Bank of America, Wachovia profits plunge - Yahoo! News
CHARLOTTE, N.C. -
Wachovia said Tuesday its fourth-quarter earnings tumbled due to a $1.7 billion reduction in the value of certain portfolios and $1.5 billion set aside to cover bad loans.
Fourth-quarter net income fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, during the same period the previous year.
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I guess that they never foresaw the day when their bankrupt customers wouldn't be able to pay their punitive bank fees and interest rates.