Bank of America reported Q4 losses of $1.79 billion versus earnings expectations of 8 cents a share, not including Merrill Lynch's loss of $15.39 billion. Meanwhile Citibank reported disastrous losses of $8.3 billion and announced it was splitting into two parts to try and salvage their healthy banking and wealth management segments. Wells Fargo bank is now the only AAA rated US bank. Not everyone missed the boat, back in 2006 Golden West in California sold its problem to Wachovia just as California real estate was collapsing. Wachovia was hoping for earnings accretions from the merger of $239 million by 2009, .... Whoops!
Saturday, January 17, 2009
Dollar Dominoes
Bank of America reported Q4 losses of $1.79 billion versus earnings expectations of 8 cents a share, not including Merrill Lynch's loss of $15.39 billion. Meanwhile Citibank reported disastrous losses of $8.3 billion and announced it was splitting into two parts to try and salvage their healthy banking and wealth management segments. Wells Fargo bank is now the only AAA rated US bank. Not everyone missed the boat, back in 2006 Golden West in California sold its problem to Wachovia just as California real estate was collapsing. Wachovia was hoping for earnings accretions from the merger of $239 million by 2009, .... Whoops!
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