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Author: WendyBG Big gold star, 5000 posts Top Favorite Fools Top Recommended Fools Feste Award Winner! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35387  
Subject: Re: Wells Fargo Bonds Date: 4/29/2009 5:35 PM
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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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