Reply #80: Wachovia, Capital One, E*Trade warn on credit

[TrogL]

(yes, I know there's other threads on this, but I'm referring a newbie to SMW so I'm consolidating)

http://www.reuters.com/article/domesticNews/idUSN0932290920071109?sp=true

The credit crisis deepened on Friday as Wachovia Corp reported a potential $1.7 billion loss on mortgage-related debt, while credit card company Capital One Financial Corp said more customers are missing payments.

...

After markets closed, online brokerage E*Trade Financial Corp withdrew its forecast for 2007 profit of 75 cents to 90 cents per share, citing expected write-downs in its fixed-income holdings. Its shares fell more than 11 percent.

...


Capital One, the largest independent MasterCard and Visa credit card issuer, said its net charge-off rate rose to 3.28 percent in October from the third quarter's 2.86 percent.

This is going to make the Bush-family-powered Savings and Loan fiasco look like a broken piggy-bank.