No. of Recommendations: 2
Thanks, Jack, I appreciate your feedback.

I agree with your cautions. I hate the new accounting rules of "mark to fantasy." That's why the only numbers I trust are Tier One and cash.

<If the company did take a 68 billion hit they cease to be well capitalized. Tangible common equity will take a huge hit and its a tough account to write checks off of.>

Yes, that's what I thought. This hasn't happened (yet). I think that 15% losses on commercial loans and real estate and second liens aren't a ridiculously stringent stress test in this environment. What do you think?

I agree that their "happy happy" Wachovia talk isn't what I would expect.

In fact, I was suspicious of the entire cheerleading tone of the report.

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