Tuesday, Jul 22, 2008
Time to invest in banks?
NYT: Posting Huge Loss, Wachovia Tries to Purge Lending Woes
Wachovia reported a second-quarter loss of $8.9 billion, including a $6.1 billion write-off that is tied to overpaying for several deals. The bank set aside another $9.8 billion to cover current and future losses. It also cut its quarterly dividend by 87 percent, to 5 cents a share, in order to conserve about $2.8 billion a year.
Posted by quokka @ 02:46 PM (233 views) Add Comment
- If you do not have an admin password leave the password field blank.
- If you would like to request a password allowing you to add comments and blog news articles without needing each one approved manually, send an e-mail to the webmaster.
- Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
- Please note that any viewpoints published here as comments are user's views and not the views of HousePriceCrash.co.uk.
- Please adhere to the Guidelines
No comments have been submitted.
Be the first person to add your comment by completing the form below.