Where in the world did all that bailout money go?
"Wachovia to stop writing loans in 19 states' offices
Wachovia Corp., the fourth-largest US bank, will stop making mortgage loans through its own branch offices in 19 states, including Massachusetts and Rhode Island, continuing the fallout from the 2006 acquisition of Golden West Financial Corp. The bank will cut 125 jobs as part of the move, spokesman Don Vecchiarello said. The Charlotte, N.C., company, which ranked seventh among US home lenders last year, still offers mortgages nationwide through Internet, phone, and direct-mail service. Chief executive Robert Steel, a former Treasury official, last month replaced Kennedy Thompson, who led the $24 billion purchase of Golden West. The California-based mortgage lender's portfolio contributed to Wachovia's second-quarter loss of $8.9 billion. Wachovia plans to cut 10,750 jobs and $2 billion of expenses by the end of 2009. It is trimming 4,440 positions from the mortgage unit (Bloomberg)."
