Tuesday, July 22, 2008

Whoa, Nellie

"Wachovia reports huge loss, will cut 10,750 jobs"

"Wachovia Corp. announced a whopping second quarter loss of $8.9 billion this morning"

"Wachovia announced this morning that it plans to cease making mortgages through third-party brokers"

"The change in strategy is part of a larger plan to rein in mortgage losses, which have been on the rise since Wachovia's $24 billion purchase of Golden West Financial Corp., a troubled California mortgage lender, in 2006"

Said Lanty Smith, the Wachovia board chairman, "...we at Wachovia accept responsibility"

We also accept our inflated salaries and whopping bonuses, he might have added.

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