Wachovia Reports Wider Q2 Losses
The Nattering One has had Wachovia on his Dead Pool and WWW list for quite a while.
We even called for the CEO's head on 04/14/08 and fall it did on 06/02/08.
Billionaire investor Michael Price: "Citigroup's got more pain coming" and ...
Re: Wachovia which reported book value of $30.69 a share as of June 2008.
"Their tangible book value is below $10 a share if they took the right markdowns."
Price is selling short both stocks even after Citigroup, the biggest U.S. bank by assets, tumbled 33% this year and Wachovia, the fourth-largest, lost 52%.
"This rally we've had, this huge rally, seems to me pretty premature. Dividend cuts are inevitable.
You're going to have to see them. How can they pay out dividends if they have to raise capital? "
Wachovia reported a wider Q1 loss in its SEC filing than was first reported.
Today, Deja Vu, Wachovia reported a wider Q2 net loss in its SEC filing than was first reported,
adding $500 million to its legal reserves; pushing the banks after tax loss to $9.11 billion vs $8.86 billion. Stock down -12% on the news.
The Nattering One muses... we've said it before and we'll say it again: Going down in flames; WaMu and Wachovia.
Citibank follows with Lehman and Merrill in deep banta poo doo... last but not least,
Wells Fargo stagecoach gets hijacked on $60 billion in soon to be worthless 2nd TD's.
We even called for the CEO's head on 04/14/08 and fall it did on 06/02/08.
Billionaire investor Michael Price: "Citigroup's got more pain coming" and ...
Re: Wachovia which reported book value of $30.69 a share as of June 2008.
"Their tangible book value is below $10 a share if they took the right markdowns."
Price is selling short both stocks even after Citigroup, the biggest U.S. bank by assets, tumbled 33% this year and Wachovia, the fourth-largest, lost 52%.
"This rally we've had, this huge rally, seems to me pretty premature. Dividend cuts are inevitable.
You're going to have to see them. How can they pay out dividends if they have to raise capital? "
Wachovia reported a wider Q1 loss in its SEC filing than was first reported.
Today, Deja Vu, Wachovia reported a wider Q2 net loss in its SEC filing than was first reported,
adding $500 million to its legal reserves; pushing the banks after tax loss to $9.11 billion vs $8.86 billion. Stock down -12% on the news.
The Nattering One muses... we've said it before and we'll say it again: Going down in flames; WaMu and Wachovia.
Citibank follows with Lehman and Merrill in deep banta poo doo... last but not least,
Wells Fargo stagecoach gets hijacked on $60 billion in soon to be worthless 2nd TD's.
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