The Wachovia Corporation announced a $23.9 billion third-quarter loss on Wednesday as it prepared to be taken over by Wells Fargo.
From the same article….
Wachovia’s quarterly loss appears to be one of the largest in banking history. It is bigger than the market values of 422 companies that make up the Standard & Poor’s 500-stock index, and slightly more than the gross domestic product of Panama.
From a different New York Times article….
For decades, Americans have considered money-market mutual funds as safe as bank accounts. On Tuesday, the Federal Reserve pledged $540 billion to make sure they really are.
From the Wall Street Journal……
The California Public Employees’ Retirement System, known as Calpers, said its assets have declined by more than 20%, or at least $48 billion, from the end of June through Oct. 10.
Unless returns improve, Calpers is poised to impose an estimated increase in employer contributions of 2% to 4% of payroll starting in July 2010 for about two-thirds of its state employer members, and in July 2011 for the remaining third. Any decision will be made after Calpers knows its returns for the fiscal year.