NY Times reports on Wachovia

Published 9:15 am Wednesday, October 22, 2008

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.

Email newsletter signup