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Originally Posted by chevman
Hey Nick, how is Wells Fargo doing these days?
I've heard rumours they think they may have more bad assets than originally thought. Any ideas?
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We're just fine, any losses and writedowns have been pretty much flushed out during the 4th quarter of last year, so anything more won't be detrimental. We set aside nearly 6 billion dollars for estimated future losses as part of the 4th quarter numbers, so what has been reported as losses and whatnot has more to it than is being reported. We basically took as much of a hit as possible to be as free and clear as possible going in to 2009, so it looks worse than it is.
Edit: The Wachovia merger also played a part in the shuffle around of assets and charges.