Relevant:
- JPMorgan, Wells Fargo Said to Win Loans
- Wells Fargo problem loans jump 62 percent, driven by energy
- Wachovia Swings To 2Q Loss; Dividend Cut To 5 Cents/Share
- Banks Recruit Investors to Oppose Honest Valuation of Assets; Just how Unprepared are Banks for Major Losses?
- Wells Fargo Cuts as Much as 30 Percent in Principal From Loans
2011-03-04 — zerohedge.com
This is what stark-raving-mad wishful thinking looks like in a corporate financial disclosure: ``In accordance with SOP 03-3, loans that were classifsied as nonperforming loans by Wachovia are no longer classified as nonperforming because, at acquisition, we believe we will fully collect the new carrying value of these loans.''
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