I'm still trying to get my head around this: What does it mean when the stock you hold that is sitting at $6.00 per share posts a $11.00 per share loss? That's is the Wachovia shareholder experience.
Chief Executive Robert K. Steel said, "Although this has been a challenging quarter, Wachovia's underlying businesses remain solid and our franchise exceptionally attractive."
As we pointed out yesterday, we might be outraged, but nothing surprises us anymore. Seriously. Nothing. Really. We saw a cab drive by the other day dragging a burning Christmas tree behind it. Nothing. No bells. No whistles.
Ironically, their net loss of $23.7 billion looks suspiciously close to the $25.5 billion purchase price for Golden West Financial. Funny how that works.
Wachovia Swings to a $23.7 Billion Loss [Wall Street Journal]