TV News LIES

Sunday, May 28th

Last update05:20:13 AM GMT

You are here News Economy Wachovia Posts Largest-Ever Loss for a Bank

Wachovia Posts Largest-Ever Loss for a Bank

E-mail Print PDF

Wachovia posted a $23.9 billion quarterly loss, as its portfolio of loans deteriorated and deposits fled the bank, laying bare the serious financial straits the company was in before Wells Fargo announced it would buy it this month.

The loss is the largest ever for a bank and, coming on top of $10 billion of losses earlier this year, wipes out nearly all the profits the firm has earned since the merger of two banks formed modern Wachovia in 2001.

More...


Most Recent Related Stories...


Household debt tops 2008 peak ahead of financial crisis

Household debt in US at pre crash levelU.S. household debt has topped the record level reached in 2008, a milestone for the recovery...

Commerce secretary warns Canada against 'retaliatory action' on lumber tariff

Commerce Sec. Ross warns Canda about tariffSecretary of Commerce Wilbur Ross on Saturday doubled down on the imposition of tariffs on Canadian...

In blow to Trump, GE backs NAFTA and voices support for Mexico

GE backs NAFTAGeneral Electric (GE.N) on Friday praised Mexico as a big part of its future and said...

Trump's first tariffs: Canada's lumber imports

US puts tariffs on Canadian lumberPresident Donald Trump imposed the first tariffs of his administration, up to 24.1 percent aimed at...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!