Wachovia eats.....ahhhh....dirt.
Wachovia on Wednesday posted a $23.9 billion third-quarter loss, a record for any United States lender in the global credit crisis ... The loss totaled $11.18 per share, and stemmed mostly from an $18.7 billion write-down of good will
Much of Wachovia’s troubles stem from a fast-deteriorating $118.7 billion portfolio of “Pick-a-Pay” option adjustable-rate mortgages it largely took on when it bought the California lender Golden West Financial for $24.2 billion in 2006.
Wachovia said it now expects cumulative losses on that 438,000-loan portfolio of $26.1 billion, or 22 percent, up from the 12 percent it had forecast in July.
Suppose Herbie and Marion Sandler will refund 22% of their proceeds from selling Golden (??) West to Wachovia?
They got $2.4Bn from the Suckers of Wach. Surely, $500 million or so wouldn't bother them--nor the LeftoWackies they are funding: Center for American Progress, MoveOn.Org, Human Rights Watch, Media Matters.
After all, they should WANT to "spread the wealth."
HT: CalculatedRisk
Sounds like a windfall profit.
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