Now for that $72b. in bad assets Wells Fargo must write down from bad Wachovia loans.
I’ve got a quick and easy answer for all those still fretting about Charlotte’s place in the Wells landscape. Charlotte will continue to have a Wells banking presence in inverse proportion to the amount of dreck Wells must sop up from the Ken Thompson binge.
In other words, Charlotte cannot be the “East Coast HQ” of Wells if the bank cannot go looking for new business and instead must spend the next year or so cleaning up the mess Wachovia execs created. My guess would be that it’ll take an additional $75b. or so in writedowns to get visibility on this matter.
