Getting your player ready...
NEW YORK — How could a $24 billion loss possibly be good news? When it comes from Wachovia as an effort to primp itself for its acquisition by Wells Fargo.
Wachovia Corp.’s staggering loss for the third quarter resulted primarily because it wrote down the value of intangible assets by almost $19 billion and built up its loan- loss reserves by $4.8 billion.
The moves tidy up Wachovia’s balance sheet so it is more in line with that of the more conservative Wells Fargo, analysts said.
