23.7 billion quarterly loss? - Wachovia
Goodwill is airy-fairy accounting. It should be illegal.
How many times do you hear something like, "Oh look the stock is trading for less then book value..."? Book value should be a number that means something, but with make belief valuations and over priced assets it is nonsense.
If you read my post, "Goldcorp: The Oxymoron of Fiat Creation," I trace the numbers to show how $6 billion of book value was created out of thin air with the Glamous merger.
"Wachovia Corp. swung to a large third-quarter loss, as the bank posted $18.8 billion in goodwill write-downs and $8.71 billion in other charges and costs related to market disruption, investing and other crisis-related losses."