NY Times reports on Wachovia
The New York Times reported Wednesday morning that the Wachovia Corporation announced a $23.9 billion third-quarter loss. The corporation will be taken over by Wells Fargo.
The Times reported the bank took an $18.7 billion charge to write down the value of goodwill and wrote off $6.6 billion in credit losses. Those losses came from the purchase of Golden West Financial in 2006.