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Wells Fargo's Kovacevich: The Importance of Hitting Bottom - BusinessWeek

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This article related to: collateralized debt obligations, Wall Street financial crisis, deleveraging, Wells Fargo, mortgage-backed securities, subprime, Treasury bank stakes, Wachovia takeover merger buyout, Richard Dick Kovacevich, Citigroup, Maria Bartiromo, leveraged loans

By Maria Bartiromo Last year at this time, Wachovia (WB) was trading at about 47. After the bank announced a $23.7 billion, third-quarter loss on Oct. 22, its stock fell to 5.71. Wells Fargo ( WFC ), which agreed to buy Wachovia (besting a government-assisted bid ...

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