Wachovia Corp. (WB) said in a filing to the Securities and Exchange Commission that it's anticipating loan losses between $500 million and $600 million in the fourth quarter, citing anticipated loan growth and the impact of continuing credit deterioration in its loan portfolio. Due to the October market deterioration, its asset-backed CDOs experienced further declines in value in the month of October 2007 by an amount it currently estimates to be approximately $1.1 billion pre-tax. Third quarter 2007 market disruption-related losses totaling $1.3 billion pre-tax included $347 million of subprime-related valuation losses, net of hedges, on ABS CDOs**From "Two of Us"
In other Pygmy news:
While technologically and financially you are giants, morally you are pygmies."
—Rep Tom Lantos (D-CA), Chairman of the House Committee on Foreign Affairs, to Yahoo CEO Jerry Yang (the chagrined-looking fellow pictured above) and General Counsel Michael Callahan, at a congressional hearing Tuesday on the tech company's business dealings in China.
The source of Lantos's ire? Yahoo provided information about reporter Shi Tao's e-mail account to the Chinese government, leading to the journalist's imprisonment.
From Foreign Policy's Passport blog.