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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: NucTrader who wrote (365366)	4/14/2008 5:10:40 PM
From: Box-By-The-Riviera™	Respond to of 436258

no problem, you and i will bail them out.

To: NucTrader who wrote (365366)	4/14/2008 5:18:40 PM
From: Real Man	Respond to of 436258

You think? JPM too?

To: NucTrader who wrote (365366)	4/14/2008 5:52:31 PM
From: Real Man	Respond to of 436258

quote.yahoo.com Only 4-th largest bank -g- Wachovia Posts Loss, Plans $7 Billion Capital Raising By David Mildenberg April 14 (Bloomberg) -- Wachovia Corp., the fourth-largest U.S. bank, reported an unexpected loss because of subprime- infected mortgage holdings, cut its dividend and said it will raise about $7 billion in a share sale to replenish capital. The first-quarter loss of $393 million, or 20 cents a share, compared with earnings of $2.3 billion, or $1.20, a year earlier, the Charlotte, North Carolina-based company said in a statement today. Analysts had been estimating Wachovia would earn about 40 cents a share, according to a survey by Bloomberg. Wachovia fell 8.4 percent to $25.66 in German trading. Chief Executive Officer Kennedy Thompson said he was ``deeply disappointed'' after Wachovia posted its first quarterly loss since 2001 and reduced the dividend to preserve $2 billion of funds. The company's market value has dropped 50 percent since its ill-timed $24.6 billion takeover of Golden West Financial Corp. in 2006 at the peak of the housing market. ``The most painful decision was to reduce the dividend because it adversely affects our shareholders,'' Thompson said in the statement. ``But we believe the long-term benefit to shareholder value outweighs the disadvantage of the dividend reduction as we fortify our balance sheet against continued instability in the housing and capital markets.'' Wachovia also said today it will cut 500 investment banking jobs, without providing specifics. The planned capital raising, comprising common stock and convertible preferred shares, has attracted strong interest from investors and will ``enhance our ongoing financial flexibility,'' Thompson said. The bank listed a Tier 1 capital ratio of 7.5 percent. BKX took out March 17 closing lows today (75.82 closing, 73.22 intraday): quote.yahoo.com