon.
Golden West is the firm that Herbert and Marion Sandler owned. The Sandlers were mocked on Saturday Night Live a couple weeks ago in a skit about the Wall Street bailout.
Just think, if it wasn’t for those two people, Wachovia wouldn’t have been in trouble, and they wouldn’t have had to sell out to Wells Fargo.
Interesting.
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Bull shit – you don’t have the SLIGHTEST idea what you are bloviating on