Sunday, December 2, 2007

4Q Writedowns

Hmmmn… today marks the first day this week without a financial sector write-down announcement.
We’ve gotten so accustomed to them, our daily 5 minutes feel a bit nude without some sort of banking bloodshed. So while we’ve got a moment, here’s a full accounting since the start of the third quarter:
"We have not seen a nationwide decline in housing like this since the Great Depression," said Wells Fargo chief executive John Stumpf. “I don't think we're in the ninth inning of unwinding this. If we are, it's going to be an extra-inning game."
Stumpf told reporters that the housing slump would continue well into 2008, and that (of course) Wells Fargo was well positioned to weather the storm. WFC shareholders nodded and grinned as they discreetly slammed the “sell” buttons… the stock fell nearly 4%.

No comments: