2008-07-22 — cnn.com
Wachovia Corp. swung to a second-quarter loss amid $6.1 billion in write- downs as the company nearly erased its already-reduced dividend... Net charge-offs - loans the company doesn't think are collectible - soared to 1.10% of total loans from 0.14% a year ago and 0.66% in the first quarter. Nonperforming loans - those near default - rose to 2.41% from 0.49% and 1.70%, respectively.
...
Wachovia's current problems stem largely from its $25.5 billion purchase of Golden West Financial Corp. nearly two years ago, a move that barreled the company into adjustable-rate mortgages near the peak of the housing market.
Why again are we not highly-paid corporate executives? Or is the pay specifically for running companies in the ground? We can't compete with that!
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