Hey, we’d be remiss not to mention that Wachovia is down about 20 percent today as Wall Street naturally starts trying to find the next likely bank failure now that WaMu is in the hands of the FDIC.
Not good. Not good because I bank with Wachovia and I like it. Not good for Charlotte, I live here and I like it. Not good for the people I know who work for Wachovia, who are decent folks just trying to make a living. But.
When you have an executive team in complete and utter denial about the depths of the Golden West problem still on their books, bad things happen. Even to good people.
Update: Ahem. Now a 30 percent slide, with shares under $10.
Update II: Looks like it might close a shade below a 40 percent drop. This is the market saying that it does not trust WB’s loan portfolio any further than it can spit it. Is there anybody in America who needs a “bailout” bill to slink out of DC before Monday more than Bob Steel?
