Analyst Whitney calls Wachovia prospects ‘bleak’

"Analyst Merideth Whitney, who has gained some infamy lately with here bearish (and accurate) calls about the fallout from the housing debacle, called Wachovia’s prospects ‘bleak’ and downgraded the company to underperform due to the continued deterioration of the housing and mortgage markets. As the company shrinks its balance sheets the potential for revenue is negatively impacted."