TV News LIES

Tuesday, Sep 16th

Last update04:57:11 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...


US wealth gap putting the squeeze on state revenue

income inequalityIncome inequality is taking a toll on state governments.The widening gap between the wealthiest Americans and...

Morgan Stanley to pay $95 million in U.S. mortgage-debt settlement

Morgan stanleyMorgan Stanley (MS.N) has agreed to pay $95 million to resolve a lawsuit accusing the Wall...

Seniors Forced Into Poverty As Education Department Demands Payment

student loan debtThe Education Department is demanding so much money from seniors with defaulted student loans that it's...

The Cyber-Terror Bank Bailout: They're Already Talking About It, and You May Be on the Hook

Mary GalliganBankers and U.S. officials have warned that cyber-terrorists will try to wreck the financial system’s computer...
 
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!